There’s goods news on the horizon in 2023 for home buyers and sellers
Look for shifts when it comes to home prices, inventory, and interest rates
Make a smart move by contacting us today to plan and strategize!
The COVID-19 pandemic ushered in an era of unprecedented milestones in the housing market. From the lowest interest rates in history to record amounts of equity, the last few years in the real estate market were anything but ordinary. However, as economies work on finding a middle ground, homebuyers and sellers can look forward to a much more familiar market in 2023. Let’s take a look at what we expect to see this year, so you can start thinking ahead to make your move.
Expect a bright spring for the national real estate market
The current inflationary pressures are expected to ease, especially by the spring of 2023. Millennials are continuing to enter the housing market—many for the first time. According to Bankrate, interest rates are forecast to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year. This will help fuel movement among homebuyers. And, the recent string of the housing market favoring sellers will start to wane, as slight price adjustments and an increase in inventory bring balance.
What homebuyers can expect from this year’s market
Inflationary pressures are expected to ease, especially by the spring of 2023. Millennials are continuing to enter the housing market—many for the first time. Interest rates are expected to come down nearly two percentage points from the recent high of 7.12% to a more standard 5.25% by the end of this year, according to Bankrate. This will help fuel movement among homebuyers, who are also enjoying a strong job market. Despite high-profile layoffs (primarily in the technology sector) making the news, the overall unemployment rate is expected to stay at a low 3.6%.
What homesellers can expect from this year’s market
While the Fannie Mae Home Price Index (FNM-HPI) expects home prices to decline this year—it’s only by a modest 1.5%. While a “decline” can sound disappointing, since the COVID-19 pandemic in 2020, the median home listing price is up 27%, adding more than $9 trillion to the total value of the US housing market. And, despite the recent dip in home values, homeowners that purchased before February 2020 are still up an average of $92,000 in equity, according to real estate experts Black Knight. This provides homesellers with some flexibility in the listing price, allowing for a faster sale if you’re willing to price your home competitively. It’s important to keep the last several years in perspective in order to maximize those returns and put your investment to work for you.
Talk With Us About Your Real Estate Goals
While the real estate market is always in shift, ultimately, buying or selling a home is more about what’s right for your lifestyle each year. And with a more egalitarian market expected in 2023, both homebuyers and sellers can expect to make beneficial deals. The best way to get started is to contact us. Our team has experienced countless shifts in the market, and we’re backed by the latest data in your local area to help you find your dream home!
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.
11/21/23 Licata Live with John Licata ( The Face for Radio ) and Kathleen Ayers
11/14 Licata Live at Patch Brewing Co. With Keith and Carrie Neeley.
Pat & Daisey Licata Live 11/7/2023
Welcome Meg Brancato To The Team w/ Daisey & Meg: Licata Live 10/31/2023
Licata Live September 20, 2023 with Mary Maurer and Pat Licata
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.
In December, 11 homes were SOLD in Lake of the Woods.
0 sold below $250,000.00 4 sold between $250,000-299,999; 0 sold between $300,000-349,999; 3 sold between $350,000-399,999; 2 sold between $400,000-499,999; 2 sold between $500,000-$999,999;
46 Active/Coming Soon Listings for Sale 14 Homes Under Contract 1 Home Sold since January 1, 2023.
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.
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.
For most people, buying a home is one of the biggest investments they’ll ever make. If you’re planning to purchase a home, your budget likely includes the down payment and monthly mortgage payments—yet many buyers, particularly first-time homeowners, find their budgets stretched by unexpected costs. In fact, according to a survey by ConsumerAffairs, 44% of recent home buyers said they had already spent more than they’d planned, with the average over-budget amount exceeding $10,000.
While record-breaking home prices over the past several months have contributed to this trend, new homeowners often find themselves surprised by unexpected costs, such as the following:
Property taxes. Currently, the average property tax rate across the U.S. is 1.1% of a home’s assessed value, but this amount can vary greatly based on location and average home prices.
Closing costs. The upfront costs of buying a home include more than just the down payment—at closing, you can expect to pay costs ranging from 2-5% of the home’s value. These may include title insurance, mortgage origination fees, surveys, and more depending on your market and lender.
Utilities. For many people moving from an apartment or rented house to a home of their own, the cost of all the utilities they need can be surprising. From the basics like water and electricity to items that you may or may not need depending on your preferences and where you live (such as cable, sewer, and trash collection), utility bills can add hundreds of dollars a month to your home ownership costs.
Insurance. In order to take out a mortgage, you’ll need to provide your lender with proof of homeowners insurance, which will cover certain damage to your home and the items within it. This necessary coverage will cost anywhere from several hundred to several thousand dollars per year.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Come home to this pristine 5 bedroom 3.5 bath home in the first section of the gated community of Aquia Harbour. This is no cookie-cutter home. The unique 4-level home is sure to impress. The primary bedroom sits by itself on the 4th floor for complete privacy from kids or guests. The 3rd floor has 4 bedrooms waiting to be filled and a full bathroom. The main level consists of a living room, a large family room with a fireplace, a dining room, and a stunning kitchen suitable for any chef. The basement has a large rec room, a potential 6th bedroom (NTC), a full bathroom, and plenty of space to add a small kitchenette. The all-season room will be great all year round for relaxing in a well-created oasis. It also has a large deck off the family room, perfect for summertime grilling. The home sits on a little over, a half-acre lot with plenty of room for kids and pets to play. Aquia Harbour is located approximately 45 miles south of Washington DC, 15 miles north of Fredericksburg, and 70 miles north of Richmond. The historic Aquia Creek runs through the community providing a year-round navigable waterway leading to the Potomac River and onto the Chesapeake Bay.
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.
Less competition and holiday decor make your home stand out.
Serious buyers and fast closings make for a merry sale.
With the year coming to a close, contact us today to get started!
Believe it or not, the holidays are a wonderful time to sell your home! People are in warm spirits, and there is typically less competition from other sellers during the holidays, so your house is more likely to stand out. So if you’re considering selling your house, the holidays may be the perfect time to do it!
Holiday cheer extends to homebuyers
During the holidays, people are out shopping—for homes! Yes, homebuyers take advantage of the festive atmosphere to research options and kickstart their house-hunting journey. With offers of holiday cheer in the air, many buyers feel more confident taking the plunge and seriously making offers on potential homes. Beyond being a season of merriment, the holidays have become a time for serious house hunters to jump into the market.
With less competition, your home shines bright
During the holidays, sellers can enjoy a unique advantage over their competition. With fewer houses listed on the market, those for sale tend to see busy open houses bustling with would-be buyers. That’s why when you list your home during the holiday season, your house has a better chance of standing out to potential buyers and moving off the market as quickly as possible.
Offers made during the holidays are serious
Buyers during this time of year tend to be more serious about making an offer, so you’re more likely to get an offer – and close the deal! By taking advantage of the housing market at this time of year, you’re capturing demand during the seasonal rush. The holidays could be the perfect opportunity to sell your home quickly and for top dollar.
Holiday decorations are perfect for staging your home
Decorating for the holidays can give your house that extra bit of charm and make it more appealing to potential buyers. Decorating with subtlety is key: hanging up bold red and green decorations or festively-themed banners might be a little too much for some viewers. Instead, go for tasteful touches like wreaths, string lights, and pine garlands in doorways and window ledges to bring alive the holiday spirit while not overwhelming buyers. This way, you’ll create an inviting atmosphere in your home that will make it stand out from competitors in the market.
Get the Gift You Want
The holidays are the perfect time to sell your home and get top dollar. With less competition and serious buyers, plus some cheer thrown in for good measure, now is the time to move quickly. Selling during the holidays can be a great way to start the new year in your new home. Our experienced real estate team can help, so contact us today to get started!
In November, 16 homes were SOLD in Lake of the Woods.
2 sold below $250,000.00 1 sold between $250,000-299,999; 3 sold between $300-349,999; 3 sold between $350,000-399,999; 5 sold between $400-499,999; 2 sold between $500,000-$999,999;
60 Active/Coming Soon Listings for Sale 16 Homes Under Contract 284 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.
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.
