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.

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

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

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

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

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

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

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

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!