Category Archives: Real Estate News

These 4 Negotiating Tips Can Help You Sell for Top Dollar

Receiving your first offer is one of the most exciting parts of selling your home. And while it might seem like the hard work is finally over, the negotiation process is actually just getting started. 

Even in a seller’s market, negotiating with a buyer can require quite a bit of time, skill, and guidance from your agent. However, with the right strategies, you can remain in the driver’s seat and maximize your profits.

Here’s How to Negotiate with Potential Buyers

When buyers submit an offer, they’re trying to get the best possible price, secure specific contingencies and financing, and close on their ideal timeline. As a seller, you’ll want to take their needs into consideration—but that doesn’t mean you have to give in to every concession.

Ready to hone your negotiation skills? Here are four easy tips to help you leverage a deal that gets you the price you want while keeping your buyer happy.

Review every offer with your agent

Agent helping with a contract

Even if you have some home selling experience, it can be hard to decipher all the elements of an offer. Most offers are just a small part of a purchase and sale agreement, which includes everything from price to contingencies to deadlines, so it’s important to review every detail with your agent.

While it might be tempting to decline any offers below your asking price, you still want to consider the bigger picture. It may be worth sacrificing some equity for fewer contingencies or a cash deal. Your agent can guide you through the pros and cons of each offer, as well as answer any questions.

Don’t compromise on your must-haves

Talking at a table

Fortunately, low inventory and rising prices have given sellers a distinct advantage in today’s market. That means you probably won’t have to give up a lot of your must-haves—like a certain price or closing date—to secure your sale. 

While it’s okay to drive a hard bargain, you don’t want to appear unreasonable to buyers. In some situations, it’s common courtesy to agree to certain contingencies (such as a home inspection), offer credits for repairs, or even pay a portion of their closing costs.

Make a clear counteroffer

Making an offer

If you receive an offer that isn’t quite what you want, you have a few options. Most sellers choose to respond with a counteroffer, which proposes modified terms that are more beneficial to them. 

The biggest factor to consider is price—if a buyer offers less than you’re willing to accept, try countering with a more realistic number. However, you’ll also want to take financing, contingencies, and timing into account. For example, you may want to ask a buyer for a different closing date or say no to excessive contingencies, as they can slow down the transaction. Ultimately, the ball is in your court, so it’s worth weighing different options with your agent.

Don’t be afraid to say no

Signing paperwork

Generally, you should always submit a counteroffer to every reasonable offer. However, if it becomes clear that a buyer isn’t willing to budge on your deal-breakers, don’t be afraid to say no. It’s also best to automatically decline any lowball offers that are around 30% less than your list price.

While it may seem counterintuitive to turn down an offer, it’s not worth negotiating with someone who isn’t serious about your home. And because the market is extremely competitive right now, it probably won’t take long to find a buyer who’s willing to pay the right price.

Thinking of Selling Your Home Soon?

If you’re looking for the right agent to guide you through the negotiation process, we’d love to lend a helping hand! Get in touch with us today to learn the ins and outs of selling your home—we’re always on hand to answer any questions you might have.

Free Virtual Home Seller Seminar on 9/12 From 11:00AM – 1:00PM EST!

Join us on Saturday, 9/12 From 11AM-1PM EST for this free online seminar, as we provide you with helpful tips and advice to prepare your home for sale in the current market! With interest rates at a historic low, and a multitude of buyers ready to jump on any and all available properties, now is the perfect time to consider selling. Learn from leading industry professionals on how to best prepare your home for sale in order to receive the highest market value in the least amount of time.

We will have multiple vendors present, as we want to provide you access to all the resources and information that you will need to successfully sell your home in today’s market. Click Here to register!

 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

market stats

August 2020 Lake of the Woods Statistics

In August, 32 homes sold in Lake of the Woods.
1 sold between $130-200,000;
3 sold between $200-249,000;
8 sold between $249,900-299,000;
14 sold between $300-400,000;
2 sold between $400-500,000;
2 sold between $500-600,000;
1 sold between $700-899,000;
1 sold over $900,000.

28 Active Listings for Sale
54 Homes Under Contract
205 Homes Sold since January 1, 2020.

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.

Buyer Beware: 6 Red Flags That Could Spell Trouble for Homebuyers

Picture this: you’ve found a seemingly perfect home in just the right neighborhood. It has every single one of your must-haves, plenty of space, and even all of the features you want. But on the tour, your agent spots a few big problems, like a crack in the foundation or signs of water damage. Should you walk away from what seems like your dream house?

Unless you’re looking to tackle a fixer-upper, you may want to proceed with caution if you run into any of these red flags during a showing.

Watch Out for These 6 Red Flags During a Showing

As you tour homes, it’s important to remember that a seller may not always disclose (or know) the whole truth about their house. If you ever have any questions about a home’s condition, make sure to ask your agent. They’ll often be able to spot problems that you may not see yourself, and they can also help you decide whether or not a certain issue is a dealbreaker. 

And even though a property may appear well-maintained, there could be some lingering imperfections that aren’t visible to an untrained eye—here are a few examples.

Foundation issues

Foundation crack

A faulty foundation is one of the biggest and costliest problems you can encounter in a home. If you spot any foundation cracks (both outside or inside) bigger than one third of an inch, it could mean a property has major structural defects.

Other signs of potential foundation issues include sticking doors, gaps around window frames, or sagging floors.

Outdated electric and plumbing systems

Tools and electrical supplies

A leaky faucet or ungrounded outlet may seem like a quick fix, but they could signal a much larger problem. If you’re touring an older home, have your agent ask about the age of the plumbing and electrical wiring. It’s essential (and expensive) to bring these systems up to code to prevent potential floods or fires.

An old roof

Old roof shingles

Typically, roofs should be replaced every 12 to 15 years. So if you notice some missing or curling shingles, it could mean that a home’s roof has reached the end of its lifespan. If you’re not sure about a roof’s age, be sure to ask your agent—they can get in touch with the seller’s agent for more information.

Water damage

Water damage on a ceiling

Take a look at a home’s ceiling and floors—do you see any dark spots? If so, this could be a sign of water damage, which is often a pricey fix. Be sure to check out a home’s drainage situation, too. A yard that isn’t properly graded could cause water to seep inside after a heavy rainstorm.

Homes that have basements are more prone to leaks than those that don’t, so don’t forget to head downstairs to look for water damage!

Unwelcome critters

Mouse trap

Bugs, mice, and other pests can spell big trouble for a house, especially if the infestation is widespread. Termites in particular should be a huge red flag, as they can destroy a home’s entire structure before being detected.

If you see an overwhelming number of critters wandering around during your tour, you may want to move on right away. You should also check for mud tubes, hollow or rotting wood, and bug droppings, as these are common indications of termites.

Unpleasant odors

Spraying air freshener

Notice a less-than-pleasant scent during a showing? These aromas could be signs of mold, mildew, water damage, pests, improper ventilation, and countless other issues. You should also be wary if a seller seems to be covering up smells with heavily scented candles or air fresheners.

Bottom line: Always have a home inspection

Home inspection report

Even if you don’t spot any of these problems, it’s always best to have an inspection after your offer is accepted. A qualified inspector can spot problems both large and small and will provide a detailed report of everything that needs to be fixed.

From there, you can try to renegotiate the price of the home with the seller or ask them to complete the repairs. However, if a home is being sold “as-is,” you may be stuck doing the work yourself. 

Thinking About Buying Your Next Home?

When it comes to finding the right home, it pays to have an expert agent on your side to handle all the details. Give us a call today to learn more about the premier services we offer to our buyers. We’d be more than happy to answer any of your real estate questions, and we can also help you sell your current home, too!

Adorable Home in Lake of the Woods, VA! 413 Liberty Blvd Now UNDER CONTRACT!!

Welcome to 413 Liberty Blvd! You will love this charming, adorable and meticulously maintained cottage boasting vaulted ceilings and a bright open floor plan with built-ins in both the kitchen and living room. The kitchen offers a breakfast bar and a pass through to the living room that will make entertaining a breeze. Enjoy your morning coffee in front of the window in the awesome dining nook. You will love your master suite with an en-suite bath. The backyard is your own private oasis where you can sit on your deck, listen to nature and sip on your favorite beverage. A definite bonus is the oversized, detached one car garage. For more information on 412 Liberty Blvd, 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.

Gorgeous Home With Unfinished Basement in Lake of the Woods, VA! 1302 Confederate Drive Now SOLD!!

Welcome to 1302 Confederate Drive in amenity-rich Lake of the Woods, where you can enjoy the inviting front porch of your new home. This home is located near the member only back gate! Once inside, you will love the light filled family room, spacious kitchen with oodles of cabinet and counter space, and a large dining area. The main level also boasts the master suite, which is gracious in size, with an extra little nook and en-suite master bathroom. The upper level boasts two more bedrooms and a full bath. The deck, located off of the kitchen, leads to a private, level back yard perfect for gardening and enjoying outdoor activities. Don’t forget to take a look at the unfinished basement with room to expand or plenty of extra storage space! For more info on 1302 Confederate Drive, 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.

63 Acre LOT on in Culpeper, VA! Algonquin Trail Now UNDER CONTRACT!!

Wonderful property in Culpeper County. Two connected parcels totaling just over 63 acres. Lot 65—-16A is 52.87 acres and lot 65-B-1- -12 is 10.18 acres. Gravel driveway is located on Algonquin Trail. See map and property lines in documents. Seller will consider owner financing with acceptable down payment for qualified buyers. There are at least two perc sites on the property for alternative septic systems. Land is very flat with trails through it. There are three springs on the property, the water comes to the surface in fall, winter, and spring. Lots are mostly wooded with red and white oak and some cedar. This property is ready for hunting this year with no work required, see hunting information and features from seller in Documents. For more information on this LOT, 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

Stellar Home With Cathedral Ceilings & Screened Porch in Lake of the Woods, VA! 3409 Lakeview Pkwy Now UNDER CONTRACT!!

Welcome to 3409 Lakeview Parkway where you are greeted by brick accents and a circular driveway. Once inside you will love this spacious, move in ready, Lake of the Woods home. This home boasts a sought-after open floor plan, an incredible kitchen with granite counter tops, a large pantry and that’s only the beginning! The spacious, inviting living room is light filled with a corner stone gas fireplace for those cool nights. You’ll love the cathedral ceiling and split bedroom floor plan. The master suite features an en-suite bath with a soaking tub and double vanities. Relax on your screened porch while enjoying the sounds of nature. Enjoy the level yard to garden, entertain, or create your own oasis! Love to golf? The golf course is only a short drive away. Get your lake life started today! For more information on 3409 Lakeview Pkwy, 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.

How to Handle Getting Multiple Offers on Your Home

If you’re thinking about listing your home, you’ve probably heard that we’re in a seller’s market right now. As inventory dwindles and buyer interest intensifies, it’s not uncommon to see properties sell just hours after they’re listed, sometimes even tens of thousands above their original asking price.

This may seem like an ideal scenario, but navigating a multi-offer situation can be difficult for even the most seasoned sellers. And sometimes, selecting the right offer doesn’t always mean going with the highest bidder.

Your Guide to Choosing the Right Offer

As a seller, you’ll quickly find that not all offers are created equal. In addition to price, there are a few other factors you should consider, such as contingencies, financing, closing dates, and plenty of other extras that buyers can attach to an offer. 

Feeling a little overwhelmed? This advice can help you streamline, and get the most out of, your home sale.

Keep your agent in the loop

Talking with an agent

First and foremost, you’ll want to include your agent in every step of the negotiation process. They’ll be the main point of contact between you and a buyer’s agent, but they can also talk you through your options and help you decide which offer best suits your needs. Additionally, your agent can educate you on common contingencies, as well as other terms that are often added to an offer (more on that later!).

Compare contingencies and financing

Hand holding cash

Aside from price, you should look at the contingencies and financing options included within any offers you receive. Contingencies are conditions that must be met before a sale—common examples are home inspections, appraisals, and loan approval. As a seller, you want to see as few contingencies as possible, as they can make it harder to close the deal.

Additionally, it’s important to consider how a buyer will be paying for your home. Cash offers are usually considered the best, as you won’t have to deal with appraisals or lenders. There’s also no chance of losing the sale if the buyer’s loan application doesn’t get approved. If you’re looking to close fast, it may even be worth accepting a lower offer if it’s in cash.

Consider any extras

Signing a contract

In a hot market, some buyers will do anything to stand out against the competition. However, before you fall for any seemingly enticing offers, you’ll want to know which terms will actually benefit you as a seller. 

It’s almost always worth giving special consideration to pre-approved buyers, because they’ve taken an extra step to secure their financing ahead of time. Buyers who want to close quickly, pay any closing costs, or even set an escalation clause to outbid other offers may also be more serious candidates.

Remember your home’s value

Money house

If you end up receiving quite a few offers on your home, you might even find yourself in a bidding war. This can drive the price up quite substantially, but you should probably think twice before accepting the highest bid.

If a buyer is financing their purchase, your home will likely need to pass an appraisal before the sale. And if the price was inflated in a bidding war, a bank may not approve the buyer for the full amount of their loan, which could jeopardize the deal. Be sure to keep your home’s value in mind as you review offers with your agent. They can help you filter out any outlandish bids while still maximizing your profit.

Gearing Up to Sell Soon?

Selling a home doesn’t have to be a stressful process—at least not when you work with a top-rated local agent! Feel free to give us a call and let us know how we can help with any of your real estate needs. We have the resources and expertise to get your house sold quickly and for top dollar!

85 Acre LOT For Sale in Lignum, VA! 0 Jacobs Ford Road Now UNDER CONTRACT!!

Imagine owning 85 acres of land and building your dream home and/or having a farm. Create your oasis, land is a mixture of trees and cleared areas. Maybe you are a builder or developer and would like the possibility of subdividing. The land is zoned for 5 acre minimum lots. For more information on 0 Jacobs Ford 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