If you’ve ever bought or sold a home, you’ve probably heard the term “escrow”—but have you ever wondered what it means and what exactly the escrow process entails? Here are a few common questions to help shed light on this important step in the home sales process:
– What is escrow? Escrow is a legal term indicating that a deed, property, deposit, or fund is temporarily in the custody of a neutral third party, such as an escrow company, title company, or law firm. These third parties hold money and the property until all conditions from the purchase and sale agreement have been satisfied and the deal closes.
– What is an escrow account? There are two types of escrow accounts that serve different purposes: one is used during the home buying process to protect a buyer’s earnest money deposit until all conditions of the sale have been met, and the other holds a homeowner’s money for expenses such as property taxes and insurance throughout the life of a mortgage loan. This second type of escrow account can make it more convenient to manage your tax and insurance payments, since your lender will estimate the total annual expenses, add a prorated portion to your monthly mortgage payment, and handle paying the bills when they are due—thereby eliminating the need for you to make large lump-sum payments once or twice a year.
– How long does the escrow process last? Escrow begins when the seller accepts an offer and the buyer provides an earnest money deposit. Typically, the process lasts about 30-60 days until the closing occurs, although the timeframe may vary depending on factors such as issues that arise during inspections or delays with the mortgage lender. At closing, the escrow agent will transfer the deed to the buyer and the earnest money to the seller.
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
You have found a new job, a new love, or a new desire to move somewhere else. These are all great reasons to buy that one-way ticket and start packing your bags! But, what about your house? You can’t just leave it be – you have to either sell it or rent it out. Both selling and renting have a lot of pros and cons; however, it will be up to you to decide which option will take the lead. This is going to be complicated and stressful, we know. And, we also know that you are going to need help to decide. That is why we are here—to help you determine whether you should sell your house or rent it out. So, if this is the kind of help you were looking for, keep on reading.
Signs You Should Sell Your House
1. Your House is in Seller’s Market
There is a huge demand for homes in a seller’s market, but there are not enough homes. This means that if your house is in the seller’s market and you decide to sell it, you will do it without any delays and for the highest price possible. Your local real estate agents can help you with this—that is, they will tell you your home’s value and give you advice on how to sell it properly.
2. You Need Money
Should you sell your house or rent it out also depends on whether you have enough cash—for your new home and to maintain this old home? Everything costs money. So, evaluate your budget and assess all of your finances. If you have some money to spare, great! But, if you don’t, that is your sign to sell your home.
3. Your House is Old and Requires Serious Renovation
Maybe you want to move out of your house because it requires a lot of maintenance. It needs to be renovated and upgraded so that it can fit all of your needs and preferences. If that is the case, you should look for movers on bestcrosscountrymovers.com, relocate, and sell your house. If you can’t live in it, renters won’t be able to either. All renters look for comfortable and modern homes – if your home isn’t that, you will not be able to rent it out.
With old and destroyed houses, there is no doubt whether you should sell your house or rent it out
4. You Don’t Want to Be a Landlord
Renting out your property to strangers means that you will still be responsible for everything that is going on in your house. You will have to take care of all the household issues, finances, and many other problems. And, you will always have to be nearby. This will be just like any other job. Of course, it will provide you with a steady cash flow (almost) every month, but it will also require you to “work” on that property too. If this is not something you are ready to do, better list your house now.
5. The House Is Just Not Good Rental Material
As previously said, all renters want to live in modern and comfortable homes. But not only that, they want to live in safe homes that have all the needed amenities both inside and out. They want to live in homes that are close to the city center or, at least, close to some means of transportation. Just think about it–would you rent out a home in the middle of nowhere, and that will make your life extremely difficult? Probably not. So, if your house has similar features, don’t even think about whether you should sell your house or rent it out. The answer is rather obvious.
If you wouldn’t want to rent your home, other people won’t either.
Signs You Should Rent Your House
1. Demand for Rentals is High in Your Area
If, for example, you have to move from Virginia to some other state, don’t let all of the reasons mentioned already force you to sell your house and decide to leave for good. There are some great reasons (signs) for you to keep your home and rent it out before you leave. And one of those signs is that you live in an area where there is a high demand for rentals. Those are typically urban areas, areas around schools and colleges, areas close to business districts, etc. Renting your home can be quick, easy, and financially good in these areas. So, before you decide to leave for good, think about this – renting your house can be a wise decision.
2. Wondering if You Should Sell Your House or Rent It Out When You Are Still Attached to the House
Maybe a job or some new life event forced you to move out and buy a new house. And, maybe you still love your house—it has everything you need, and it reminds you of your family. It is okay to feel emotionally attached to a property! And, it is okay to rent it out until you figure out what to do. By renting the house out, you will have enough money to take care of it even from the far. So, don’t push yourself to do something you are not ready for. Rent the house until you are ready for the next move—whatever that move may be.
If you are still attached to your house, be sure to find some good and reliable tenants.
3. The House is Good Rental Material
If you still don’t know whether you should sell your house or rent it out, just check whether it is a good rental material or not. Besides being in a desired, safe rental market, the house should also have all the wanted amenities. For instance, most renters look for amenities such as big kitchens, new bathrooms, substantial square footage, outdoor area, etc. If your house has all of this, then rent it out. You will certainly be able to find good renters who will be suitable for your house and who will be able to pay a good amount of money for it.
As you have seen, many signs can help you decide whether to sell your house or rent it out. However, it all depends on you at the end of the day. Look at these signs and evaluate your situation and your house’s condition, but don’t forget to ask yourself what is good for you.
Meta Description: Wondering whether to sell your house or rent it out? Wonder no more—keep on reading for some expert advice.
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.
Craving space? You’ll love this great house located in amenity rich Lake of the Woods! The house is perfectly situated on a private lot that backs to trees for privacy. The inside delights with a spacious living room, kitchen/dining area (which provides access to deck), and three bedrooms all on the main level. The lower level is where you will find the master bedroom with attached full bath and expansive closet. If that isn’t enough, the lower level features a family room and laundry! Enjoy sitting on the deck that backs to a private, level yard.
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, water skiing, 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-$100,000s 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 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.
Welcome to your stress-free oasis located on the golf course! If privacy, serenity, and more space from an unfinished basement to make your own, are what you crave, 116 Eagle Court is for you! Situated on the 9th tee box with a fabulous screened porch to take advantage of the views, you’ll be wowed. The screened porch will become your favorite spot to read a book, have dinner, or simply relax. This well-kept three bedroom, two bath rambler offers a stunning cathedral-ceilinged living room with built-ins and a cozy floor-to-ceiling fireplace to warm those chilly nights. The owner’s suite provides an en-suite bath with shower and double sinks. Let your imagination soar with the possibilities provided by the unfinished lower level: design to accommodate your wants and needs whenever the time is right!
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, water skiing, 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 $200,000+ 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 what’s to love in 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 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.
Welcome to 9605 Bonair Drive! If you are looking for a spacious home with a private pool, this is the one! A split-level home, it offers plenty of room to spread out and enjoy easy living. The upper level has gorgeous hardwood floors in the living room and dining room that have been newly polished. The updated kitchen with stainless steel appliances in the kitchen is sure to please the chef. Entertain your friends and family in the dining room that has access to the backyard oasis! Before we go outside, you must see the primary suite and additional spacious 2 bedrooms. The lower level space is a perfect den with a wood-burning brick fireplace with a bonus/flex space and a 4th bedroom. A half bath and large laundry with walkout to the back yard. Not to miss is the patio that leads to the private pool oasis boasting amazing establishes gardens! This is one house not to miss, and will go fast!
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.
Fall in love with this quaint, well-kept home in lovely Lake of the Woods! Enter into the cozy family room with gleaming hardwood floors, high ceiling that leads you into the eat-in kitchen with fabulous amounts of cabinets and counter space. The spacious rooms and primary suite will be the perfect retreats and will accommodate the family in comfort. Huge paved driveway with an expansive front porch will welcome you each day. This is one sure to go fast!
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, water skiing, 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 $200,000+ 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 what’s to love in 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 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.
Welcome to 1230 Thomas Jefferson Place! A wonderfully maintained corner townhouse is full of bright windows for amazing natural lighting. The very bright kitchen features a bay window and spacious counter space. The living room has access to the quaint, private back deck to enjoy all the birds and wildlife. The upper level homes all three bedrooms and a full bath. Very roomy and quiet retreat spaces. Close to everything in south Stafford or near by little town of Fredericksburg, this well kept home is one not to miss!
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.
Welcome to the Largest (Amherst model) townhome in Riverside Station with 3408 sqft of living space on 3 fully finished levels with builder upgraded bump outs on all 3 levels. This home has a bright and open floorplan on the main floor with a living room/dining room/kitchen for easy and cozy living. Hardwood floors, 9 ft tray ceilings, and granite countertops are gleaming and appealing. A sunroom with access to the spacious Trex deck/balcony will be the spot, for sun and relaxation. Newly fenced and landscaped rear yard and remodeled lower level theater room. The upper level is home to 3 bedrooms. For quiet privacy, the primary suite has a lovely sitting room to enjoy with a spacious en-suite bath. You will love having the 2 car garage to make life easy in this beautiful, mature, small community with fantastic nature and wildlife trails, parks, and the Occoquan River to enjoy. Yet it is also close to everything and is a commuter’s dream with the ability to walk to the VRE , and 5 mins driving to I95 and the commuter bus terminal. If you are looking for something close to everything, this is the one!
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.
Welcome to this gorgeous designer home with the sought after open concept floorplan full of natural lighting and has the finest luxury home finishes. Gorgeous hardwood flooring, gas fireplace, tray ceilings with crown molding, chair rails, and gleaming granite countertops, all of which are perfect for every level of entertainment and comfortable living. Spacious primary suite and en-suite bath with soaking tub and a walk-in shower. Plenty of storage inside and out, and a large garage is suitable for a boat. A covered concrete patio in a private setting will be a favorite space to unwind from the day. This home is sure to go fast!
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, water skiing, 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 $200,000+ 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 what’s to love in 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 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.
Home values are rising faster than inflation, making homes a prized asset
This housing market offers unique opportunities for buyers and sellers
Contact us today to secure your assets and safeguard your future!
The state of real estate and inflation
As inflation soars to near 40-year highs and raises the cost of everything, many are looking for innovative ways to secure their assets against inflationary losses. Additionally, given the housing market’s recent volatility (primarily driven by historic low levels of housing inventory that have caused an imbalance between supply and demand), it’s understandable that many might consider real estate to be a wrong or risky move right now. But the great news is that nothing could be further from the truth. Let’s explore how and why buying or selling a home can safeguard you against inflation.
The housing market can protect you from inflation
Real estate remains a stable area for investment and profit realization because a home’s value does not increase in relation to currency; it increases based on demand. So if you’ve been holding back from buying because of today’s market pressures, consider that inflation is up even more than mortgage interest rates, making it a smart move. Similarly, if you’re considering selling, the demand for housing has never been greater, which is terrific news for anyone looking to cash out their equity to hedge against inflation.
Buying a home: by the numbers
Let’s take a look at some numbers. Experts estimate that Americans face an annualized inflation rate of around 15%. Considering that, the current 5% mortgage rate is a bargain for homebuyers in the short term. Moreover, you’re securing an asset that, over time, will increase. And, as you pay down your mortgage, even at 5%, your equity will continue to grow.
Selling a home: by the numbers
It’s no secret to homeowners that their home equity values have grown over the last couple of years. According to research firm Black Knight, at the end of 2021, Americans were sitting on record-high home equity levels of approximately $9.9 million. So if you’ve noticed homes in your neighborhood selling above their listing price and you’ve been on the fence about selling yourself, now may be a good time to cash in on this opportunity.
Both buyers and sellers can make tremendous gains
In a hot housing market where home inventory is low, competition is fierce, and home equity values are at all-time highs, buyers and sellers can start to feel overwhelmed. But don’t despair: an increase in mortgage rates isn’t stopping homes from selling quickly, nor is it preventing home equities from appreciating. For example, according to the National Association of Realtors (NAR), properties remained on the market for just 17 days in March, with many going for over the asking price!
With more buyers than sellers today, current homeowners looking to sell to fight inflation have the advantage of likely bidding wars, resulting in greater profits and fast-moving homes that don’t stay on the market for very long. For those looking towards homeownership to protect their assets against inflation, reassurance comes from knowing that demand is expected to outpace supply for the foreseeable future, meaning that home equities will continue to rise. And if inflation continues, fixed-rate interest rates will drop again, creating the perfect opportunity to refinance your loan.
Get Ready to Make Your Move
The first step to buying and selling is crunching the numbers. Our team will help you find the real, up-to-the-minute value of your home using the latest microdata and neighborhood trends. Then, we’ll work with you to figure out the best strategy to shelter your investments and assets from inflation. 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 contact Pat Licata
