Low default rates are a positive sign of the housing market’s resiliency
There are signals that the market is shifting to favor homebuyers
Our team is ready to help you achieve your goals, so contact us today!
As with any investment, the best time to buy is when prices are low. It’s no different when it comes to real estate. With one historic and unprecedented event after another these days, knowing when to move in today’s market can be complicated and intimidating, but it doesn’t need to be.
Analysts agree about where the market is likely headed. So as 2022 winds down, let’s review the latest news to help you better understand where your opportunity lies (and why now may actually be the best time to buy!).
Low loan defaults are keeping the housing market healthy
The current housing market is not a repeat of the previous financial crisis in 2008. The two primary factors that contributed to the housing market crash back then were cheap credit and lax lending standards. Remember the terms subprime, mortgage-backed securities, CDOs, and adjustable rate mortgage? Thankfully, that’s not what’s making headlines this time around.
Today, lending standards are more strict than they were 15 years ago, and because of this, most homeowners are not teetering on loan default like they were back in 2008. In response to the global COVID-19 pandemic, banks introduced various programs to help homeowners stay current on their mortgages and avoid default. The result is historic mortgage balance lows, with loans that are 90 days past due pegged at just 0.5%. That’s a far cry from the staggering 11.36% rate back in 2010 when homeowners struggled to make payments.
Economic signals indicate this is becoming a buyer’s market
Putting today’s housing market in proper historical context is paramount to making an informed decision. While the current 7% mortgage interest rates are certainly higher than the pandemic-induced low of 2.65% in December 2020 (the lowest in history!), that doesn’t mean you should avoid buying a home. Compared to the all-time high of 18.45% set back in 1981, today’s average rate of 7% is suddenly far less imposing.
Experts all agree: home equities are going to decline. The only dispute between analysts is by how much, with some analysts projecting an average decline of about 20%. According to Black Knight, a mortgage technology and data provider, home prices have declined slightly, but mortgage holders possess $11.5 trillion in tappable equity.
Even though recent news and numbers seem to suggest that the real estate market may be experiencing a slowdown, Black Knight added that the “market is on strong footing to weather a correction” given that the total market leverage (including both first and second liens) was just 42% of mortgaged homes’ values – the lowest number on record.
Homes are always a solid investment strategy
Eager would-be homebuyers waiting for home prices to fall have some good news ahead of them. But, homeowners have good news, too. While there’s plenty of panic around a “decline” in home prices, the Case-Shiller Index reports it’s just 2.2%—meaning homeowners are still in command of a 38.33% increase in the last two years.
With mortgage interest rates hovering around 7% and home values stabilizing, the tail-end of 2022 or 2023 may be the best time for you to finally make that move, especially as two-thirds of major regional housing markets (98 out of 148) prices continue to drop.
We’ll Help You Buy For the Right Price
When you’re ready to make your move, reach out and contact our trusted real estate team. We know the local housing market and can help guide you to the best deals available on the market today. And, there’s plenty of ways to extend your buying power and reduce your interest rates! Our team can’t wait to share our proven strategies with you, so contact us today!
Today’s market conditions are unique, and there are plenty of ways to win
Let’s explore the steps you can take to pave your path to homeownership
Our team is ready to help you achieve your goals, so contact us today!
Amid high inflation, increasing mortgage rates, and limited housing inventory, the headlines make it seem like there’s no good news in the real estate market. But when you listen closely to expert economists and look at your local market, you’ll learn that there’s plenty of opportunity. Let’s take a closer look to understand the complete picture of what’s really going on in the housing market.
Low inventory keeps home prices high
It’s easy to hear snippets of today’s news cycle and get swept up into a maelstrom of doom and gloom, fearing that the Great Recession of 2008 is happening all over again. But Lawerence Yun, Chief Economist for the National Association of Realtors (NAR), gave a talk this month in Orlando. Mr. Yun pointed out why the housing market will remain stable and profitable.
One of the leading factors behind his assertion is that “housing inventory is about a quarter of what it was in 2008.” The historic low inventory of available housing in the US is a positive because that limited inventory will prevent large price drops for most of the country. Mr. Yun went on to say that “distressed property sales are almost non-existent, at just 2%, and nowhere near the 30% mark seen during the housing crash (of 2008). Moreover, short sales are almost impossible because of the significant price appreciation of the last two years.”
The national housing market is not your local market
The national news won’t give you an accurate snapshot of what’s happening in your area. It’s a collection of data that makes for wonderful headlines but has little to do with what you need to know to buy or sell a home. That’s why as real estate professionals, it’s our job to dive deep into the microdata and help guide our clients to making smart moves.
Despite inventory remaining limited nationally, there are still housing markets with increases in available units, especially for starter homes, making this a wonderful time to buy. Other pockets are holding onto a seller’s market, with prices staying steady. It’s always best to speak to your trusted agent to know what’s happening in the area where you live or want to move. And, with rental prices continuing to rise as well, it’s never a bad time to consider purchasing a home.
How to start planning your next move
As a homeowner or prospective homebuyer, there are always ways you can stay ahead of the market. No one purchases a home overnight, so give yourself plenty of time and take smart steps to ensure success when the time is right.
First, contact us today to find the latest, up-to-the-minute value of your home, backed by local data. This will give you accurate insights into the value of your home and what your best move may be. From there, you’ll be able to make data-backed decisions about whether you should remodel, list your home, what kind of return you can expect, and more.
If you’re looking to buy, contact us to learn more about our market and how much inventory is available. Stay flexible, and consider different styles of homes, from townhouses and condos to older homes ready for some modern upgrades. Or, maybe a new construction home is right for you, with special financing and other incentives offered by the builders.
You Can Win Your Local Housing Market
Ultimately, real estate is always local! The best thing you can do before making a move in today’s real estate market is to contact your local real estate agent. As your local, trusted real estate professionals, we know what’s happening and are your best resource for determining your next best step. So contact us today!
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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Welcome to Jacobs Ford the 38.45-acre outdoorsman’s dream. The partially wooded lot is great for hunting, camping in the woods with family, ATV trails, horseback riding, or farming. This land offers several good homesites with a small creek running through it. So bring your home plans, tree stand, ATVs, horses, or livestock to Jacobs Ford road and start building your legacy, and make your dreams come true.
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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Welcome home to 314 Piedmont street. Located in the town of Orange county the home sits on a corner lot within walking distance of downtown restaurants and shopping. The home offers 3 bedrooms, and one bath on the main level, where the walk-out basement has a laundry room, workshop, den, and two large rooms that can be used for bedrooms/game/craft/storage whatever fits your needs. The driveway is large enough for multiple cars, a boat, or a camper. The yard offers plenty of space for kids/pets to play or for family gatherings.
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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Licata Group would like to extend a warm welcome to all the new homeowners! We often have really fun events hosted throughout the year, do frequent giveaways (think lotto scratchers, pies, FredNats tickets, just to name a few!), and also provide real estate market updates as well as local upcoming community events. We would like to take this opportunity to invite you to join our newsletter so you can never be without it! Sign up here. Or call our office at 540-388-2541.
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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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
There’s plenty of strategies to successfully buy in today’s market.
Lean in on the expertise of your local real estate—we’ve seen it all!
Our team is ready to help you achieve your goals, so contact us today.
Whether you’re shopping for your first home or relocating to a new area, purchasing a home in today’s real estate market can be daunting. However, the good news is that today’s housing market can actually be helpful if you’re a prospective homebuyer who knows how to play the game well. When it comes to making a winning offer on your dream home, you must know certain particulars of the homebuying process to be successful.
So, let’s look at the top five tips that will help to play the real estate game more effectively and pave your path to home ownership.
1. Determine and know your budget
Before you begin the house-hunting process and start picking your paint colors, potential homebuyers should receive pre-approval from one or more lenders to verify the amount of money they are qualified to borrow. Being pre-approved tells sellers you’re serious about buying and have the means to do so. It also helps narrow your search by allowing you to determine which neighborhoods are within your budget.
Remember to consider the additional costs of homeownership, such as taxes, utilities, maintenance, and insurance. Finally, be realistic about how much you can comfortably afford in today’s tight real estate market. With availability at historic lows and rising mortgage rates, you’ll have to be able to move quickly when the right home presents itself. That means having your finances ready to go.
2. Distinguish between your wants and your needs
To play the real estate game well, you need to know what it is, specifically, that you want from a home. Certain wants, such as stainless steel appliances, new cabinets, or hardwood floors, can always be obtained later. Therefore they shouldn’t be deal-breakers.
However, if you want to be in a specific school district, need to live close to work, or have a decent-sized backyard to try your hand at homesteading, those cannot be addressed later and must factor in throughout the house-hunting process. As you contemplate a purchase, consider your other financial goals as well. It can be easy to get swept up in the frenzy of a tight housing market, so it’s essential to keep your financial goals top of mind during this process.
3. Be prepared to act quickly
A well-priced property in good condition in a good neighborhood with plenty of nearby amenities will always draw many interested buyers during the first few days of being on the market. In a tight seller’s market like today, such homes rarely stay on the market for very long.
So, when you find the right home that fits your budget and satisfies your wants and needs, you’ll want to sign an offer immediately and get it presented. Serious buyers should always be ready to submit an offer quickly, or they may risk missing out on the property altogether.
4. Bid competitively and stay flexible
Prepare to bid competitively to make your offer stand out, but remain pragmatic and know your limits. It may be tempting to submit a low offer as a starting bid, but in a tight seller’s market, buyers must put forward their highest offer from the very beginning to avoid losing out on the home. In multiple bidding situations, the highest offer is only sometimes accepted by the seller. In many instances, buyers with the fewest contingencies and who are flexible with things like their move-in date are the ones whose bid stands out to the seller.
5. Always work with a certified real estate agent
What’s trending nationally is certainly different from the area where you’re looking to buy, sell, or relocate to. Work with us, your local real estate experts. Our team is certified, experienced, and familiar with the areas and neighborhoods you’re considering. As your local agents, we are the most trusted resource for accurate information that you have at your disposal. Our unparalleled knowledge of our local community will give you the competitive advantage you need in this housing market.
You Deserve to Work With the Best
If you’re ready to make your move, we know the housing market trends. With decades of experience in the natural ups and downs of the market, we know how to help you best navigate what’s happening right now. Contact us today to get started exploring your options and crafting a winning strategy.
In October, 15 homes were SOLD in Lake of the Woods.
0 sold below $250,000.00 2 sold between $250,000-299,999; 3 sold between $300-349,999; 5 sold between $350,000-399,999; 3 sold between $400-499,999; 2 sold between $500,000-$999,999;
39 Active/Coming Soon Listings for Sale 23 Homes Under Contract 245 Homes Sold since January 1, 2022.
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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Virginia has long been one of the most popular states for people looking for a new home in the US. It’s commonly called the ‘State for Lovers’ – lovers of nature, family-friendly lifestyle, history, and more. People move here for its economic stability, affordability, and geographical position. Virginia is a state of breathtaking landscapes, rich history, and many things to do, so it’s widely recognized as a great place to settle with your family. One of the towns that stand out in the crowd is Fredericksburg, a small place with a population of about 30,000. However, the number of people living in this town is rapidly growing, and there are several reasons for it. A solid economy, job market, affordable homes, and proximity to Washington and Baltimore attract people from around the country. That’s why it’s no surprise if you feel like this may be the location for your next home. It’s just left to find a great home in an area of the city that suits your lifestyle and needs. And this guide will help you do that – here are some tips for choosing the right neighborhood in Fredericksburg and making it your new home.
Why Fredericksburg should be the place to look for a home
With a couple of big cities nearby, many people are easily drawn to Richmond, Baltimore, or even Washington to be their next home. However, there are a few reasons why you should pick a smaller town and start house-hunting over there. The small-town feel comes with a rich history, many craft breweries, amazing food, and a friendly community. The place makes it easy to settle down, especially if you’re moving with your little ones. You can enjoy the laid-back atmosphere and safety of a small town while still being less than an hour’s drive away from a bigger place such as Richmond.
People of Fredericksburg enjoy a great commuting system downtown with many restaurants and stores and a couple of beautiful parks – Kenmore Park, Alu Springs Park, Old Mill Park, and more. Overall, Fredericksburg is a great place to live, so let’s see how you can pick the right neighborhood for your new home.
Fredericksburg is a great place to raise a family.
Tips for choosing the right neighborhood in Fredericksburg
Even though it’s a relatively small city, Fredericksburg has a lot to offer. There are a couple of great neighborhoods with quite distinct features, so it’s important to know how to choose the one that will make a great home for your family.
Evaluate your needs first
To be able to make the right choice, you need to know what you are looking for. Depending on your lifestyle, you might be looking for a place that’s more or less busy or family-friendly. For example, Downtown Fredericksburg is perfect for people who like city life and have everything they need within walking distance. On the other hand, Falmouth will give you a more peaceful vibe and separate your home from all the hustle and bustle of the downtown. Consider your plans for the future as well as your lifestyle to be able to choose the right place to live.
See what kind of neighborhood you’re looking for first.
Consider your budget
Not all neighborhoods come with the same price. Consider your budget before you start looking for homes. Most expensive homes are usually located in Downtown Fredericksburg or Plank Road-Route 3 area, whereas Dixon Street-Mayfield can offer affordable homes in the Fredericksburg market.
Proximity to the necessary amenities
Some families don’t want to be away from their favorite restaurant, their kids’ school, or the local hospital. If there are locations in the city you need to be close to, look for neighborhoods in that area. Sometimes, location is the top priority for certain families, and they are willing to pay more for a convenient area of a city.
Safety
Unfortunately, every city comes with neighborhoods that have lower or higher crime rates. Moving with your family makes safety one of your top priorities. Neighborhoods with the lowest crime rates in Fredericksburg are Highland homes, Stafford Lakes Village, Bel Plains Estates, etc. A safe neighborhood is well-lit at night, with walkable streets, friendly neighbors, and low crime rates, so be sure to investigate the neighborhoods you like before you start looking at homes in that area.
Remember: safety should you a top priority in the moving process, too. Make sure you hire reliable experts in the area for your local move to ensure a secure transfer of your items. Do research on trustworthy local moving teams and minimize the chances of dealing with fraud.
Safety is a top priority for families with kids.
Old or new buildings in a neighborhood
Another factor that can shape your decision is the period most properties were made. Neighborhoods with mostly older homes will probably come with a lower price but also a high risk of repairs. On the other hand, newer properties are less likely to be renovated, which is why they are often more expensive.
Noise and traffic
If you’re moving with kids, this is one of the factors that might make you change your mind about a neighborhood. A quiet street with a wide sidewalk is perfect for families with kids. Less traffic makes the neighborhood safer for kids to play and ride bikes. And if there’s a great school nearby – it’s undoubtedly a place to look for a home. Furthermore, a quiet neighborhood is more convenient for people who work from home, as they need a more peaceful environment for their home office.
Visit the neighborhoods you like for the best impression
There are many things you can check online or by asking around. However, the best method of choosing the right neighborhood in Fredericksburg is going and taking a look by yourself. Visit the areas you like and see how you feel walking those streets. You can explore local amenities, talk to neighbors and see if you really feel the place you visited can be your new home. And one thing is for sure – Fredericksburg will welcome you with open arms!
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 127 Saylers Creek Rd, where you’ll love the configuration of rooms which allows for so many possibilities of space usage! The living room, eat-in kitchen plus adjoining family room (currently used as dining area), and formal dining room (currently used as an office) comprise the main level. The kitchen provides access to the deck, which provides a seamless flow for enjoying grilling/dining on the deck. A huge added bonus is the sought-after private, level backyard that includes a 10′ x 10′ shed for extra storage! You have all the room you need on the upper level too! The primary bedroom and ensuite bath, three additional bedrooms, and a full hall bath and laundry are located here.
An active lifestyle for all can be experienced by every resident, regardless of age! This spectacular property is located in Lake of the Woods, 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 volunteer 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 what’s to love in Lake of the Woods!
This is the big one! The 3 bedrooms, 3 levels, and 2.5 bathrooms make this the largest model unit in the Ridges at Belmont Country Club. This home features a garage, a long driveway for 2 extra cars, as well as a ground-level patio, and a 2nd-floor balcony making this one of the most desirable homes in the community. The main level has hardwood flooring throughout, while the eat-in kitchen consists of larger cabinets providing tons of storage, stainless appliances, and, granite countertops. The primary bedroom suite is on the lower level and provides enough space for a corner office and leads out to a private patio and storage. The second level has 2 ample-sized bedrooms providing great natural light from both ends of the home. The Club Corp, Belmont Country Club offers golf, parks, trails, a pool & more. With your membership, you have access to other Club Corp facilities throughout the US and internationally. The DC City club and the Tower Club in Tysons Corner are great business clubs with restaurants that you can use as well. Great Loudoun schools are within walking distance of Belmont Chase, which features Whole Foods and numerous restaurants. The W&OD Trail for jogging and biking, and One Loudoun with a movie theater, Trader Joe’s, and more restaurants, within a 5-minute commute. You are in the center of everything and can get anywhere fast using major commuter routes, Dulles Airport, or the metro silver line. Monthly fees include cable/internet, phone, water & lawn care.
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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
