An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point we’ll see. Odeta Kushi, Deputy Chief Economist at First American, recently said of our supply challenges:
“It looks like inventory may have hit a bottom (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.”
To put it into perspective, the graph below shows levels of inventory rising since the beginning of the year:
We’re still not close to a balanced market, which would be a 6 months’ supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. And that leaves many buyers and sellers wondering the same thing: what does that mean for me?
Buyers: More Options Are Arriving, so It’s Time To Act
If you’re a buyer, more inventory coming to market is a welcome sight. More supply means more options and less competition, which could mean fewer bidding wars.
“In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.”
If you’re having trouble finding your next home, this news should give you the hope and motivation to keep your buying process moving forward. Experts project mortgage rates will begin increasing, which will make purchasing a home less affordable as time passes. You can still capitalize on today’s low interest rates, so stick with your search as more homes come to market.
Sellers: Our Supply Challenges Aren’t Over Yet, so Now Is the Time To Sell
If you’ve been putting off selling your house, you shouldn’t wait much longer. The year’s month-over-month gains in homes for sale have helped buyers, but we’re still very much in a sellers’ market.
As the graph below shows, even with the number of homes for sale rising, we’re still well below the supply levels we’ve seen historically:
Of course, more homes are coming to market now, and more are expected in the coming months. Selling your house this summer gives you the chance to get ahead of the competition and maximize your sales potential before more homes are put up for sale in your neighborhood.
Bottom Line
More homes for sale means more options for buyers and more competition for sellers. Whether you’re looking to buy or sell, let’s connect today to discuss your options and why it’s still a good time to make your move.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
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Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Northern Virginia, or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
You will absolutely fall in love with 609 Stratford Circle! You are welcomed by gleaming hardwood floors, formal dining room with columns, a living room featuring cathedral ceilings, a gas fireplace for those cool nights, and an abundance of natural light. Enjoy cooking in the spacious kitchen with breakfast bar, as well as a dining area with access to the screened porch. The open floor plan will make entertaining a breeze! The sought after split bedroom design with an incredible, expansive owner’s suite featuring a double closets, the large en-suite bath features a soaking tub to melt the day away. Imagine quiet evenings in the screened porch with your favorite beverage, reading a book or enjoying cookouts with spacious outdoor living areas and spending time with family and friends.
A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $150,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why I love Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
You will love this well maintained home in sought after Spotswood Estates. You are welcomed to 307 Chestnut Lane by the brick front, great curb appeal and inviting front porch! Once inside you will love the gleaming hardwood floors, spacious and open kitchen featuring stainless steel appliances, and a breakfast bar. The owner’s suite features a sitting room and double closets as well as an en-suite bath. The lower level is finished with a family room with gas fireplace, bedroom, and 1/2 bath. There is plenty of room to have flex space to create an office or exercise area. Enjoy the deck off the breakfast area and the lower level to relax and enjoy your favorite beverage. Close to I95, VRE and oodles of shopping and dining as well as downtown Fredericksburg. For more information on 307 Chestnut Lane, Click Here!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
The picturesque setting is the perfect backdrop for this spectacular, one of a kind custom built home on 7+ private acres with pond close to everything Fredericksburg/Spotsy has to offer. You are welcomed by a grand, inviting front porch that provides a glimpse of what’s to come inside while providing gorgeous views outside. Once you enter, you are wowed by the incredible soaring ceilings, gleaming hardwood floors, and overall grandeur of this fabulous home. As you enter the living room, the true center of the home, you will make memories with family and friends gathering, enjoying the soaring ceilings and warmth of the gas fireplace. The gourmet kitchen is also grand in size, offering all the fine finishes you can imagine: granite countertops, upgraded cabinets, grand island with wet sink, and stainless steel high end appliances. With ease, you will enjoy your morning coffee and paper on the screened porch, accessible from both kitchen and living room. The light-filled formal dining room flows graciously from the kitchen–perfect for those large holiday gatherings.
The laundry room, tucked away behind pocket doors, will be the envy of all. There’s plenty of room for washer, dryer, cabinets, sink and folding area. A sought after main level owner’s suite offers french doors to the deck overlooking the inground pool, and gorgeous pastoral, wooded views. The owner’s bath provides all the amenities you’d expect: elegant soaking tub, double granite vanity, private shower, and huge walk in closet. The stunning open stairway leads to the upper level, boasting a loft overlooking the living room and two spacious bedrooms, each with en-suite baths. The lower level will delight with an additional bedroom, full bath, office/flex space, exercise room and expansive family room with french doors that lead to the patio. Off of the patio, which features built in bar seating, lies the amazing inground pool. Wait… there’s more! Above the garage you’ll find an incredible in-law/teen suite (with inside main house access), which includes a full kitchen, center island, dining room, family room and bedroom with en-suite full bath. Wait…there’s even more! The possibilities are totally endless for the barn: run a business, house your car collection, use as a workshop, or as an office. While a picture paints a thousand words, you truly must see this special offering. For more information on 12605 Mill Road, Click Here!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
Welcome to 324 Burman Lane! Imagine the privacy of backing to the woods, sitting on your deck, relaxing, and enjoying the sounds of nature while being so close to all that Harrison Crossing, Central Park, and downtown Fredericksburg have to offer! As perfect as the yard is, and not having an HOA, you will also love the interior spaces. The kitchen has all the amenities, island, and large eating area. The spacious living room is open and bright! The lower level offers a huge family room with a wood stove for those cold winter nights, bedroom, full bath, flex space and large laundry room. For more information on 324 Burman Lane, Click Here!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
Welcome to 1907 Idlewild Blvd where you are welcomed by the gorgeous stone and brick front of this amazing townhome. Once you enter you are welcomed by a two story foyer, gleaming hardwood floors and a den/multipurpose room that could be an office or sitting room. As you walk up to the next level you are going to be delighted by how amazing the kitchen is, featuring corian counter tops, upgraded appliances, and ample counter and cabinet space, as well as spacious table space and the ambiance of a gas fireplace. The design of the family room and kitchen make it perfect for entertaining. The deck off the kitchen is perfect to relax and unwind with your favorite beverage. The upper level is where the spacious master suite is featuring an inviting soaking tub to melt the day away, separate shower and double vanity. The other two bedrooms and a full bath complete the upper level. And that’s not all you have an oversize two car garage. A great neighborhood with a pool, playgrounds, tennis, walking trails and close to I95, shopping and restaurants. Thank you for stopping by! For more information on 1907 Idlewild Blvd, Click Here!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
Located off of scenic River Road in River Bluffs within minutes of Central Park, I-95, and in the River Bend school district, lies this gorgeous custom built home on 5+ acres. Another bonus is that Rappahannock River access is yours, as well! You’ll love enjoying your favorite morning brew on the deck or patio while communing with nature! The paved, meandering driveway through the trees lends privacy from the street. Upon reaching the home, constructed using the finest materials and presenting fabulous features, you’ll appreciate the low maintenance Hardiplank siding, Anderson windows, gleaming hardwoods, 10 ft ceilings, main level office, upper level bonus room, stunning double sided fireplace in kitchen/family room, and another in master/master sitting room, fresh paint and some new carpeting. But wait…it gets even better! There’s an entire lower level just waiting for you to customize to meet your needs! For more info about this property, be sure to Click Here!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
You will just fall in love with this adorable home and it’s beautiful lake view! Kitchen has granite counter tops and stainless steel appliances. Walk out onto the deck from Master bedroom to enjoy the view of the lake! A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all.
Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from the mid-$100,000 to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why I love Lake of the Woods! If you would like more information about this property, be sure to click here!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Have you always dreamed of living at the lake? Well look no further! Start drawing up the plans for your new build, and let’s get this lake life started! Location close to the front gate and a short walk to the Clubhouse, beach, pool, and fitness center can’t be beat! You’ll love seeing the spectacular Independence Day fireworks and parade from your property!
A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $100,000 to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why I love Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
