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.
The Lake of the Woods Adaptive Watersports Foundation is back and ready to host the SmileS Adaptive Carnival!
This Carnival brings water sports to people with disabilities of all ages and walks of life, as well as their families. The Carnival is held in honor of 2 highly honored women who left this world too young. What sports will be featured? There will be adaptive waterskiing, tubing, pontoon rides, kayaking, paddleboarding, and additional fun outdoor games! This year, LOW is partnering with Therapeutic Adventures – IndependencePlus Adaptive Sports to bring adaptive paddling!
This event is to take place on Sunday, August 1st at 9AM at the Lake of the Woods Clubhouse Point (102 Lake of the Woods Way, Locust Grove, VA 22508).
What a great day in the community to bring your friends and family to participate or cheer on! All attendees MUST pre-register, and they will NOT allow registration/sign-up at the door. All activities are FREE. Pre-register here.
Note: all activities are open to participants and their friends and families, however, participates will have priority for adaptive water skiing. For more information, visit 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 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.
Have you been thinking of working out, but not sure of where to start? Even if you do work out regularly, but want to change up your routine, consider giving this new class a try! Alison Macpherson, the wife of David Macpherson, REALTOR® at Licata Group real estate, will be hosting the free fitness class on Tuesday, July 20th at 12:30PM. Alison has 30 years of experience and will guide you through seated stretching, weights for strength training, bands for resistance to tone the whole body, and ab & core for back strengthening, just to name a few! There will be music, and you are encouraged to bring a friend (or two!) with you! This will be a fun-filled class for ALL ages. See you Tuesday!
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.
Welcome to 107 Fairway Drive! This lovely home is located close to the main gate and overlooking the 18th green. As you enter, you are greeted by the family room, boasting a fireplace for those chilly nights. A light-filled kitchen with ample cabinet and counter space awaits. Additional living space with the sunroom has so many possibilities. The owner’s suite with an en-suite bath is sure to please with private access to the deck which is perfect for relaxing and enjoying your backyard oasis and views of the golf course. If you’re in the mood for a great breakfast or lunch, Fareways Cafe is just a few steps away, as well as the Golf Pro Shop.
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.
Welcome to 421 Harrison Circle! This amazing, custom-built home nestled in the trees is move-in ready and will delight from the moment you arrive. You will love your peek of the lake and location so close to the beaches and back gate. Once you enter, you are welcomed by a great room with a cornerstone gas 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 sitting room off the kitchen will be one of your favorite areas with access to the screened porch. 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, soaking tub with jets. Two additional bedrooms, full bath, and a laundry room complete the main level. Enjoy your favorite beverage, read a book, or take in the sounds of nature from the screened porch.
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.
In June, 40 homes sold in Lake of the Woods. 1 sold between $130-199,999; 4 sold between $200-249,999; 3 sold between $250,000-299,999; 7 sold between $300-349,999; 10 sold between $350,000-399,999; 8 sold between $400-499,999; 2 homes sold over $500,000.; 2 home sold over $600,000; 1 home sold over $800,000; 2 homes sold over $900,000!
28 Active Listings for Sale 22 Homes Under Contract 186 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
lake of the woods virginia open house extravaganza 7.10.21
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.
First of all, congratulations. You have chosen a great state to start a family in. Virginia is a safe and wholesome state that has a lot to offer. It is a family-friendly state, as raising kids in it is easy. However, you have to get there first. Moving from Maryland to Virginia is considered an interstate relocation, and those kinds of relocations need to be well organized. So, make sure to stick with us to the end if you want to find out how you can move to Virginia with the least amount of trouble and start a family there!
There are a lot of things you can do in Virginia
Virginia is one of the most famous states in and outside the US. This means that it is an old state, with a lot of history and many things to do in it.
One of the best spots in this well-known state is certainly Orange County. There are many things to do in Orange County, and it is no wonder why many families decide to start a new life here. As we already mentioned, Virginia is a safe state, with a plethora of opportunities for children and adults alike, as it offers excellent education and many job opportunities!
Make sure to plan your move and create a strategy
Planning is essential for every relocation. Moreover, no relocation is possible without proper organization, let alone an interstate move. This is why you need to take moving organization seriously and create a strategy of how and when you are going to move to Virginia.
For everything in life, it is good to have a plan. Moving from Maryland to Virginia isn’t an exception
Find a good moving company
Moving organization starts with searching for a good moving company that can take you to Virginia. There are many movers on the scene, but you need to hire real professionals if you want to organize the process in a flash since interstate moves such as those from Maryland to Virginia can be very time and energy-consuming.
Make sure to compare different moving companies online, look at their reviews, and get in touch with as many moving companies as you can. You also need to remember that you need to book your move at least two months in advance.
Calculate the costs of the move
In the early phases, it is impossible to precisely calculate how much your move will cost you. However, you can get a rough estimate if you include all potential expenses. Good moving calculation always leaves some space in the budget for unexpected circumstances. This means that you have to leave a financial margin in your estimate if something goes wrong.
The main cost you’ll want to include in your calculations is the cost of hiring a moving company. Every respectable moving company has a moving calculator, which enables customers to roughly calculate the cost of the move. Keep in mind that online estimation doesn’t have to represent the price in the real world.
Also, you need to include the cost of moving insurance, the cost of renting a storage unit, hiring professional packers, etc.
Pack for the move or hire professionals
Most people choose to pack themselves for the move. Sure, that way you might save some money, but in return, you’re going to lose a lot of energy.
It might not be a bad idea to hire professional packers for your relocation.
However, if you choose to do so, here’s what you need to buy:
boxes, plastic bins, and similar containers
packing tape
a marker
some kind of protective material like packing peanuts
crates
You can get most of these materials at the nearest supermarket, and they are not that expensive. However, if you don’t want to lose time and energy on that or have special items you wish to move to Virginia, we recommend hiring professional packers trained to do that.
Renting a storage unit in Virginia is preferable
Many people forget the importance of storage units. Storage units are handy when moving to a new location since you can never exactly know how much space you’ll have for your stuff. In short, it always helps to have a place in which you can leave your things after the move.
Many people forget to rent storage after a relocation. This can cause a lot of trouble. Don’t let this happen to you when you’re moving from Maryland to Virginia!
But, if you want to take two pigeons with one bean, you might want to find a moving company, such as Helix Transfer & Storage, which can offer storage solutions as well.
Find good housing
As we already mentioned, Orange County in Virginia seems very attractive to families, especially ones with children.
One of the reasons behind that is the excellent state of the real estate market in the county. In Orange County, you can get a fantastic home for a reasonable amount of money and live in friendly suburban neighborhoods, perfect for anyone who wants to start a family in Virginia.
Also, buying a home in Orange County is an excellent opportunity for some serious investment. It is predicted that the prices will continue going up, and many experts recommend that investors jump on the train and reap the benefits of coming to market early.
All in all, Virginia is a prosperous state with its own little renaissance at the moment, as it offers an excellent opportunity for families to develop and grow properly. This is why we think that Moving from Maryland to Virginia to start a family is a great choice.
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 home to 101 Pine Valley Rd! Imagine water views year-round! This beautiful home has just that! Relax on your deck with friends and family as you enjoy the water views. This is only the beginning… Once inside, you will love the updated kitchen with granite countertops and stainless steel upgraded appliances. The family room is vast and boasts a floor-to-ceiling brick fireplace for those cool nights. The sought-after split bedroom design offers an owner’s suite with en-suite bath and walk-in closet. There are three more bedrooms that complete this amazing home! You are close to the front gate, golf, beaches and more!
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.
