Category Archives: REALTOR

monthly stats

January 2023 Lake of the Woods Monthly Real Estate Statistics

In January, 12 homes were SOLD in Lake of the Woods.

0 sold below $250,000.00
1 sold between $250,000-299,999;
0 sold between $300,000-349,999;
7 sold between $350,000-399,999;
3 sold between $400,000-499,999;
1 sold between $500,000-$999,999;

24 Active/Coming Soon Listings for Sale
21 Homes Under Contract
12 Homes 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.

A waterfront neighbourhood in Alexandria, VA

Health Benefits of Waterfront Living in Virginia

Living near water is something many people around the US dream of. Speaking of dreams and future objectives, living in one of the most beautiful US states – Virginia – is a thought many people go to bed with. Today, we’ve decided to put the two fantasies together. In other words, we’ll introduce you to all the health benefits of waterfront living in Virginia. Not only does it sound incredible, but it also comes with many health advantages. Therefore, stay tuned for some helpful info and tips!

#1 Waterfront living enhances the quality of your sleep

Needless to say, a good night’s sleep is a crucial element of your well-being. Research study results have proved that people who live near water enjoy a more restful sleep. Also, the same studies have shown that the same group faces less stress daily. Your body needs to rest, and there isn’t a better place to recover from a long working day than nested inside a peaceful environment. Get rid of stress, and maximize your joy. Most of the time, waterfront living in Virginia is synonymous with the lack of noise pollution we’re pretty used to enduring in the cities. You won’t have trouble falling asleep once you move to some of the state’s jaw-droppingly-attractive waterfront neighborhoods.

A cat sleeping under bed covers.
Living near water enhances the quality of sleep.

#2 Waterfront living enables you to enjoy water-related activities anytime you want

Being right there, near a larger body of water, will enable you to enjoy all your favorite water-related activities. And, if you own a boat, even better! Living close to the water will probably mean you have your own dock, too. As a boat owner, you’ll always want to opt for a property that offers this advantage. You don’t want to worry about driving to the spot where you’ve pared your boat or finding the ideal storage place. Also, docks aren’t only functional as parking spaces. You can use your dock as a diving board, a fishing spot, or simply a place where you sit down, crack open a cold beverage and enjoy the scenery. Who knows, you might even come up with a philosophical school of your own while water-gazing.

#3 Living near water is healthy even if you’re a city dweller

We’re pretty sure you understand this article doesn’t only cover non-urban waterfront properties. Virginia’s got some fantastic cities located near or directly placed upon a solid body of water. Just take Richmond or Alexandria as examples. A German research study has found that living near water is excellent for urban dwellers, too. We’re talking ponds, pools, and even – water fountains! Therefore, buying a waterfront property in Virginia will help you overcome some of the disadvantages city life offers to its “practitioners”. As mentioned above, you’ll enjoy less stress and better sleeping conditions. Lastly, if you’re a recovering addict, living near water will help ease the process, as professionals at Harmony Ridge Recovery Center point out.

 A typical street scene in Richmond, VA.
Waterfront living improves the overall quality of life, even if you’re a city dweller.

#4 Enjoy better air quality with waterfront living in Virginia

Air quality tends to be better near water. Also, some people are more prone to sit, relax and unwind a little near water. In other words, they tend to breathe deeper and smoother. So air quality is crucial in such moments. Not to mention all the vegetation and plants usually found near water. Those are your natural air filters. You won’t need to buy expensive air cleaners for your waterfront property in Virginia.

#5 Fewer nosy neighbors (for non-urban waterfront dwellers)

One can’t say this is a direct health benefit, but you’ll agree it has something to do with how we perceive our surroundings, thus affecting our everyday well-being. For example, let’s say you’ve bought yourself a scenic Virginia lake home. You might notice that the next home is not so close. In other words, you’ll soon find out that you will have to deal with fewer nosy neighbors. 

Lake homes tend to be further apart, thus allowing their owners more privacy than they’d enjoy in a more traditional suburban neighborhood. A lake home will help you deal with all the troubles city life plagues us with. This much-needed intimacy can be a savior for all those struggling with something or trying to get back on their feet. For example, this serenity is perfect for recovering addicts who want to get long-term help. There are many long-term addiction treatments in West Virginia, but recovery doesn’t stop there. A little bit of peace and quiet that your waterfront property can bring will work wonders for mental health. 

#6 Let’s consider the sound of water

We’ve implied this in the previous paragraphs, but it’s nevertheless crucial that we emphasize the calming properties of the sound of water. Did you know that the sound of running water, rushing and trickling, or waves smoothly hitting the shoreline possess fantastic calming and emotionally healing properties? Once you add that sound to the waterfront breeze, you get a match made in heaven, as they say. There isn’t a more comprehensive calm, as many people that own a waterfront property like to point out.

A bridge on the river in Richmond, VA.
The sound of running water has a soothing effect on the human mind.

#7 Living near water will inspire you to enjoy other fun (outdoor) activities

Of course, it’s not like simply sitting down in a cool shade with a good book by a body of water isn’t enough. However, enjoying a waterfront property in Virginia will allow you to immerse yourself in other fun activities. We’re talking about all the great outdoor efforts one can partake in: hiking, camping, wildlife watching, etc. Nature is a remedy, don’t trust anyone who tells you the opposite. 

Closing thoughts on the subject

These were some of the many health benefits of waterfront living in Virginia. Now you’ve seen all the advantages of buying a (vacation) waterfront property in one of the most scenic US states. If you were hesitant before, we’re pretty sure you don’t have any doubts about whether such a decision is a good one!

Photos used:
https://unsplash.com/photos/T2wAe8qXy4w
https://unsplash.com/photos/uy5t-CJuIK4
https://unsplash.com/photos/6V2OZq3Od-I
https://unsplash.com/photos/XAPaxw9QtMw

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.

Easy Ways to Upgrade Your Home’s Exterior

The exterior of your home is one of the first things that potential buyers, visitors, and other passersbys will notice—so if it’s starting to look drab or outdated, it’s important to take steps to improve curb appeal. Here are a few easy ways to upgrade your home’s exterior:

  • If you have red brick, paint it gray or white. While red brick was a standard material to use on the exterior of homes and other buildings for many years, it is no longer as popular and can give a home a dated appearance. Fortunately, there’s a relatively easy solution: painting the brick white or gray can create a brighter, cleaner, more modern look.
  • Swap out front doors that contain decorative glass. While front doors with frosted or decorative textured glass offer a great way to let natural light into the home while still providing some privacy, most of these styles are no longer in vogue. Upgrading your door to one with clear glass panels or simple solid wood (or an alternative material like fiberglass) can instantly create a more up-to-date aesthetic.
  • Use contrasting colors. Choosing paint colors that have a stark contrast for your home’s exterior, as well as the front door and window shutters, can help create dimension and visual intrigue.
  • Add some lighting. The right lighting can be a powerful way to add style and accentuate your home’s best features, even during the daytime. For instance, consider adding some pathway lighting to ensure that the approach to your front door looks inviting, uplighting or down-lighting to draw attention to certain features, or an eye-catching hanging light over your front door.

Source: nar.realtor

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.

market stats lake of the woods virginia 22508

The LOWdown on Real Estate at the Lake 2022 by Pat Licata

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.

What’s Ahead in the 2023 Real Estate Market Forecast

Key Takeaways:

  • 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

Coin stack on international banknotes with house and construction crane models on the table.

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

Happy millennial couple receiving keys from realtor, purchasing real estate

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

Home agent shake hand with customer after sign contract and finishes deal purchase house success

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.

market stats lake of the woods virginia 22508

December 2022 Lake of the Woods, Virginia Monthly Market Stats

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.

The Unexpected Costs of Owning a Home

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.

Source: nar.realtor

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.

122 columbus cove, stafford virginia 22554

122 Columbus Cove, Stafford Virginia 22554 UNDER CONTRACT! by Licata Group EXP Realty LLC!!

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.

30286 Portobago Trl, Port Royal, VA 22535

30286 Portobago Trail, Port Royal, Virginia 22535 Offered for Sale at $99,000 by Licata Group EXP Realty LLC!

Come build your dream home on this beautiful 2+ acre corner lot located in the quiet neighborhood of Portobago Bay. Utilities, well and septic (approved for 4 BR) are already on the property. High-speed internet is now available! Portobago Bay is an idyllic custom-built community on approximately 400 acres that were once part of the Old Liberty Hill Farm in Caroline County, Virginia. The neighborhood consists of 109 parcels, all of which are over two acres. This lovely waterfront community is situated on Portobago Bay and the Rappahannock River and is located southeast of historic Fredericksburg. Amenities include Dock, boat ramp, beach, party pavilion, boat slips, private fishing lake, and security gate leading to River Shore Pavilion and Dock facilities for fishing and recreation.

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.

monthly stats

November 2022 Lake of the Woods Monthly Real Estate Statistics

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.