The continued inventory shortage experienced by most regions of the country was clearly evident in Lake of the Woods again in 2022. This inventory shortage, along with rocketing interest rates and inflation concerns in the second half of the year, definitely changed the course of the 2022 real estate market. Closed sales decreased approximately 24% from 358 to 272. New construction accounted for 31 of the 272 sales. The median sold price increased 11.39% year over year from $336,500 to $375,950 in 2022.
Now let’s look at the past five years:
In 2019, 301 homes sold, which was a 28.63% increase over 2018. The median sales price rose to $270,000. In 2020, we realized a 4% gain in home sales over 2019, with a total of 313 selling. 2021 showed a gain in sales at 358, and the median sold price increased almost 16% to $337,500, up from $291,250 in 2020. And then came the mixed bag 2022 market: closed sales fell by more than 24%, while the median sold price rose by 11.39%.
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, had steadily decreased from 76 in 2018 to 16 in 2021…yet in 2022, it rose to 23, more evidence of a changing market.
It’s also telling to note that a significant number of lots have sold in the past five years. From January 1, 2018, through December 31, 2022, a total of 172 lots sold: 45 in 2018; 41 in 2019; 49 in 2020; 24 in 2021; and only 13 in 2022. There simply are very few lots left in LOW.
Of the MLS sales reported in 2018-2022, new construction numbers have varied. 2018 saw 11 new construction homes sales; 2019 realized 31; 2020 sales jumped to 41; 2021 ended at 37; and 2022 saw new construction sales dip to only 13.
Again, there aren’t many lots left in LOW, which, of course, will impact new construction sales in the future.
Another notable statistic is the dramatic rise in average sold price to original list price ratio. It had steadily risen from 96.4% in 2018 to 100.9% in 2021, with 2022 showing a slight decrease at 100.3%.
According to Freddie Mac and the Mortgage Bankers Association at this time last year, mortgage rates were expected to rise and end 2022 in the 3.75-4% range for a 30-year fixed. As we experienced, they were wrong! Interest rates rose at a higher trajectory than ever before in the history of mortgage rates being documented. The current forecast is for rates to stabilize and then start a slow decline. It is anticipated that stabilization in interest rates and more confidence should bring buyers back into the market who “paused” due to all of the uncertainty.
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 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.
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.
Lake of the Woods Association is sponsoring the 3rd Annual Holiday Home Decorating Contest. Registered homes will be included on a map on LOWA.org, members can tour the community and look at the homes! Since the deadline to decorate is December 8th, it won’t be long before our community will be lighting up the nights with holiday cheer! December 9-11th: Garden Club will judge homes and the winners will be published in Lake Currents on December 16th.
Winners will be chosen from one of the three categories. Gift cards will be awarded to first place and a runner-up! The 3 categories are Hallmark Holidays: garland, wreaths, lights, and everything for the picture-perfect greeting card; Wacky Tacky: snow globe, figurines, inflatables, lots of lights, and lasers. Anything goes! and lastly, Winter Wonderland: More seasonal, less Christmas, Snowmen, sleighs and more.
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.
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 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.
