Category Archives: Washington DC

buy a second home in Virginia in the woods

Does it Make Sense to Buy a Second Home in Virginia in 2021

After settling down in your home, you start thinking about how to spend your time when you’re away. Spending days traveling is great, but sometimes we wish for a base. Somewhere we want a place to come back to any time we want and relax away from our daily routines. A home away from home seems like a perfect solution. Picking a favorite location and purchasing a second home there is the dream of many families. However, it’s not easy to make this decision – it’s a costly investment and takes time and effort to maintain. But, buying a vacation home surely has its benefits, and we’re here to help you decide if you should go for it. Let’s see if it makes sense to buy a second home in Virginia in 2021 and provide your family with a fantastic place to spend future vacations. 

What are the factors that may stop you from buying a second home?

Every purchase has its pros and cons. When it comes to buying a second home, the factor that worries most buyers are the costs. Making your dream of having a second home come true possibly requires a  new mortgage, but also maintenance costs. Second homes need regular maintenance, furnishing but also paying unexpected costs whenever they come up. Finally, if your first house is located far away, visiting the second home frequently comes with increased travel expenses. 

Remember: Make sure you evaluate your budget carefully before purchasing a second home. Even though this investment comes with additional costs, it shouldn’t be a heavy burden on your budget. Include all the factors and expenses, including taxes, which apply differently to owners of vacation homes. 

 beachfront vacation properties

Even though they have a lot of benefits, vacation properties can cost a lot.

It’s a permanent holiday destination 

Another reason why people hesitate to buy a second home is related to traveling. When owning a vacation home, you hardly ever decide to go somewhere else, which may become monotonous over the years. However, families who love peaceful vacations and a homey base will surely love having a place to go whenever possible. 

Reasons why buying a second home in Virginia makes sense

If you decide to buy a second home in Virginia in 2021, you need to consider all the pros and cons. However, we feel that all the advantages will win over. Let’s go through all the benefits that will show that this decision actually makes sense. 

It’s a home away from home

Even though this seems like just a phrase, owning a second home means heaving a retreat from daily tasks – any time you want. If you decide to buy a second home, pick a location where you can truly enjoy your days off – and Virginia has a lot of them to offer. This way, you can be sure you can have a weekend getaway or a longer vacation in your favorite location where all the daily chores, work stress, and other problems simply disappear.

a road in the woods in Virginia

With just a short ride away, you can have a home away from your home.

You can save on vacations 

Having somewhere to go anytime you need a vacation can save you money, too. You don’t need to spend a lot on hotels, flights, etc. This way, you can have a great vacation – on a budget. Furthermore, the previous year and the global pandemic have prevented people from traveling abroad, so many of them decided to buy a second home within the same state. This is usually far enough to change your environment, but not travel too far away from your home.

Father and son on the beach

If you plan on renting it as a vacation home, it makes sense to buy a second home in Virginia.

Second-home can become a source of income 

Another budget-related advantage of owning a second home is earning from rentals. This investment can become a steady source of income despite some additional expenses that rentals have. However, what worries buyers is the global pandemic that stopped travel and reduced rental revenues. Hopefully, the pandemic is coming to an end, which is why it makes sense to buy a second home in Virginia in 2021. 

Ready for the big purchase?

Buying a second home in Virginia is so exciting, but picking the best location may be challenging. Many interesting nature spots can be a perfect retreat for your family. Do some research and choose the place you will enjoy the most. The next step would be purchasing the property and moving in. 

With both of these, make sure you trust the professionals. Local real estate experts will ensure you find the best property, as they are knowledgeable about the market. Also, an experienced agent will guide you through the buying process and make it a lot simpler. The next step is moving in. Again, trusting a professional to handle your relocation to the new home is essential if you want to minimize the stress and save time. Browse only trusted moving pros at bestcrosscountrymovers.com so you can be sure your items are safe. Unfortunately, the moving industry is filled with low-quality companies, so be sure to do your best to avoid them. 

Prepare for the stay 

If you plan on staying in your second home longer, make sure you prepare your first home first. This means you should turn off the water, get rid of perishable food, take care of your plants or find someone to do it for you. Now you can stay on vacation as long as you want. However, you need to prepare well for a more extended stay.

Pack your vacation items safely 

Once you buy your vacation home in Virginia, you can transport all the vacation essentials there. This way, you won’t risk damaging them when you pack every time you travel. For example, if you love fishing, you will want to pack your fishing equipment so it can travel safely. If you want to bring fishing gear with you, explore the main packing guidelines to keep the items protected during transport and enjoy your favorite hobby without any problems.

Take your time to feel at home 

As you can see, it makes perfect sense to buy a second home in Virginia in 2021. And once you do, remember that settling in a new property is not always fast. Take your time adapting your second home just the way you want it, so you can make it a true oasis for your family.

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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.

3 Charts That Show This Isn’t a Housing Bubble

With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons.

1. The housing market isn’t driven by risky mortgage loans.

Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more than doubled from 2004 (378) to 2006 (869). Today, the index stands at 130. As an example of the difference between today and 2006, let’s look at the volume of mortgages that originated when a buyer had less than a 620 credit score.

Dr. Frank Nothaft, Chief Economist for CoreLogic, reiterates this point:

“There are marked differences in today’s run up in prices compared to 2005, which was a bubble fueled by risky loans and lenient underwriting. Today, loans with high-risk features are absent and mortgage underwriting is prudent.”

2. Homeowners aren’t using their homes as ATMs this time.

During the housing bubble, as prices skyrocketed, people were refinancing their homes and pulling out large sums of cash. As prices began to fall, that caused many to spiral into a negative equity situation (where their mortgage was higher than the value of the house).

Today, homeowners are letting their equity build. Tappable equity is the amount available for homeowners to access before hitting a maximum 80% combined loan-to-value ratio (thus still leaving them with at least 20% equity). In 2006, that number was $4.6 billion. Today, that number stands at over $8 billion.

Yet, the percentage of cash-out refinances (where the homeowner takes out at least 5% more than their original mortgage amount) is half of what it was in 2006.

3. This time, it’s simply a matter of supply and demand.

FOMO (the Fear Of Missing Out) dominated the housing market leading up to the 2006 housing bubble and drove up buyer demand. Back then, housing supply more than kept up as many homeowners put their houses on the market, as evidenced by the over seven months’ supply of existing housing inventory available for sale in 2006. Today, that number is barely two months.

Builders also overbuilt during the bubble but pulled back significantly over the next decade. Sam Khater, VP and Chief Economist, Economic & Housing Research at Freddie Macexplains that pullback is the major factor in the lack of available inventory today:

“The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes.”

Here’s a chart that quantifies Khater’s remarks:

Today, there are simply not enough homes to keep up with current demand.

Bottom Line

This market is nothing like the run-up to 2006. Bill McBride, the author of the prestigious Calculated Risk blog, predicted the last housing bubble and crash. This is what he has to say about today’s housing market:

“It’s not clear at all to me that things are going to slow down significantly in the near future. In 2005, I had a strong sense that the hot market would turn and that, when it turned, things would get very ugly. Today, I don’t have that sense at all, because all of the fundamentals are there. Demand will be high for a while because Millennials need houses. Prices will keep rising for a while because inventory is so low.”

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.

new construction

Do You Know the Hidden Costs of New Construction?

Key Takeaways:

  • New construction homes can have hidden costs, which is why you have to pay attention to the details when deciding on a new build. 
  • When touring model homes, always ask the builder about what’s standard and what’s considered an upgraded feature with additional costs.  
  • Buy on your terms and work with our team to navigate the ins and outs of purchasing the new construction home of your dreams!

Don’t Mistake “New Construction” with “All-Inclusive” 

There are many advantages of buying a new construction home—low-maintenance living, brand-new appliances, and minimal repair costs are just a few. Plus, a new build provides a blank slate for buyers to begin making sweet new memories! 

While buyers should be excited about all these benefits, they should also be aware of the potential hidden costs associated with purchasing a new build. We’re here to ensure you know exactly what is included in the overall cost of your new construction home. 

Protect yourself before there’s a problem

Just like an existing home, a brand-new home can have hidden issues that could require repairs. Something as simple as inadequate plumbing or roofing could result in sizable amounts of damage—this is why you have to protect yourself by being proactive in the home-buying process. All builders have their own nuances, which is why you should take the time to research different options before deciding on the right one. If you want some tried and true recommendations, your agent can provide valuable insight. Every home, including new builds, should be checked by an independent home inspector who isn’t affiliated with the builder. 

Before you commit to purchasing a new build, make sure to read the fine print of the home warranty. You may have to rely on your warranty if any issues arise that aren’t covered by your homeowners’ insurance policy. And remember, not every warranty is the same, so it’s important to determine exactly what your warranty covers and the length of the coverage. 

Stay true to your non-negotiables

Newly-built homes aren’t guaranteed to include all the necessities, so you need to know what to expect from a standard model. It’s quite common for new builds to come without certain interior items, such as appliances and window treatments, plus exterior fencing and landscaping. 

Before you make an offer, talk to your builder with your agent present and ask about the features included in your future home. Everything from drawer handles to light fixtures could cost extra, so be sure to compile a list of non-negotiables to budget for things you can’t live without.   

Don’t be duped by the mesmerizing model home

The model homes you’ll tour often have all the available upgrades the builder offers—we’re talking gourmet kitchens with granite countertops and open-concept floor plans with beautiful hardwood flooring. However, these top-level features could cost you thousands of dollars more than the builder’s grade basics. 

You can work with your agent to figure out which features are included in the standard model’s base price. Be sure to focus on what originally made you fall in love with the property, not all the bells and whistles you see in the showy model. When contemplating which upgrades are worth the cost, think about the home’s future resale value—will the upgrades increase your return on investment and appeal to a variety of buyers? This is a prime opportunity to lean on your agent’s expertise to determine which upgrades will add the most value to your home.   

Ready to Buy a New Build?

When you buy a new construction home, you always want to have a trusted real estate agent by your side. Remember, the builder’s sales agent has the builder’s best interest in mind—not yours. We have the new construction experience needed to guide you through the negotiation process and make sure you’re getting your money’s worth. Contact us to learn more about new construction properties in the area, and we’ll get the ball rolling on buying your new home 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.

To see available Lake of the Woods properties, please visit our site.

Reap the Benefits of Your Realtor Even After You’ve Moved

Key Takeaways:

  • Our real estate expertise goes far beyond just buying or selling your home—you can rely on us for quality resources before and after you’ve moved.
  • Whether you’re searching for the best local handyman, a notary, or something else entirely, you can trust our vetted providers to get the job done.
  • If you ever need a real estate recommendation—today or years down the road—just give us a call for personalized advice!

Unlock Our Exclusive Real Estate Recommendations

We like to consider ourselves real estate experts, and we love being able to share our knowledge with you! Throughout our years of working in the housing market, we’ve formed deep relationships with not only our clients, but with local trusted businesses, too. We’ve vetted these vendors ourselves so that you don’t have to play the costly game of trial and error.

Need some personalized recommendations or strategic advice? Here’s how your agent can serve you even after you’ve moved.

Sellers, we don’t stop at “SOLD”

couple with a sold sign

When we say we’re by your side every step of the way, we mean it—which means our services never stop at “SOLD!” Whether we’ve just listed your home or already sold it, we know there’s always more work to be done. Seemingly small details go a long way in making a house a home. We’ve worked with the best professional landscapers, painters, and cleaners in the area—all contacts you need to put the finishing touches on your space.

We consider our clients to be one of our own, which means our exclusive buying and selling resources are always available to you. At any time, you can see if your home value has increased using our free estimator or jumpstart the buying process after you sell with our advanced search tool. Our real estate professionals have gained invaluable experience in working with our clients, so we try to return the favor whenever possible by providing in-depth insight.

New homeowners, you’re not done with us yet

Couple holding keys to a home

We loved helping you find your dream home so much that we want to keep working with you—and honestly, we think we’re going to need each other! Homeownership is a huge investment, so you want your new place to be in tip-top shape at all times.

First things first, it’s important to change your locks when you move into your home, since you don’t know who might have a copy of your keys. Don’t know of a local locksmith? Don’t worry, we’ll open some doors for you! Don’t let a household repair linger just because you don’t know a trusted provider who can get the job done. Whether you’re looking for a handyman to lend a helping hand on a home project or need repairs for your HVAC, you can count on our personalized recommendations for the most reliable providers in the area!

And for when you’ve been watching (maybe too much) HGTV

Older couple talking about renovations

We get it, watching Fixer Upper makes you want to DIY your entire home, especially if you’re thinking about listing soon or just moved in. But for when you’re not in the mood to do it all yourself, we’ve got contacts for everything from new light fixtures to full-on home renovations. Our desire for you to live in your dream home doesn’t stop when you sign the closing documents, and we will always be available to help with any home improvements.

Want Access to Our Preferred Vendors?

Working with a top-notch real estate agent means you’ve gained a partner for life. So when anything comes up in your buying, selling, or homeownership journey, just give us a call!

Whether you’re at the beginning of the selling process or have already bought your dream home, you can always rely on us to connect you with the area’s best vendors. Contact us today for any recommendations you may need—and don’t forget, we’re locals too, and we love to catch up with our clients!

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.

Practical Tips to Declutter Your Home (and Keep It That Way)

As more of us become aware of the fact that we might have too much stuff laying around, decluttering has gone from an occasional chore to a lifestyle trend. This is a positive shift, especially given the global problems caused by waste, but it can be difficult to know how to go about it. 

The facts are, a less cluttered house can reduce your stress and lead to a happier life according to clinical psychologist Jaime Zuckerman. Not only is it good for your mental health, it can also be good for your wallet as decluttering and taking care of cleaning and tidying projects can actually increase your home appraisal.

Some people call in “decluttering experts,” but the truth is that unless you have a hoarding situation on your hands, you don’t need this service. Courtesy of The Licata Group, here are some tips for how you can minimize and declutter on your own. 

Thinking of purchasing or selling a property? The Licata Group can help you navigate the Lake of the Woods housing market. Call us today at (540) 388-2541.

Pick a Decluttering Strategy

If you don’t know where to start with decluttering, there are many existing strategies you can use. These range from the now-famous KonMari method of sorting and decluttering possessions to the Minimalist Game, where you get rid of an increasing number of things based on the day of the month. Pick one that seems doable for you, and you may find the structure of a defined method helps you actually follow through.

Make Plans for Getting Rid of Stuff

What do you do with the bags of stuff you’ve decided to get rid of? Whether you’re going to the recycling center or a charity, know exactly when, where, and how you’ll tackle things. Alternatively, arrange a pick-up from an organization that offers that service. 

Additionally, if you have any large, bulky items you no longer need, consider hiring junk haulers to properly dispose of them. In addition to appliances, professional removal services will handle things like mattresses, carpeting, and furniture. What’s more, they’ll make sure these items end up where they belong, whether it’s a junkyard or a local recycling center.

Hack Your Storage Space

Some of us aren’t blessed with a lot of storage space, even post-declutter. Luckily, there are organization hacks to help you with every room in the house. Use under-bed space in the bedroom, invest in furniture and decor that doubles as storage (such as trunks and ottomans), and use narrow spaces (like the one between your fridge and cabinet) to install vertical storage. And if you want to spruce up those shelves and drawers, use removable wallpaper, which you can find in a number of modern looks. This is also a good solution since it’s easy to swap out designs whenever the mood strikes you.

Set Up a Cleaning Schedule

Now that your home is looking tidy and clutter-free, it’s time to keep it clean. Set a regular cleaning schedule — and then stick to it. For some, this could mean setting aside Sunday mornings for cleaning; for others, a weekly schedule with a couple of small daily tasks is easier. Just make sure it fits with your routine and you can actually picture yourself doing it. 

Control Your Buying

According to the Atlantic, Americans bought an average of 66 garments in 2017. Are spending habits like these part of why you had to declutter in the first place? If so, you need to re-evaluate this, or you will end up with a cluttered closet again in a matter of months. 

You don’t have to go full minimalist or swear to never buy anything again, but you can learn to buy less stuff. Buy good-quality items that last longer, remove temptations like email mailing lists and free delivery subscriptions, and buy only items that you have a planned, concrete use for. 

The act of decluttering itself can be fun and exhilarating. It feels great to see a home that feels cleaner, tidier, and more relaxing. Realistically, the hardest part is keeping things that way. The secret to effective decluttering is not to approach it as a one-time exercise, but as a gradual change in your consumer and home maintenance habits. Over time, you will start to value the long-term comfort and ease of a clutter-free home over the intense (but brief) rush of buying and acquiring new stuff.

Photo via Pexels.

Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Northern 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

LOW Veterans Club Honor Deceased on Memorial Day

written by: Fred Pulis, Member, LOW Veterans Club

As the nation gets ready to celebrate Memorial Day on Monday, May 31, the LOW Veterans Club will provide an impressive outside ceremony honoring those individuals who have died on military active duty during service to their country.  The approximately one-hour event starting at noon at the flagpole in front of the Lake of the Woods Clubhouse will feature several ways of recognizing those individuals who paid the ultimate price of their lives for their country.

Memorial Day was originally called Decoration Day on May 5, 1868 because it was a day to decorate the graves of lost loved ones.  Subsequently the name was changed to Memorial Day and was declared to be a national holiday honoring the men and women who died while serving in the United States military. 

LOW residents and their guests are invited to witness the true meaning of Memorial Day.  Some of the patriotic events include proper raising and lowering of the American Flag, reading of the names of the LOW veterans who died in 2020, description of the historic meaning of Memorial Day, and the presentation of the wreath.  Also, newly assigned LOW Veterans Club bugler, Tom Ackman, is a member of the “Buglers Across America” will perform taps. 

In the spirit and intent of honoring fallen armed forces personnel the LOW Veterans Club recommends the Vietnam Veterans Memorial Fund (VVMF) a nonprofit organization that funded the Vietnam Veterans Memorial Wall located in Washington, DC.  VVMF has created an In Memory plaque which contains names of the Vietnam veterans who have lost their lives as a result of their service in Vietnam.

Veterans so honored who have succumbed to:  Exposure to Agent Orange; PTSD/Suicide; Cancer; Diabetes; Heart Disease, and Parkinson ’s disease.  For more information contact VVMF at InMemory@vvmf.org.    

For further information about the LOW Veterans Club and its activities, please contact club president Mike Ferguson at 571-972-5313 or email him at colmferguson@msn.com.

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.

Van Gogh Immersive Experience Coming to DC

Many of us have fallen in love with the art that Van Gogh brought into this world, and now you’ll have the opportunity to experience it like never before! The Van Gogh Immersive Experience will be coming to Washington DC this summer! The experience consists of a 20,000 sq ft light and sound spectacular which features two-story projections of the most compelling work by the famed artist. This 360 degree spectacular allows you to encounter the sheer brilliance of one of history’s greatest artists.

The experience is digital and hands-free to promote proper social distancing so that a multitude of families and friends alike can enjoy this wonderful opportunity. Stretching from floor to ceiling, the experience includes separate galleries that tell his life, journey, technique and of course, display his beautiful atwork in a way never seen before.

The Immersive Experience also features a Virtual Reality interactive, which will guide you on journey through “A day in the life of the Artist.” Here, you’ll walk alongside Van Gogh during this visually rich journey as you discover the inspiration that lies behind eight of his iconic works, including: Starry Night and Vincent’s Bedroom at Arles.

Tickets for the Van Gogh: Immersive Experience will go on sale Friday, March 5th, 2021, and we highly encourage you to participate in this once-in-a-lifetime experience! For more information, you can visit the official website by clicking here!

 Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern 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

market stats

The LOW-down on Real Estate at the Lake 2020 By Pat Licata

The continued inventory shortage experienced by most regions of the country was clearly evident in Lake of the Woods again in 2020. Listings decreased by 11.6%, from 397 in 2019 to 351 in 2020, while closed sales were up 4% from 301 to 313. New construction accounted for 34 of the 313 sales. The median sold price increased a healthy 7.87% year over year from $270000 to $291,250 in 2020.

Of the 313 total sales reported in 2020, only 8, or 2 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.

Now let’s look at our steady growth over the past five years:

In 2017, there were 291 total sales, a whopping 21.7% increase over 2016 at 239. The median sales price climbed to $239,000.

In 2018, 234 homes sold, which was an 8% decrease from 2017. The median sales price rose to $249,900. In 2019, we realized a 28.63% gain in homes over 2018, with a total of 301 selling.

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 117 in 2016 to 37 in 2020.

It’s also telling to note that a significant number of lots have sold in the past five years.  From January 1, 2016-Decemeber 31, 2020, a total of 196 lots sold: 24 in 2016; 37 in 2017; 45 in 2018, 41 in 2019; and 49 in 2020. There simply are very few lots left in LOW.

New construction has been climbing, as well. 2016 realized 28 new construction starts; in 2017, there were 30; in 2018, there were 34; in 2019, there were 48; and there were a whopping 66 new starts in 2020.

Another notable statistic is the dramatic rise in average sold price to original list price ratio. It has steadily risen from 93.9% in 2016 to 99.2% in 2020.

According to Freddie Mac and the Mortgage Bankers Association, mortgage rates were expected to stay within the 3.7-3.9% range in 2020. Interestingly, rates were surely seen well below those numbers. As of today, it’s possible to obtain a 15-year fixed rate below 2%, with the 30-year rate below 3%. Financial experts are expecting another year of low interest rates.

The prognosis for 2021, as it was in 2020, is excellent! In LOW, there are 9 homes active on the market as of 1/14/2021. In January of 2019, there were 57. Low, stable rates and hopefully more inventory should propel us to experience another year of healthy sales and appreciation.

Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern 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

market stats 2020

May 2020 Lake of the Woods Monthly Market Statistics

In May, 19 homes sold in Lake of the Woods.
1 sold between $130-200,000;
7 sold between $200-249,000;
7 sold between $250-299,000;
4 sold between $300-400,000;

44 Active Listings for Sale
61 Homes Under Contract
93 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.

National Cherry Blossom Festival Happening March 21st – April 12th!

What better way to celebrate springtime than the National Cherry Blossom Festival in DC! This year’s festival will span across four weeks, beginning on Friday March 20th and ending on April 12th! During this time, there will be several different events that will be going on, starting off with the Pink Tie Party on March 20th, which features live music, an open bar, a live performance by WHITE OUT TOKYO who were the World of Dance Champions, and a truly amazing silent auction! The opening ceremony will officially kick everything on the 21st during the opening weekend. On March 28th, thousands of kites will take to the skies at the Blossom Kite Festival! Starting at 10AM at the grounds of the Washington Monument, novices and professionals alike will test their skills in through various competitions and demonstrations. You can bring your own kites or purchase them at the event. Kids can create their own at the activity station and fly them on the public field.

Make sure you’re at Constitution Avenue on April 4th from 10AM – 12PM for the National Cherry Blossom Parade! With marching bands, elaborate floats, giant helium balloons and performers marching down the street, it’s sure to be a spectacle that you don’t want to miss!

Lastly, be sure to be at Water St SE for Petalpalooza on April 11th! From 1PM – 9PM, you’ll enjoy a day full of live music and numerous engaging activities that are sure to be fun for the whole family! This is a celebration of art, music, and each other and will conclude with a spectacular firework show set to music. This yearly celebration is loved by all, and you’re sure to have an amazing time at any and all events! Make sure to save each date, as the Cherry Blossoms won’t last forever!

 Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern 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