According to this winter’s market forecast, there’s going to be a flurry of new housing inventory that benefits both buyers and sellers.
More housing inventory provides additional options for buyers and newfound confidence for sellers who need to find a home after they list.
Thinking about making a move? It’s not too early to begin planning—and by starting now, you’ll be settled in your next home by the new year!
The Winter Weather Forecast Is Calling for a Cooled-Down Market
It might still be the beginning of autumn, but it’s never too early to start planning a successful home sale! If you’re thinking about listing your home this winter, you should expect the market to look a little different by the end of the year. Winter is usually the quietest time for real estate, which means you can look forward to a cooled-down winter market forecast. A slower-moving market will give sellers more time to prepare their listings and peruse the market for their next homes.
Here’s what more housing inventory means for sellers
After enduring a red-hot sellers’ market so far in 2021, this year’s winter market forecast is finally calling for increased housing inventory. More homes on the market means two things for sellers: they gain more time to prepare their listings, but they might need to do a little more to stand out from the competition.
With additional properties expected to hit the market this winter, we want to make sure you get your home listed before our area gets snowed in with sellers. From highlighting your home’s top features to marketing it to targeted buyers, we can sell your property for top dollar in no time.
Homebuyers, your holiday present is here
Instead of a present under the tree, what if we could give you a new home instead? Current predictions indicate an onset of new housing inventory this winter, which means more options for buyers. So bundle up buyers—it’s finally going to be your turn to make a move in the market. More housing inventory and continually low interest rates could lead to a long-awaited decrease in home prices, all of which will help create a more balanced market.
As your local area experts, we know how to land your dream home in just the right community. So whether you’ve been browsing for your next home or already know you’re going to need a house after you sell, you can count on us to find your perfect place. And by using our comprehensive market reports, we can help you secure a home within your budget, too!
Now’s the time to take advantage of this year’s wintery market mix
While it might be tempting to put off listing your home until after the holiday season, you never know when the market is going to shift again. Trying to time the market is one of the biggest mistakes you can make as a homeowner, and we’re here to assure you that this winter (or even fall!) is the time to make your real estate move.
Both buyers and sellers can take advantage of this year’s wintery market mix of competitive listings and increased housing inventory. New properties on the market will provide buyers with more housing options to choose from, and sellers can list their homes knowing that they’ll be able to find a new place after they sell. And if you’re listing soon, you don’t have to worry about making your property stand out—our top-notch agents can handle all the details.
Ready to Slide Into the Market This Winter?
Hop on your sleds, we’re ready to help you slide into the real estate market this winter! Buying or selling your home—even during the holiday season—doesn’t have to be stressful. Allow us to handle all the details of your real estate transaction for you this winter, so you can be settled in your next home by the new year!
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.
In August, 33 homes sold in Lake of the Woods. 1 sold between $130-199,999; 2 sold between $200-249,999; 7 sold between $250,000-299,999; 12 sold between $300-349,999; 8 sold between $350,000-399,999; 3 sold between $400-499,999; 0 homes sold over $500,000;
28 Active/Coming Soon Listings for Sale 48 Homes Under Contract 241 Homes Sold since January 1, 2021.
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
A day relaxing at the pool or playing at the park is a mere 1 1/2 block walk from this totally renovated Lake of the Woods home! New roof, new HVAC, new flooring, new light fixtures, fresh paint inside and out, and huge covered porch await! You’ll love the bathroom finishes and closet space too! The location between front and back gates also allowing easy community access, in addition to proximity to the Sweetbriar complex (pool, park, Community Center, soccer fields), and the renovations, make this one the one!
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 $200,000+ 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 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.
Overlooking the golf course 13th hole, this immaculate, move-in-ready, light and bright rambler is picture perfect! You’ll love the open floor plan, an inviting sunroom, and a wonderful covered deck. Enjoy relaxing the days away enjoying the views or walk to the course. A spacious kitchen offers new upgraded appliances and oodles of counter space, and the family room boasts skylights, vaulted ceilings, and a brick fireplace for those cool nights. The owner’s suite features a walk in closet and en-suite bath. The backyard is level, inviting and wooded.
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 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.
The long-awaited Lake of the Woods Realtor’s Open House will return this Fall 2021!
On Sunday, October 3rd from noon to 4:00 P.M. guests will be able to visit the Clubhouse at Lake of the Woods to see ALL the featured participating houses. Waterfronts, non-waterfronts, and even lots for sale will be included during this open house extravaganza. The various homes, that will be open for viewing, typically range from $150,000 to over $1,000,000. If you have been thinking about selling your house, THIS is the PERFECT opportunity for mass exposure, as this open house attracts over 150 visitors!! Contact us NOW to get your home ready! 540-388-2541
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, church, fitness center, walking trails, 2 pools, and 9 beaches, 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 breath-taking 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. With an HOA fee of approx. $150/month and low taxes in Orange County, you can’t beat it!
You will have access to amenities and homes for sale, and it is the perfect time to become acquainted with Lake of the Woods and discover why “It’s another beautiful day at the lake.” If you are interested in attending the open house, why not enjoy a fantastic brunch at the Clubhouse beforehand? See what our resort-style lifestyle is all about at 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 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.
Welcome to 1006 Lakeview Pkwy! One level living close to the front gate and Harper’s Ferry beach. You will love the spacious family room with a fireplace for those chilly nights. The kitchen boasts oodles of cabinets, counter space, a center island, and access to the deck. Enjoy relaxing on the deck with your favorite beverage. Immediate Occupancy. Credit scores to apply need to be 600 or above!
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.
After settling down in your home, you start thinking about how to spend your time when you’re away. Spending days traveling is great, but sometimes we wish for a base. Somewhere we want a place to come back to any time we want and relax away from our daily routines. A home away from home seems like a perfect solution. Picking a favorite location and purchasing a second home there is the dream of many families. However, it’s not easy to make this decision – it’s a costly investment and takes time and effort to maintain. But, buying a vacation home surely has its benefits, and we’re here to help you decide if you should go for it. Let’s see if it makes sense to buy a second home in Virginia in 2021 and provide your family with a fantastic place to spend future vacations.
What are the factors that may stop you from buying a second home?
Every purchase has its pros and cons. When it comes to buying a second home, the factor that worries most buyers are the costs. Making your dream of having a second home come true possibly requires a new mortgage, but also maintenance costs. Second homes need regular maintenance, furnishing but also paying unexpected costs whenever they come up. Finally, if your first house is located far away, visiting the second home frequently comes with increased travel expenses.
Remember: Make sure you evaluate your budget carefully before purchasing a second home. Even though this investment comes with additional costs, it shouldn’t be a heavy burden on your budget. Include all the factors and expenses, including taxes, which apply differently to owners of vacation homes.
Even though they have a lot of benefits, vacation properties can cost a lot.
It’s a permanent holiday destination
Another reason why people hesitate to buy a second home is related to traveling. When owning a vacation home, you hardly ever decide to go somewhere else, which may become monotonous over the years. However, families who love peaceful vacations and a homey base will surely love having a place to go whenever possible.
Reasons why buying a second home in Virginia makes sense
If you decide to buy a second home in Virginia in 2021, you need to consider all the pros and cons. However, we feel that all the advantages will win over. Let’s go through all the benefits that will show that this decision actually makes sense.
It’s a home away from home
Even though this seems like just a phrase, owning a second home means heaving a retreat from daily tasks – any time you want. If you decide to buy a second home, pick a location where you can truly enjoy your days off – and Virginia has a lot of them to offer. This way, you can be sure you can have a weekend getaway or a longer vacation in your favorite location where all the daily chores, work stress, and other problems simply disappear.
With just a short ride away, you can have a home away from your home.
You can save on vacations
Having somewhere to go anytime you need a vacation can save you money, too. You don’t need to spend a lot on hotels, flights, etc. This way, you can have a great vacation – on a budget. Furthermore, the previous year and the global pandemic have prevented people from traveling abroad, so many of them decided to buy a second home within the same state. This is usually far enough to change your environment, but not travel too far away from your home.
If you plan on renting it as a vacation home, it makes sense to buy a second home in Virginia.
Second-home can become a source of income
Another budget-related advantage of owning a second home is earning from rentals. This investment can become a steady source of income despite some additional expenses that rentals have. However, what worries buyers is the global pandemic that stopped travel and reduced rental revenues. Hopefully, the pandemic is coming to an end, which is why it makes sense to buy a second home in Virginia in 2021.
Ready for the big purchase?
Buying a second home in Virginia is so exciting, but picking the best location may be challenging. Many interesting nature spots can be a perfect retreat for your family. Do some research and choose the place you will enjoy the most. The next step would be purchasing the property and moving in.
With both of these, make sure you trust the professionals. Local real estate experts will ensure you find the best property, as they are knowledgeable about the market. Also, an experienced agent will guide you through the buying process and make it a lot simpler. The next step is moving in. Again, trusting a professional to handle your relocation to the new home is essential if you want to minimize the stress and save time. Browse only trusted moving pros at bestcrosscountrymovers.com so you can be sure your items are safe. Unfortunately, the moving industry is filled with low-quality companies, so be sure to do your best to avoid them.
Prepare for the stay
If you plan on staying in your second home longer, make sure you prepare your first home first. This means you should turn off the water, get rid of perishable food, take care of your plants or find someone to do it for you. Now you can stay on vacation as long as you want. However, you need to prepare well for a more extended stay.
Pack your vacation items safely
Once you buy your vacation home in Virginia, you can transport all the vacation essentials there. This way, you won’t risk damaging them when you pack every time you travel. For example, if you love fishing, you will want to pack your fishing equipment so it can travel safely. If you want to bring fishing gear with you, explore the main packing guidelines to keep the items protected during transport and enjoy your favorite hobby without any problems.
Take your time to feel at home
As you can see, it makes perfect sense to buy a second home in Virginia in 2021. And once you do, remember that settling in a new property is not always fast. Take your time adapting your second home just the way you want it, so you can make it a true oasis for your family.
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.
Welcome to 405 Cornwallis Avenue, a fabulous home with an equally fabulous location, just a short walk to the beach!! You’ll fall in love with this move-in-ready quintessential lake home full of charm that offers living areas on two levels and boasts an almost half-acre private, level lot situated on a quiet street with main lake views. The stunning hardscape beacons you in! Mornings will be welcomed as you start your day sipping your morning brew on the deck nestled in the trees. The open floor plan, awesome mid-century cone fireplace, family room, kitchen, full bath, and owner’s suite on the upper level will wow you. Two additional bedrooms, a second family room, and a full bath on the main level provide so much more space! You’ll be able to enjoy it all immediately, as there is brand-new carpet, and the roof and insulation were replaced in 2020. The HVAC is newer, and the hot water heater is only 2 years old! The abundant parking area and shed are fantastic bonuses.
So let’s get this lake life started Located in a private, gated, 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!
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.
With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons.
1. The housing market isn’t driven by risky mortgage loans.
Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more than doubled from 2004 (378) to 2006 (869). Today, the index stands at 130. As an example of the difference between today and 2006, let’s look at the volume of mortgages that originated when a buyer had less than a 620 credit score.
Dr. Frank Nothaft, Chief Economist for CoreLogic, reiterates this point:
“There are marked differences in today’s run up in prices compared to 2005, which was a bubble fueled by risky loans and lenient underwriting. Today, loans with high-risk features are absent and mortgage underwriting is prudent.”
2. Homeowners aren’t using their homes as ATMs this time.
During the housing bubble, as prices skyrocketed, people were refinancing their homes and pulling out large sums of cash. As prices began to fall, that caused many to spiral into a negative equity situation (where their mortgage was higher than the value of the house).
Today, homeowners are letting their equity build. Tappable equity is the amount available for homeowners to access before hitting a maximum 80% combined loan-to-value ratio (thus still leaving them with at least 20% equity). In 2006, that number was $4.6 billion. Today, that number stands at over $8 billion.
Yet, the percentage of cash-out refinances (where the homeowner takes out at least 5% more than their original mortgage amount) is half of what it was in 2006.
3. This time, it’s simply a matter of supply and demand.
FOMO (the Fear Of Missing Out) dominated the housing market leading up to the 2006 housing bubble and drove up buyer demand. Back then, housing supply more than kept up as many homeowners put their houses on the market, as evidenced by the over seven months’ supply of existing housing inventory available for sale in 2006. Today, that number is barely two months.
Builders also overbuilt during the bubble but pulled back significantly over the next decade. Sam Khater, VP and Chief Economist, Economic & Housing Research at Freddie Mac, explains that pullback is the major factor in the lack of available inventory today:
“The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes.”
Here’s a chart that quantifies Khater’s remarks:
Today, there are simply not enough homes to keep up with current demand.
Bottom Line
This market is nothing like the run-up to 2006. Bill McBride, the author of the prestigious Calculated Risk blog, predicted the last housing bubble and crash. This is what he has to say about today’s housing market:
“It’s not clear at all to me that things are going to slow down significantly in the near future. In 2005, I had a strong sense that the hot market would turn and that, when it turned, things would get very ugly. Today, I don’t have that sense at all, because all of the fundamentals are there. Demand will be high for a while because Millennials need houses. Prices will keep rising for a while because inventory is so low.”
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.
Learn more about 421 Harrison, here and learn more about 107 Fairway Drive, here!
See you Saturday!
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.
