Category Archives: Pat Licata-REALTOR, Lake of the Woods VA

market stats

November 2021 Lake of the Woods Monthly Statistics

In November, 19 homes SOLD in Lake of the Woods.

0 sold between $130-199,999;
1 sold between $200-249,999;
4 sold between $250,000-299,999;
4 sold between $300-349,999;
5 sold between $350,000-399,999;
3 sold between $400-499,999;
1 sold between $500,000-$900,000; see 402 Harrison Cir, here.
1 sold over $1,000,000! See 104 Tyler Trail, here.

20 Active/Coming Soon Listings for Sale
35 Homes Under Contract
330 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

Meticulously Maintained Home Looking for New Owner For Sale at $279,900 by the Licata Group EXP!

Meticulously Maintained Home Looking for New Owner For Sale at $279,900 by the Licata Group EXP!

If easy, one-story living and plenty of storage space are what you crave, you’ve found it! Welcome to 112 Queenwood Ct, where you’ll be delighted from the moment you arrive! This meticulously maintained home is located in a private cul-de-sac on an open, flat lot backing to trees close to the member-only back gate. Upon entering, you will love the split bedroom design offering a generous owner’s suite boasting two walk-in closets and a spacious en-suite bath. As you browse further, you see ample counter and cabinet space featured in the kitchen, along with a breakfast bar, pantry and open flow into the dining room. Relax on your deck or enjoy cooking out and entertaining 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!

Brick-front Home in Private Cul-de-Sac ISO New Owners For Sale $335,000 by the Licata Group EXP!

Brick-front Home in Private Cul-de-Sac ISO New Owners For Sale $335,000 by the Licata Group EXP!

Welcome home to 111 Carriage Court! This wonderful brick front home located close to the main gate and in a private cul-de-sac will be the one. Once you enter, you are welcomed by gleaming hardwood floors, a great room with brick fireplace and soaring ceilings. The kitchen boasts plenty of counter space to spread out, as well as a breakfast bar and a dining area! The sun room off the family room will be one of your favorite areas with access to the deck. When it comes to entertaining family and friends, the formal dining room and flow of the main living areas are sure to please. The inviting owner’s suite is spacious, and the en-suite bathroom offers a double vanity and soaking tub with jets. Two additional bedrooms, full bath and laundry room complete the main level. Enjoy your favorite beverage, read a book, or take in the sounds of nature from the deck.

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!

fall in virginia

Buying Your First House After 60

House buying is always an exciting process. Stressful but still exciting. The feeling of owning a property you can call your home is indescribable. Therefore, in this article, we chose not to pay attention to numerous homebuying myths, such as that buying a house at 60 years old isn’t a good idea. Instead, let’s focus on how you can fulfill your wishes now that you are financially stable and plan out your retirement. The following article shares tips for buying your first house after 60. 

Tips for buying your first house after 60

Moving homes, even if you were a renter for many years, brings significant changes. Thus, it can be difficult, no matter what your reasons are. For example, you might want to buy your first house because now is the right time or be closer to your family. 

For whichever reason you are purchasing a home, you can do a couple of things to make the transition seamless. For instance, hiring a professional realtor to find the best match for you and then hiring a moving company skilled at senior relocations to assist in this process is of extreme value. Then, with the right people on your team, each home buying and relocating will be as easy as possible since they have your best interests in mind.

So, without further ado, let’s look at the tips for seniors on their first homebuying adventure.

1. Hire a realtor 

First things first, you need to hire someone professional to lead you through the process. It’s worth keeping in mind that there’s a difference between a realtor and a reliable realtor. Also, you’ll want to make sure the one you end up hiring has credentials, so don’t be shy to ask them about those.

a realtor with a happy senior couple

Caption: Hiring a Senior Real Estate Specialist is beneficial when buying your first house after 60.

Alt tag: a realtor with a happy senior couple

If your agent is also a Senior Real Estate Specialist, that can only mean they undoubtedly know what they’re doing. This means they have completed training to specifically help people in the 50+ range successfully buy a home. 

2. Check your mortgage options

As a senior, you might have saved up enough money and decided to buy a house and pay in cash. It is an excellent idea if you are not tying up all of your money in the home. Additionally, paying in cash will make you a competitive buyer in the market.

On the other hand, buying a debt-free home isn’t a must. Purchasing your first house after 60 with a mortgage makes your assets liquid. You can still qualify for a competitive mortgage in retirement.

Luckily, there are helpful tips for each generation in the home buying process to help you understand how mortgage approval works when you’re not working. 

Finally, it would be wise to check with your bank or credit union if mortgage insurance is worth the cost of the premiums. It would be good to have this one, especially if you are risk-aware.

3. Understand your needs, don’t just go for what looks good

The houses you will consider greatly depend on your living situation, income, and plans. However, it would be wise not to be influenced by the property’s floorplan, size, convenience, or location. Instead, you will need to evaluate things differently as a senior buyer.

For instance, large houses might be appealing. However, you might quickly become overwhelmed by all the space you have to maintain after some years pass. 

4. Consider the future when buying your first house after 60

As a senior home buyer, your future will be focused on taking care of yourself instead of your children and family. 

Therefore, it would be a good idea to look for homes that can easily be remodeled. For example, you might want to look into houses that can be equipped with handicap-accessible features, such as ramps, lower countertops, and doorways.

At a minimum, a home appropriate for aging-in-place should have complete first-floor living with a wide doorway (wide enough for a wheelchair), ideally a step-free entrance, and be close to public transit and community resources.

5. Understand your budget

Apart from your monthly mortgage, you need to be aware of all the other costs. Some of the everyday expenses are:

  • property taxes
  • utilities
  • car petrol
  • medical bills
  • groceries
  • some other debts you might have
  • any potential repairs and miscellaneous expenses.

It would help if you considered all of these factors when home shopping in your sixties.

a man's hands stacking up on three piles of coins

Caption: You will need to think of all the expenses before committing to a home purchase.

Alt tag: a man’s hands stacking up on three piles of coins

6. Be realistic about your future health needs

When talking about finances, it would be good to consider what they will be like ten years from now. What type of needs will you have then? If the need arises, will you have the means to hire in-home caregivers? Will you need someone to transport you somewhere or take care of your lawn for you?

Even though we don’t think about the future in this way, it’s wise to be realistic when deciding on such a big step. The seniors who have a strong support system from their children and family don’t have much to worry about. However, sometimes the help of a loved one isn’t enough. For example, your house might need a professional repair, like converting your home to be wheelchair accessible. 

Therefore, it would be good to think about your finances in the future and how you will cover some unexpected expenses.

7. Determine your relocation

Finally, once you find the right home, the work isn’t done yet. The moving still awaits. The relocation specialists from Zippy Shell Moving and Storage NV recommend looking for a reputable company with experience in senior moving. Professional movers have the tools and expertise needed for heavy lifting, maximizing packing space, and transporting the items while ensuring safety.

Additionally, you can be in charge of handling your smaller keepsake items if you wish. However, the heavy lifting is best left to a professional to reduce any injury risks to yourself or your things. 

buying your first house after 60 means stability and more quality time with your spouse

Caption: Once you relocate, you can enjoy the process of giving the house your personal touch with your spouse.

Alt tag: buying your first house after 60 means stability and more quality time with your spouse

Final considerations 

To summarize, buying your first house after 60 isn’t impossible or that difficult. With the right people on your team who know all the tricks on homebuying, we are sure you will find a home suitable for you, your financial situation, and your future plans.

Meta description: If you’ve rented your whole life and now want to have a secure place to grow old at, here are the tips on buying your first house after 60!

Photos used:

https://www.pexels.com/photo/senior-couple-spending-time-in-yard-of-suburban-house-7728101/

https://unsplash.com/photos/jpqyfK7GB4w

https://www.pexels.com/photo/couple-sitting-beside-a-businessman-8815835/

https://unsplash.com/photos/blmaM7R6OPE

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.

new home

Buying or Selling in 2022? Look for an Agent with These 10 Qualities

Key Takeaways:

  • In today’s hot market, it’s more important than ever to choose the right agent to help you buy or sell a home.
  • Real estate agents don’t just offer local expertise—their insider knowledge and marketing prowess come in handy, too.
  • Thinking about making a move in the new year? Contact us to start planning now!

Here Are the Top 10 Qualities Every Successful Real Estate Agent Should Have

Did you know that 75% of buyers and sellers work with the first agent they meet? It’s true—but that doesn’t mean it’s the best decision. If you want to come out on top in today’s competitive market, experts often recommend interviewing a few candidates before settling on the right real estate professional for the job. And if you’re not sure where to start, we’ve outlined 10 qualities of a highly successful agent.

They keep up with the latest sold data

Analyzing real estate sold data

Whether you’re buying or selling a home, you’ll want to keep up with the latest sold data for your neighborhood of choice. Sold data reports consist of homes that recently sold in your area, as well as their final prices. Not only do these numbers help sellers determine an accurate list price, but they can also be used by buyers to gauge an area’s affordability. A top-notch agent should be willing to provide you with up-to-date data every step of the way.

They know what’s happening in the real estate market

It’s hard to know what the real estate market will look like next year. But with careful forecasting, a local agent should be able to provide some valuable insight. Agents can educate buyers and sellers on everything from price fluctuations to mortgage rates—just make sure they’re using accurate data to back up their predictions.

They’re social media savvy

Real estate agent using social media

Nowadays, home-buying and selling primarily happens on the internet. According to recent research, over 95% of buyers start searching for properties online, which makes it imperative that agents maintain an active presence on their social platforms. Be sure to ask your agent about the virtual tools they offer buyers and sellers, such as access to the MLS, social media promotion, and paid advertising. Bonus points if they have their own website, too!

They have a network of contacts

When it comes to buying or selling a home, it truly takes a village. A well-connected agent can refer you to their network of local contacts, such as plumbers, landscapers, lawyers, and so much more. You’ll rest easy knowing that you can trust their recommendations for local service providers!

Their referrals are positive

Buyer or seller leaving online feedback

If an agent provides legendary customer service, their past clients are more than willing to leave positive feedback—or even refer them to their loved ones! Ask your potential agent about their reviews, or take a look online to see what previous buyers and sellers have to say about working with them.

They’re punctual

This one should be a given! The current real estate market moves faster than ever before, which makes punctuality an even more important quality than usual. If your agent is on-time (or early!) to your appointments, you’ll know they’re treating you like a priority.

It’s easy to get in touch

Scheduling an appointment with a real estate agent

Keeping in touch is key when it comes to real estate, so you’ll want to share the same method of communication as your agent. Tell your agent from the beginning whether you prefer to text, email, or talk on the phone. Not responding in a timely manner is a big red flag.

They’re shrewd negotiators

Buyers and sellers alike should look for an agent with top-notch negotiation skills to get them the best possible price. And if you want to evaluate a real estate agent’s prowess, just ask yourself this question: how well did they negotiate with you to win your business?

They’ve built their own brand

Buyers getting the keys to their new home

Real estate agents don’t just help you buy or sell a home—they need to be expert marketers on both sides of the transaction. Solid branding can help agents rise to the top of the competition and build a reputation that people rely on, trust, and recognize. Exploring an agent’s social media and website can give you a good idea of their personal branding strategies.

You get along with them

When you’re trusting someone with one of your biggest investments, it’s crucial to get along on both a professional and personal level. If you can’t have difficult conversations with your agent—or if you don’t get along with them—consider going with another candidate. Personality can sometimes trump experience!

Find the Right Agent for Your Move

Ready to start planning your 2022 move? Now is the time to find the perfect agent for the job! Contact us today to learn more about what we bring to the table, or explore our other resources to get a head start on buying or selling. We’re always here to offer superior service throughout every step of the transaction!

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.

3502 lakeview pkwy, locust grove va 22508 for sale

3502 Lakeview Pkwy, Lake of the Woods, Virginia 22508 For Sale at $249,900 by Licata Group EXP!

Welcome to 3502 Lakeview Parkway! Don’t miss this beautifully renovated home nestled in the trees of amenity-rich Lake of the Woods. Renovated in 2019, this home feels brand new. You will love all of the fine finishes and attention to detail, with beautiful flooring, paint, stainless steel appliances, a white kitchen and quartz countertops. The open floor plan and wonderful use of space just add to the wow factor you feel when you walk in. This home is on a larger lot with a great backyard including a deck perfect for entertaining or just relaxing. There is also a huge driveway with plenty of parking.

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 $240,000+ 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.

1528 Lakeview Pkwy, Lake of the Woods Virginia 22508

1528 Lakeview Pkwy, Lake of the Woods, Virginia 22508 UNDER CONTRACT by Licata Group Exp Realty LLC!

Welcome to 1528 Lakeview Pkwy! If space and uniqueness are what you crave, then this 4 bedroom, 3 bath home is the one! This fantastic home on a half-acre + lot, located near the member-only back gate, small marina and Greenspring Park, features a screened-in porch with your very own porch swing. Upon entering, you will experience the pride of ownership throughout. Cathedral, beamed ceilings with solar tubes and skylights letting in even more natural light, cork flooring, and other unique finishes are sure to please. The kitchen is designed to be the center of the home and offers Corian countertops and space to spread out. The dining room with gas freestanding stove flows from the kitchen and accesses the expansive screened porch. The main level also includes three bedrooms, one with an en-suite bath, and an additional full bath. The upper level living room boasts a window-filled wall overlooking the stunningly landscaped, deep, level back yard and a beautiful floor-to-ceiling brick fireplace with a gas insert and the owner’s suite with a gorgeous en-suite bath, including a tiled walk-in shower and a soaking tub with jets. The lower level features a spacious recreation room with a gas freestanding stove and an additional flex space room that can be used as an office or not-to-code bedroom. Other unique features include solar panels, a geo-thermal heat pump, extra insulation and insulated paint to reduce your utility bills.

https://youtu.be/1Y6pPPSTOaY

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-$200,000s 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.

521 Monticello Cir, Lake of the Woods Virginia 22508

521 Monticello Cir, Lake of the Woods, Virginia 22508 SOLD!!! by the Licata Group Exp Realty LLC!

Welcome home to 521 Monticello Circle! This immaculate, updated, and well-maintained home in Lake of the Woods truly has it all. From the moment you arrive, you will love the inviting curb appeal, brick walkway, and beautifully landscaped yard. Upon entering, you are greeted by gleaming hardwood floors, a cozy fireplace, fine finishes, and a sought-after open floor plan. The vaulted ceilings and ample windows allow the sun to shine in and provide so much natural light. The family room, boasting cathedral ceilings, gas fireplace, and access to the screened porch, flow effortlessly into the gourmet kitchen. This expansive chef’s kitchen features a breakfast bar, granite countertops, backsplash, table space, and upgraded stainless-steel appliances. In addition, the formal dining room and living room boasting a wall of windows will make entertaining a breeze. The owner’s suite is spacious and offers an en-suite bath featuring double vanities with granite countertops, a walk-in beautifully tiled shower, a luxurious soaking tub, and a spacious walk-in closet with built-in shelves. Grab a book and your favorite beverage and head out to the screened porch surrounded by trees and privacy, as this is sure to become one of your favorite spots. All of this and close to the member-only back gate, too!

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.

market stats lake of the woods virginia 22508

October 2021 Lake of the Woods Monthly Statistics

In October, 33 homes SOLD in Lake of the Woods.


0 sold between $130-199,999;
2 sold between $200-249,999;
7 sold between $250,000-299,999;
10 sold between $300-349,999;
6 sold between $350,000-399,999;
3 sold between $400-499,999;
3 sold between $500,000-$900,000;
2 sold over $1,000,000! See them here: 132 Birchside Cir and 129 Green Spring Rd!

29 Active/Coming Soon Listings for Sale
31 Homes Under Contract
312 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

Here’s Why You Shouldn’t Wait Any Longer to Invest in Real Estate

Key Takeaways:

  • Even as home prices continue to climb, there’s never been a better time to get your foot in the door when it comes to real estate investing.
  • You don’t need a lot of money to diversify your portfolio—in fact, you have more options than you might think!
  • Whether you’re an experienced investor or a first-timer, you’ll want to work with the right agent to score a great deal.

What Buyers Need to Know About Real Estate Investing

Even if you haven’t bought or sold a house this year, you’ve probably heard wild predictions and statistics about the real estate market. As prices keep skyrocketing, would-be and experienced investors alike are wondering if now is the right time to add to their portfolios. Believe it or not, now might be a once-in-a-lifetime opportunity to purchase an income-generating property—and there are countless options from which to choose.

Still on the fence? Here are a few quick tips and tricks you need to know before investing in real estate.

Real estate investment isn’t only for the rich

Despite what popular shows on HGTV might tell you, real estate investing is something anyone can accomplish with careful planning and saving. You don’t even need any experience to get started—but having the help of a real estate agent will make all the difference.

Start by working with an agent who knows your local investment market. Based on your budget and goals, they’ll help you select a property that meets your needs and offers a high return on investment. Don’t just limit yourself to fixer-uppers—it’s worth considering land, single- or multi-family homes and condos, office space, or warehouses, too.

With a little sweat equity, you can easily turn any investment into an income-generating property that will help you pay off your mortgage. The easiest way to do this involves renting your property out to tenants. Over the last decade, the average rent has increased by more than 30%—so if you plan on keeping your property for a long time, you’ll be able to turn an impressive profit while building equity.

Mortgage rates remain low

Approved mortgage application

One of the biggest mistakes that any investor can make is trying to time the market. While it may seem tempting to wait until a recession for prices to decrease, it’s impossible to predict how the market will fluctuate over time. And even as prices continue rising, you’ll want to factor low mortgage rates into the equation.

Lower mortgage rates make real estate investing more affordable. As of November 2021, the average 30-year fixed mortgage rate hovers around 3.4%, which is roughly a full percentage point lower than it was in 2018. Let’s put that into perspective—if you purchase a $400,000 property with a 20% down payment, you’d pay around $1,419 per month. But if you bought the same asset with a 4.4% rate, that monthly payment would skyrocket by more than $200, which adds up over time.

First-timers can start small

First-time real estate investors

Even if you aren’t a current homeowner, real estate investing isn’t out of your reach. Some smart investors actually use their primary residence to generate extra money on the side. Once you establish a cash flow, you can start saving up for an even bigger investment down the line.

Wondering how you can start investing in real estate without a lot of capital? Real estate investment trusts (REITs) let you pool your money together with other investors and earn dividends, so you won’t have to buy or manage your own property. Many millennials have even tried “house hacking,” which involves buying a home and renting out rooms to offset a mortgage. And for an even simpler way to invest, consider land—some plots are available for just a few thousand dollars, and they’ll likely increase in value over time.

Work with Real Estate Investment Experts

Even if you already have a few assets under your belt, now is the time to diversify your investment portfolio! We have ample experience helping investors just like you, and we’d love to help you find an income-generating property that checks all the boxes.

Need to sell an investment property? We can certainly help with that, too!

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.