The continued inventory shortage experienced by most regions of the country was evident in Lake of the Woods again in 2019. Listings increased only 6.4%, from 373 in 2018 to 397 in 2019, while closed sales were up 28.6%. New construction accounted for 30 of the 301 sales. The median sold price increased a healthy 8% year over year from $249,900 to $270,000.
Of the 301 total sales reported in 2019, only 5, or 1 1/2%, were either short sales or foreclosures. At the height of the distressed real estate market in 2010, a whopping 43% of all sales were either short sales or foreclosures.
So let’s look at our steady growth over the past five years:
In 2015, there were 247 sales, with 15% being distressed.
Those total sales represented almost a 30% gain over 2014, and the median sales
price was $210,000.
In 2016, the market was quite flat compared to 2015 in
regards to total sales, which held at 243 with a decrease in distressed sales
to 11.1. However, 2016 saw the median price jump to $225,000, a healthy 7.1%
increase.
In 2017, there were 294 total sales, a whopping 21.1%
increase over 2016 with only 5.8% being distressed. The median sales price
climbed to $239,000.
Average days on the market (DOM), which is the number of
days it takes from the time a property is listed until it goes under contract,
has steadily declined from 127 in 2015 to 57 in 2019.
It’s also telling to note that a significant number of lots
have sold in the past five years. From
January 1, 2015-Decemeber 31, 2019, 184 lots exchanged, with 41 occurring in
2019, down from 55 in 2018. There simply aren’t that many lots left in LOW.
New construction has been climbing, as well. 2015 realized
41 new construction starts; in 2016, there were 28; in 2017, there were 30; in
2018, there were 34; and in 2019, there were 48.
In 2020, according to Freddie Mac and the Mortgage Bankers
Association, mortgage rates are expected to stay within the 3.7-3.9% range.
The prognosis for 2020, as it was in 2019, is excellent! In LOW, there are 57 homes active on the market as of 1/14/2020. In January of 2018, there were 62. Low, stable rates and hopefully more inventory should propel us to experience healthy sales and appreciation.
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.
If you ask a homeowner what it was like to buy their first home, they’ll probably mention a few things they’d change if they could do it all again. While it’s impossible to know everything about the home-buying process beforehand, you can still prepare yourself for what lies ahead—and figure out how to avoid some potential pitfalls. Not sure where to begin? Here are some key pointers to keep in mind before starting your search.
You’re Buying More Than a House
We all know the phrase “love at first sight,” and it can certainly apply to homes, too! Even if you step inside a home and instantly fall in love, it’s crucial to step back and consider the whole picture before making a purchase.
When you buy your first property, you’re investing in more than just four walls. It’s worth paying attention to things like a home’s location, neighborhood, and physical condition, too. Even if you find that open concept kitchen you’ve been dreaming of, it might not be the right fit if it’s in the wrong community or if the rest of the house requires out-of-budget repairs. It’s best to stay realistic and listen to your agent’s (and home inspector’s) advice. Remember, this is likely one of the biggest investments you’ll ever make, so spend your money wisely!
Down Payments Are Different for Everyone
So many would-be buyers are scared of homeownership for one reason: the down payment. Traditionally, you’d put down around 20% on a home and spend anywhere from 10 to 30 years paying your lender back. However, you actually have more flexibility than you might expect.
Depending on your credit history, location, and occupation, you could be eligible for loans that require as little as 0% down. However, making a larger down payment means you’ll pay less interest to your lender in the long run. Be sure to shop around for the right fit and reach out to your agent with any questions—they’re always available to help you out.
Prepare for Extra Expenses
Homeownership often comes with unexpected expenses, especially right after you move in. When you’re setting a budget for your big purchase, consider adding some wiggle room to allow for any additional and long term costs. You don’t want to realize that you can’t afford your home after you’ve purchased it!
Wondering what kinds of expenses can come up? Inspections, homeowner’s insurance, prepaid taxes and other various closing costs, HOA dues, and repairs are just a few possibilities. You’ll pay for some of these before or at the closing, but certain recurring costs will have to be factored into your monthly budget.
Get Pre-Approved Before You Start Searching
Once you’ve made the decision to buy, it’s tempting to start looking at listings right away. However, you might want to press pause and complete an essential step before you start scheduling showings. Getting pre-approved for your loan will show sellers and agents that you’re serious about buying—and it can tell you exactly how much you can afford to spend.
Ready to start the pre-approval process? First, you’ll want to get your finances in order and shop around for the right lender. Be sure to have all of your important documents on hand, such as your W-2 tax form, paystubs, and social security card. Most lenders allow you to apply online, and within a few business days, you’ll know whether you’ve been approved or not, as well as the conditions of the loan.
Are You a First-Time Buyer?
Buying your first home is a big deal, and it’s important to have the right agent by your side throughout the process. If you’re ready to start your search, feel free to reach out to us with any questions. We can’t wait to help jumpstart your journey to homeownership!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther 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
In January, 12 homes sold in Lake of the Woods. 3 sold between $130-200,000; 1 sold between $200-250,000; 4 sold between $250-300,000; 2 sold between $300-400,000; 2 sold above $650,000.
49 Active Listings for Sale 30 Homes Under Contract 12 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.
Don’t miss this opportunity to see our newest listing! We’re gonna be showing off this gorgeous home in Lake of the Woods on Saturday, 2/1 from 1PM – 3PM! For more pictures and information, be sure to click on the address below!
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.
The stone accents and paved drive welcome you to 503 Yorktown! Once you enter, you are greeted by gleaming hardwoods, cathedral ceilings, cozy fireplace, and a sought-after open floor plan! The ample windows allow the sun to shine in this well-maintained, move-in-ready Lake of the Woods home, where you can enjoy relaxing on the deck or gardening in the level yard. For more information about this listing, Click Here!
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, waterskiing, 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 volunteering 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 $150,000+ 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 why I love Lake of the Woods!
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.
Let’s get this lake life started! You’ll fall in love with this move-in ready cabin offering living areas on two levels and boasting an almost half-acre lot situated in a quiet cove with great main lake views. Mornings will be welcomed as you start your day sipping your morning brew on the screened porch overlooking the beautiful main lake. Hopping in your kayak for a stroll around the lake or fishing from the dock are perfect ways to begin enjoying the lake. The open floor plan, awesome mid-century fireplace, screened porch, expansive deck spanning the width of the house, huge shed, and hot tub make this your perfect perfect full time or vacation residence! Situated far off the street, the long private driveway provides plenty of parking. You’ll be able to enjoy it all immediately, as interior and exterior painting, roof, gutters, and trex dock are all less than three years old, the HVAC is newer, and some furniture is available for sale!
Located in a private, gated, 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, waterskiing, 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 volunteering 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 the mid-$100,000 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 why I love Lake of the Woods!
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.
Mark your calenders and get ready for an eventful day, because we’ll be showing off 9 Amazing homes in Lake of the Woods! We’ll have the first 5 homes shown from 12PM-2PM, and the remaining 4 from 2:30PM-4:30PM. What better way to kick of the new decade than seeing all that Lake of the Woods has to offer! For more information about each listing, be sure to click on the property names below! See you there!
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.
If you’re looking to list your home this year, we have some good news—2020 is forecasted to be a seller’s market, which means most properties will sell quickly and for a higher price than normal. Although buyers are scrambling to find somewhere to settle down, even the most desirable homes still need some marketing to attract a broader audience.
Thinking about selling without the help of an agent? Here are four challenges you might not have thought about—and why you should probably consider working with a pro instead.
Reaching Out to Buyers
Real estate is always evolving, and nowadays, most homebuyers are using the internet, apps, and more to do their research before scheduling an in-person tour. That means if you want to reach an even broader audience, you’ll have to look further than just Zillow. With so many new platforms to choose from, It’s hard to know where to promote your listing—but working with an agent will open the door to even more options (and mean less work for you!).
Not sure where to start? Working with a licensed real estate expert will give you access to the Multiple Listing Service (MLS), which is the number one way that buyers search for homes. The right agent will reach out to their broad network of contacts, host open houses, take advantage of social media, and feature your home on top real estate apps.
Taking Professional Photos
Now that we’ve entered the digital age of real estate, it’s essential to get your space looking its best on a screen. Wondering how to make an unforgettable first impression? High-quality listing photos can help lure buyers into your home, especially if you highlight its best features.
Although smartphone cameras have come a long way, they still can’t hold a candle to the power of a professional photographer. If you want a picture-perfect listing, working with a pro is the way to go—they’ll use the right angles and lighting to make your home appear bigger and brighter. Agents can even create virtual tours and take aerial photographs, which allow buyers to get an in-depth look at your home from the comfort of their couch.
Perfecting Your Listing
Want to craft a flawless listing? It’s not as easy as you might think. Most buyers prioritize price, square footage, and the number of bedrooms and bathrooms—and you should include all of these in your home’s description. However, there’s more to it than just mentioning the basics.
Because many buyers preview homes online first, a good description will set your listing apart from the rest. Highlighting special features, such as outdoor entertaining space or custom cabinets, will have potential buyers falling in love at first sight. If writing isn’t your forte, you might want to consider turning to an agent instead. They’ve probably crafted hundreds of listings in your area, so they’ll know how to appeal to prospective buyers.
Pricing Right the First Time
No matter how well you market your listing, even the most beautiful homes can linger on the market if they aren’t priced correctly. Unless you have plenty of real estate experience under your belt, you could end up making a costly mistake by setting a price without the help of a specialist. If you list too low, you risk losing hard-earned equity—but asking too much will drive buyers away.
If you’re feeling a little lost, you might want to let a professional crunch the numbers for you. The right agent will be familiar with what other homes are selling for in your area, and they’ll be able to figure out how you stack up against the competition.
Take Your Next Steps
Are you ready to team up with an agent and take the hassle out of selling? Let us do the heavy lifting for you! We believe there’s no such thing as too many questions, so feel free to reach out to learn more about navigating the selling process, as well as our effective marketing strategies.
In December, 17 homes sold in Lake of the Woods. 4 sold between $200-250,000; 5 sold between $250-300,000; 6 sold between $300-400,000; 2 sold above $650,000.
60 Active Listings for Sale 20 Homes Under Contract 301 Homes Sold since January 1, 2019.
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.
Whether you’re looking for a vacation home in a lake community with amenities galore or a full-time residence, you’ll immediately fall in love with this updated rambler in amenity filled Lake of the Woods. This charming home features laminate flooring throughout, and the interior was recently painted with neutral colors. Newly updated kitchen with granite counter tops and stainless steel appliances are sure to please the most discerning chef. For more information about this listing, 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.
