Key Points:

• Even in the middle of a pandemic, today’s homeowners are looking to make their spaces more conducive to entertaining.

• Certain upgrades—especially those in the entryway, kitchen, and backyard—have the potential to boost your home’s resale value. And best of all, your guests will love them just as much as you do!

• These projects might have a high return on investment, but you won’t have to break the bank to really wow party-goers…or potential home buyers!

4 Ways to Make Your Home Entertainment-Friendly

The holiday season is approaching fast—and while you may be adept at hosting an amazing get-together, your home could actually be holding you back. Seemingly minor annoyances, like a too-small kitchen or not enough seating, are exaggerated when your space is filled with guests. However, a few slight changes have the potential to transform your house into the life of the party. 

Ready to get your space looking its best for your next post-pandemic extravaganza? These four home upgrades are definitely worth the investment if you’re passionate about entertaining. Plus, they can even increase your home’s resale value when you decide to sell!

Spice Up Your Entryway

When it comes to throwing a fantastic gathering, you want to make a good first impression from the moment guests arrive. So if your entryway is looking a little drab, it’s time to give it a little extra TLC.

Even if you have a small front porch, you can still spruce it up with a new welcome mat or seasonal wreath to set the tone for what awaits inside. From there, make your foyer more inviting by adding a few luxe, yet practical, touches. A small bench, mirror, or coat rack will help your guests feel at home right away. Don’t have a foyer? You can enhance just about any entryway with a statement rug or some wall art.

Focus on the kitchen

Any memorable soiree almost always involves food. Fortunately, you don’t have to spend tens of thousands of dollars on a gourmet kitchen renovation to create a room that’s beautiful and functional.

Above all, your kitchen should be an area where you’re able to cook while still mingling with visitors. If you’re a gourmand at heart, splurging on some higher-end appliances or extras—like a chef-caliber stove with additional burners—can make a huge difference. If you really want to go all out, consider adding a larger kitchen island for more seating that won’t disconnect you from your guests.

Do you relish in mixing the perfect drink for your party-goers? Try transforming a rolling cart or some extra counter space into a bar. Just set up some bottles, put out your best glasses, and accessorize with a decorative ice bucket or other bar tools. If you have the room, you can even install a wine fridge!

Create social zones

One of the biggest misconceptions about party-planning is that you need a large, open space to entertain. Believe it or not, you don’t have to knock down walls to craft a layout that works well for gatherings of any size. Instead, focus on creating designated social zones that encourage your company to chat and explore.

In most cases, guests tend to gravitate towards the kitchen—but you want to have plenty of alternatives to avoid everyone crowding in the same room. Every social zone should have a distinct focal point that draws attention and creates a visual connection between each space.

In a living room, your focal point could be a roaring fireplace, your favorite artwork, or a large sectional sofa. A table of appetizers in a dining room can draw hungry visitors out of the kitchen. Don’t be afraid to get creative and try different techniques for each gathering!

Upgrade your outdoor space

Ready to take your celebration outdoors? Making improvements to your yard, patio, deck, or balcony will elevate your next get-together—and can also yield an impressive return on investment.

If you haven’t already, you might want to buy a table, chairs, or a couch able to withstand the elements. This establishes another social zone for visitors (and you!) to enjoy. A pergola, fire pit, new pavers, or outdoor lighting are a few other upgrades that help tie everything together. If you love to barbecue in the summer, you may even want to indulge in an outdoor grilling station with a sink and some counter space.

Want to Get Your Home Looking Its Best Before You Sell?

Making a few key updates to your home can impress guests and potential buyers. Whether you’re ready to sell now or just have a few questions, you can trust us to help you navigate your next real estate journey from start to finish.

Give us a call to learn more about selling in today’s hot market—we’ll even let you know how much your property is worth with our free home valuation!

This year has been difficult for just about everyone, but if you were (or still are) thinking about buying a home in 2021, you might be feeling more than a little overwhelmed. An ongoing pandemic, the subsequent recession, and general uncertainty have forced many house-hunters to put their real estate dreams on hold. However, despite all these potential obstacles, homeownership is still a very attainable goal.

Don’t Let These Myths Keep You From Buying a Home!

Buying a home is a huge decision, and it’s one you shouldn’t make without careful planning. Unfortunately, there’s a lot of misinformation out there regarding the home-buying process and the real estate market as a whole, especially as the nation continues to navigate an unpredictable year.

Still unsure about making a move during 2021? Here are four of the most common myths that deter today’s buyers—and why you shouldn’t believe them.

It’s not a good time to move

On the surface, this myth may seem true. Towards the beginning of the year, a majority of sellers chose not to list their homes, while many buyers didn’t feel comfortable moving during quarantine. This caused the national real estate market to experience an unusual spring slump. The good news is that the market has made substantial progress since March—actually, real estate has become one of the most stable investments you can make in 2021.

Pent-up buyer demand has helped the market recover in record time. In fact, the number of mortgage applications, closed sales, and pending sales are up by double-digit percentages compared to last year. And if you’re still hesitant to buy during a pandemic, you’ll be happy to learn that most agents now offer virtual tours and have put social distancing measures in place to keep clients safe.

Homeownership isn’t affordable

Does it seem like houses are getting more and more expensive these days? You aren’t just imagining things—home prices are about 6.5% higher than they were last year. This means a home that was worth $250,000 in 2019 could now sell for nearly $270,000.

While this may seem like bad news for buyers, you shouldn’t be deterred by rising prices. Historically low interest rates have helped to make homes more affordable, even as they continue increasing in value. Although a small change in interest rates may not seem drastic, it can actually save you tens of thousands of dollars over the lifespan of your loan.

If you already have a bit saved up in the bank for a down payment, buying a home can even be more affordable than renting. Today’s average mortgage payment of $1,275 is $188 less than the average monthly rent. That equates to a savings of over $2,200 per year!

You need a 20% down payment

You’ve probably heard that you need at least a 20% down payment to buy a home. While there is merit to putting down as much as possible, you can still purchase your own place with as little as 0% down by using the right loan.

According to a recent study by the National Association of Realtors, the median down payment for all buyers in 2019 was just 12%, and first-timers only put down an average of 6%. You might also qualify for an FHA or VA loan, which offer down payments as low as 3.5% or 0%, respectively.

It’s worth researching different types of mortgages, as well as down payment assistance programs available in your area. They could provide the financial boost you need to finally buy a home!

You can’t buy if you have debt or bad credit

The average American has accrued $38,000 in personal debt, excluding home mortgages. Even if you don’t owe quite that much, any kind of debt or a low credit score can seem like a pretty big roadblock if you’re trying to make a move. However, there are still a few options that can get you on the path to homeownership.

The easiest way to boost your credit score is to pay off your debts; consolidating your loans into one monthly payment could help you reduce your debt-to-income ratio. There are also a variety of loans tailored to buyers with lower credit scores, such as FHA, VA, or balloon mortgages.

It can take time to pay off debt and rebuild your credit, but that doesn’t mean you can’t work towards buying a home. If you have any questions about your individual situation, it’s best to contact your agent or financial advisor. They’ll have plenty of resources available to guide you in the right direction!

Take Advantage of a Hot Market

Are you thinking about buying a home before the end of the year? Contact us today to get the ball rolling on your real estate journey! We look forward to teaming up and finding you a place that checks all the boxes.

Need to sell before you buy? We can help with that, too!

If you step outside on a cool October afternoon, you might just smell some pumpkin spice and freshly picked apples wafting through the air. That can only mean one thing: Halloween is just around the corner! And while this ghoulish holiday delights both kids and kids-at-heart, it also creates interesting staging opportunities for home sellers.

As tempting as it might be to pull out your most spine-chilling decorations, buyers probably don’t want to walk through a haunted house to tour your space. If you want to avoid a home staging horror story, we have a few tips to help you incorporate a little spooky flair without going overboard.

Here’s How to Add a Tasteful Touch of Halloween to Your Home Staging

While it’s totally acceptable to add a dash of Halloween-inspired decor to your home, your goal should be to stage for the season, not the holiday. That means using more fall-focused decor instead of going all-out with spider webs, skeletons, and other eerie touches.

Here are a few guidelines to get your home looking its best for autumn buyers. And if you ever have questions about what is and isn’t appropriate, just ask your agent for advice!

Start with your front porch

If you absolutely have to add a bit of Halloween fun to your home, consider transforming your front porch into an area that both buyers and trick or treaters will love. Start by setting out some natural touches, like pumpkins, potted mums, or even a small bale of hay. You can always tone up the holiday spirit with a Halloween-themed welcome mat or wreath.

Try to keep all of your outdoor decor as low-key as possible. That means waiting to put out any inflatables, cobwebs, or light displays until you move into your new home.

Put out some pumpkins

Looking for an easy way to get buyers in the Halloween spirit? Pumpkins are one of the most versatile fall accessories, and they work well inside and outside! Aside from the traditional jack-o’-lantern, you can also set out some smaller, uncarved pumpkins throughout your home. If you’re in the mood for a DIY project, paint some craft pumpkins in neutral tones to create little pops of Halloween cheer.

Pumpkins don’t all have to look the same, either. Head to your local pumpkin patch to check out different sizes and colors—there’s no better way to add a splash of orange, white, green, or brown to your space! 

Avoid over-the-top accessories

As you stage your home for buyers, it’s best to leave your most outrageous Halloween decorations in storage for next year. While you may love mummifying your living room or embellishing with spiders and bats, these additions can quickly morph into an unwelcome distraction during a showing. Instead, consider adding more subtle accents, such as dark-colored lanterns with votive candles, a fall-inspired tablescape, or candy displayed in tall jars.

You should also ensure that none of your accessories are gorey or frightening. The last thing you want to do is have buyers wondering if your house is truly haunted!  

Appeal to the senses

Autumn is filled with endless signature scents, sights, and flavors—and you can use them to your advantage when staging. To set the mood inside your home, try putting out some Halloween candy in a decorative bowl as a refreshment for buyers. Fall-inspired candles can add a sense of warmth, so don’t be afraid to bring on the pumpkin spice.

If you really want to go above and beyond, boiling a pot of apple cider, cinnamon sticks, and vanilla before a showing will help you invite some of the season’s best aromas into your home.

Leaves May Be Falling, But Home Sales Aren’t!

Don’t get spooked by the home selling process—our team is here to help! We have the tools you need to get top dollar for your home before the busy holiday season. And even if you’re still on the fence about selling, we’d be happy to give you a free report of your home’s current value. There’s never been a better time to cash out on your hard-earned equity, so just give us a call to get started!

In September, 34 homes sold in Lake of the Woods.
1 sold between $130-200,000;
7 sold between $200-249,000;
9 sold between $249,900-299,000;
11 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.

22 Active Listings for Sale
46 Homes Under Contract
241 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.

To say that 2020 has been a bit of a whirlwind would be an understatement. And as we get closer to the end of the year, many buyers and sellers are wondering if it makes financial sense to enter the market. Although the warmer months are typically considered the best time to move, buyer demand continues to surge into fall, while the available supply of homes just keeps dwindling. This has caused home prices to skyrocket to one of their highest points ever.

Need some advice before breaking into today’s competitive housing market? We have a few details to consider before making any big decisions.

Buying or Selling Soon? Here’s How Rising Home Prices Will Affect Your Move

Real estate has always been about supply and demand. For example, during the housing market crash of 2008, home prices plummeted partially because of low buyer interest. Today, though, we’re seeing the opposite—prices are increasing due to waning supply and rock-bottom mortgage interest rates.

This is fantastic news for anyone looking to sell their home and cash out on their hard-earned equity. Buyers, on the other hand, may have to do more to stand out from the competition.

Why have home values increased?

Even amidst a pandemic and national recession, buying a home is still a top priority for many Americans. In fact, according to a newly released report by the National Association of Realtors (NAR), the number of existing home sales reached a 14-year high this August. A similar report by Bloomberg states that if current demand holds strong, we could run out of housing inventory in around three months.

Wondering why so many people are clamoring to buy this year? Even in the face of rising home prices, low mortgage rates have enticed buyers to make a move. While record-shattering rates have helped to expand purchasing power, this intense desire for homeownership has caused prices to jump by a whopping 8.2% year-over-year.

Buyers can take advantage of lower interest rates to afford a more expensive home

If you’re thinking about buying a home soon, you’ll need to be prepared to navigate a cutthroat market. Ever since rates started decreasing in late 2019, more and more buyers have decided to start searching for a home. Unfortunately, this means you could get caught in a bidding war or might have to make some compromises to secure a place of your own.

Although prices have soared dramatically since last year, buying a home is still an attainable goal. In fact, when mortgage rates sunk below 3% this summer, buyers found themselves with an extra $15,000 in purchasing power.

If you’re feeling a little overwhelmed by today’s market, you’re not alone—and reaching out to an agent can help you get the answers you need. Consider contacting a real estate professional before you start looking for homes. They can provide the expertise you need to find your perfect place!

Sellers should expect to sell quickly and for top dollar

Today’s sellers are in a better position than ever before. Nationally, the housing market has struggled to keep pace with buyer demand for the last few years, but this deficiency has only been exacerbated by the pandemic. By listing now, you could take advantage of fierce rivalry amongst buyers, high home prices, and low competition from other sellers.

Despite the ongoing recession, home prices have actually climbed throughout most of 2020. Between May and July, existing properties appreciated in value by a whopping 2%, which is the highest month-by-month increase in three decades. If you’ve lived in your home for at least a few years, you could be sitting on six figures of equity.

Even if you aren’t interested in selling, there’s never been a better time to check on your house’s current value. A top-rated local agent should be able to perform a full home analysis and tell you how much you could sell for if you listed today. 

Bottom Line: Now Is the Time to Talk with an Agent

Whether you’re thinking about buying or selling your home, you shouldn’t wait to connect with an agent who has plenty of experience in your desired area. They can help you keep up with today’s ever-changing market and answer any questions you might have.

Not quite ready to move? It’s still worth talking with an agent about your current home’s value, especially as we continue to see such dramatic price increases!

Ready to Take Your Next Steps?

No matter what your real estate needs might be, we’re here to help you every step of the way. Get in touch with us today and let us know what we can do for you. We can even conduct a comparative market analysis on your home to see how much equity you’ve gained over time!

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

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

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

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

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.