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
Staycations are one of the most popular trends in travel right now. The definition of a staycation can vary, but the meaning of a staycation is a short break from your everyday routine. A staycation can involve a day or two off of work exploring places or enjoying activities you don’t typically experience in your hometown. Or, a staycation can be a short weekend or weekday trip taken within a few hours’ drive from home. Staycations can win out over regular vacations on a few fronts, including less time off of work, shorter travel distances, less planning, and often less budget.
Taking a staycation can be stress-free and straightforward – here’s how to do it:
– Designate a time for your staycation. You can request a day or two off of work or make your staycation happen on the weekend. Like you would do with a regular vacation, you should block this time off on your calendar to reserve it just for a staycation.
– Decide where you want to go (if anywhere) on your staycation. How far are you interested in traveling? Do you want to stay in your own home or treat yourself to a hotel or vacation rental?
– Plan some fun staycation activities to look forward to. Think hikes, spa days, museums, restaurants, or anything else you’ve wanted to do but don’t generally have time for.
– Leave “real life” behind. Resist the urge to spend part of your staycation cleaning the house or grocery shopping. Don’t schedule a dentist appointment or anything not in the staycation spirit during this time, just because you’re off of work.
If you take a staycation during a weekday, take advantage of everyone else being at work and visit the usually super crowded places during the week. Many businesses offer discounts for services at off-peak times, so you can often find a great deal if you want to treat yourself. Taking even a small amount of time off can benefit your mental health. Staycations are perfect for parents who need a break but don’t want to go too far, people feeling burned out at work, anyone on a budget, couples in a rut, or friends looking for a reunion.
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.
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.
Real Estate Bubbles: what are they, are we in one now, and why there’s no cause for alarm.
It’s natural to compare today to 2008, but this housing market is vastly different.
You can lean on our expertise! We’ve seen all types of markets, so reach out with questions.
With home prices soaring to levels never before seen, it is undeniable that the U.S. housing market is in uncharted territory, with many industry experts speculating that we’re in the midst of yet another housing bubble. However, like snowflakes, every bubble is created differently and is unique.
As mortgage rates rise and rumors of another crash in the housing market fill the news cycle, it may be tempting to get cold feet and postpone your homeownership dreams. But as we’ll explore below, it’s essential to understand the anatomy of housing bubbles, what causes them and why it’s a term you needn’t fear.
What exactly is a bubble within the housing market?
In basic terms, a real-estate bubble is a temporary economic event that occurs periodically and refers to an increase in the overall value of the housing market. When a bubble grows, home values increase; when a bubble pops, property values decrease.
Simple enough, but, what causes the housing market to experience bubbles?
Traditionally, the Law of Supply and Demand dictate a property’s market value. For example, when the demand for housing is high, and supply is low, home prices often rise, typically resulting in a seller’s market. Conversely, when housing supply is high but demand is low, market values fall, resulting in a buyer’s market. However, additional factors such as speculative investing, FOMO (Fear Of Missing Out) panic buying, and risky lending (such as occurred in the 2008 Housing Crash) are all elements that influence the growth and burst of housing market bubbles.
Why you don’t need to fear housing bubbles
We can always count on the old axiom in real estate: “You can never enter the same river twice.” (Fun fact: Greek philosopher Heraclitus came up with that lasting gem!)
What is meant by this is that history does not strictly repeat itself, and for us today in the real estate market, that means that it’s not 2008. As mentioned above, though the market moves in cyclical fashions, most experts do not believe that The Great Recession is repeating itself in today’s market.
2022 is not 2008 repeating itself
The infamous U.S. housing bubble of the mid-2000s had its origins in the unprecedented growth of the subprime mortgage market. Additionally, U.S. government-sponsored mortgage lenders Fannie Mae and Freddie Mac made home loans accessible to borrowers with low credit scores and a higher risk of defaulting on those loans.
None of this is happening today.
The current market demand is not the result of easy lending. Instead, today’s rising property values result from the natural market forces of a low supply in housing inventory meeting high demand. But with new home construction expected to surge in the second half of the year, this will help ease demand in the future and stabilize the market overall.
Regardless of whether you’re selling your home or are a first-time homebuyer, the key takeaway for you is this: today’s high home values are not likely to crash any time soon, so it is as good a time as any to enter the market.
You Can Count on Us in Uncertain Times
If you’re feeling unsure about whether to buy or sell a home right now, reach out and rely on our expertise to guide you to make a sound financial decision. Our team has the experience and knows our local market, so contact us today and we’ll work with you to find the right strategy for your situation.
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.
You are moving into a new home – it’s exciting but rather challenging. And we’re not thinking only of packing – some ‘hidden’ challenges will undoubtedly come your way if you’re not well-prepared. One of them is surely taking care of your furry friend while moving. Pets, especially dogs, can react nervously to the whole thing, making the process even more difficult. Luckily, there’s a way to avoid issues. Here are the best tips on moving to Orange County, VA with your dog.
Why Orange County, VA is great for people with pets
Not every place is good for pets. However, Orange County is undoubtedly one of the pet-friendly ones. Firstly, you can truly enjoy the outdoors – your dog can run, play and jump as much as it wants. There are several parks and other green spaces in cities such as Orange and Gordonsville. Also, most shops allow well-behaved dogs, allowing you to go shopping with your furry friend. Finally, you’ll be able to find a pet-friendly home as well – just be sure to set this as a priority in your house-hunting process.
How to make moving to Orange County, VA with your dog smooth and stress-free?
Relocations are not only stressful for humans – dogs can feel stressed out as well. The biggest reason for it is the disruption of their living space and adapting to the new environment. Dogs rely on the smells around them, so they can become pretty nervous once they need to move into an unfamiliar place. There are ways you can make moving with pets easier for your little friend and prepare for this task – so be sure to remember these tips when you start planning your move to Orange County, VA.
Let moving supplies be there for a while
Bringing new objects to the house can make your dog upset – especially if you start packing ‘their’ items into boxes. Thus, make sure you bring in moving supplies a bit before you need to start packing. This will allow your pet to get used to these items and have no issues once you start packing your household for the move. After going through all the steps of buying a property, hiring movers, and shopping for packing supplies, sitting in a house filled with packing materials might be the last thing you want. However, it’s what your dog needs, and that’s all that should matter.
Dogs are very sensitive to changes – make sure they don’t feel a thing when moving to a new home.
Figure out the transport details
Depending on where you’re coming from, you and your pet will spend more or less time in your car, or a plane, train, etc. Thus, it helps to figure out the transport details on time. If you’ll need a transport box, and your dog is not used to traveling in it – get one beforehand. Let it sit in your home for a couple of weeks, so your pet can get used to it. Put its favorite toys and snacks in this transport box, so the dog can see it’s a safe place to be.
In case you need to travel by plane, and this is the first time for your dog, it’s good to prepare it for it. Some people recommend going together through a car wash, which simulates the sounds and vibrations to the ones you feel on the plane. But most importantly, it’s essential that you are calm and that you speak to your dog in a calm, optimistic voice.
Stick to a routine
Moving house can disrupt your schedule a lot. However, it’s essential to stick to your dog’s routines as much as possible. This includes feeding and playtime and your routines when going for a walk. The routine will ensure your dog feels safe and calm even with all the changes around.
Always stick to the routines when moving to Orange County, VA with your dog
Bring all of your pet’s old items
It’s often recommended to declutter the old household before you start packing and throw away everything that you can replace with new items. However, when moving to Orange County, VA with your dog, try to keep most of the old things. Keep your dog’s old food and water bowls, bed, and toys. Once you arrive at the new bigger/smaller home, these items will help them feel secure and recognize the new place as their new home.
Visit the vet before moving to Orange County, VA
Pay a visit to your old vet before you relocate. They may be able to recommend a new vet in Orange County, VA. Also, they could write all the necessary prescriptions in case your dog takes therapy. Finally, make sure your pet is microchipped – with the updated address. This proved to be useful for pet owners whose pets escaped during the move as they were feeling anxious and scared. Finally, take care of all the documentation, especially when moving from another state or relocating internationally.
Schedule a visit to the pet before moving and get all the necessary documentation for a safe journey.
Keep your dog away on the moving day
Once all the boxes are packed and movers are about to arrive, it’s best to leave your dog in trusted hands but away from the house. Experienced moving companies, such as Zippy Shell NV, recommend you find a place where your furry friend will feel calm and safe. Ask a friend or a trusted dog sitter to take care of your pet while movers do their part. Strangers taking away items from your home are what dogs see as a threat, making them extremely nervous and sometimes aggressive.
Adapting to the new space
After the move, it’s time for the last step to introduce the dog to the new living space. Firstly, make sure the new home is safe for a pet – remove any hazards, close all the doors and windows and then let the dog into the house. As everything is new, your dog will explore the space by trying to smell and touch almost everything in the house. That’s why the environment must be safe for this new curious resident. Moving to Orange County, VA with your dog can be a wonderful experience – but you have to make it such.
Meta description: Moving to Orange County, VA with your dog in the days to come? Then read our article and learn how to get ready for it.
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.
Don’t miss this estate sale on: Saturday, April 2nd from 9am to 2pm at 6418 Marye Rd, Woodford Virginia 22580! There will be furniture, dishware, pots + pans, Knick knacks, tools, yard tools and so much more. Come on by and check it out!
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.
It takes a lot of responsibility to pick a perfect destination for your family. Even if you and your partner have just gotten married and plan to relocate, choosing a family-friendly location might be on your mind. A new home should be suitable for your lifestyle, budget, and personal preferences. And when a move involves more family members, these criteria seem to expand. The State of Virginia is becoming more and more popular these days, with one of its counties standing out. Orange County, VA is perfect for families – and this guide will tell you all the reasons why. Let’s see if this is where you start looking for a new home with your loved ones.
Orange County, VA basic information
Firstly, let’s get to know this county better before we point out all its family-friendly features. Orange County is located in the Central Piedmont region of the Commonwealth of Virginia. Its seat is located in Orange, a small town of about 5,000 residents. The county itself has a population of about 36,000, which seems to be just enough for a family-friendly lifestyle many parents are looking for. But, what’s so special about this country and why it’s perfect for those moving with a family?
Reasons Orange County, VA is family-friendly
Choosing a place where your family can thrive and enjoy life and be safe and peaceful is challenging these days. Orange Country seems to fit that description, and it’s often chosen by families to be their new home. And both first-time homebuyers and seasoned investors consider this area to be the perfect family-friendly zone.
You can have all the peace you want
The peaceful, laid-back lifestyle their residents lead is the main thing people notice about towns in Orange County. Those who currently live in a big city probably want to get away from all the hustle and bustle, and Orange County may just be the place to go. The small-town atmosphere brings the feeling of safety and belonging, making it easy to raise kids. People know each other in these small communities, which can be very beneficial in these challenging years of being a parent of young kids.
Access to nature
Spending time close to nature and away from all the technologies seems to be a luxury in today’s world. Well, it’s a common thing in Orange County, which is such a benefit when it comes to raising kids. To enjoy the natural scenery and fresh air whenever you want often feels precious. Visit the Lake of the Woods and find a place to have a picnic with your loved ones, and you’ll understand why this is the right place to be.
Reminder: spending a day in nature is not the only thing you can do here. There are different activities you can try out and have fun after moving to Orange County.
Kids love nature and animals – let them be close as much as possible.
Less traffic
Orange County communities are relatively small, which results in fewer cars and less traffic. This makes the place a lot safer for kids and ensures parents spend less time in traffic. It’s easier to go to work, go shopping and reach the main airports in the area. People here use cars for longer commutes but like to get around on foot and practice a healthy lifestyle.
Being able to ride a bike without running away from traffic makes Orange County, VA perfect for families.
Where to move – top places in Orange County, VA
After you’re sure that Orange County, VA is perfect for your family, it’s time to research the best places to move. Some of the popular locations include:
Orange – located close to Charlottesville, the area is filled with small businesses, and most of the residents are people with kids or retirees. Good-quality schools attract more and more parents every year;
Lake of the Woods – many parks, two pools, and great schools make this place one of the perfect options for those moving with kids;
Gordonsville is the best place for those looking for a small American town charm and real suburban feel. Moreover, if you are thinking about buying a vacation home in Virginia, this area might be the perfect place for doing so.
Moving to Orange County, VA with your family – how to do it stress-free?
Packing and moving an entire household along with your kids may seem too big of a challenge for parents. That’s why you need to be ahead of it and plan this move in a way that predicts all the potential issues so you can have the smoothest relocation ever. Undoubtedly, the focus of this move should be safety. Unfortunately, many things can go wrong during relocation. Thus, it’s easy to understand that children are your primary concern as you won’t have a task that’s more important than keeping your kids safe on moving day.
Do as much as you can in advance
Moving house is a process that consists of so many steps related to packing, cleaning, documentation, etc. The easiest way to have a stress-free moving day is to plan everything ahead of time and do as many tasks as possible long before the big day comes. Make a list to keep track of all the tasks that await and tick them off as you finish.
Have a team you can trust
The moving business has grown a lot, which led to an increased number of unprofessional and even fraudulent companies. Experienced movers such as Excalibur Moving and Storage have experience with customers who have learned a thing or two about moving scams the hard way, so they recommend you research the companies in detail before making the final choice. Compare their services and fees, explore their website and read the reviews. Finally, see if you can get a recommendation from someone you trust and hire a team that will help you relocate easily.
Include your kids
Depending on the age of your children, this move can be more or less complicated. However, try to include them in the process by talking about the move, asking them to help with the packing, and having a vote in making certain decisions. Appreciating their opinion will help them feel important, valued, and more willing to help you out as a result.
Moving doesn’t need to be stressful and overwhelming – include the kids and make it fun.
So, do you agree that Orange County, VA is perfect for families? We believe you do – start exploring this area and look for an ideal home where you can make new memories with your loved ones.
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.
Oil and gas prices are the highest in United States history!
Individuals and families are shifting how they think about housing, from suburban versus urban to downsizing or going multigenerational.
It’s critical to work with an agent who understands the right fit for you and your family.
Record-high oil and gas prices are changing home buying and selling
It’s difficult to escape the news: gas prices are surging across the nation, with the increase averaging $1 per gallon. With costs at historical highs, the ripple effect changes how we think about everything. That includes the largest line item on any household’s budget: their home. How will this new reality change how people buy and sell real estate? Let’s take a look at some of the main considerations.
Urban Versus Suburban
Traditional wisdom says that the suburbs are more affordable with their long commutes, while cities are expensive due to more amenities and desirability. But when the daily commute costs more than it ever has in the history of the country, the conventional advice isn’t necessarily the right move for everyone.
To judge whether relocating from the suburban to the urban is right for you, take a look at the commute time, proximity of local amenities, and public transportation. Some urban centers offer more robust and reliable options for getting around, while others are still heavily car-dependent. If moving into the city won’t get you out of your car, the suburbs are still a good choice. But big city living is an attractive option if you can reduce how often your family drives—or even go from a multi-car family to a single vehicle.
Reconsider Your Housing Footprint
The size of a home is always a big consideration when you’re looking at your next place. Right now, there’s the added pressure of the costs of heating and cooling a home to consider when you think about total square footage. On average, the cost of natural gas is up 24% in February 2022 compared to the previous year, and electricity is up 9%.
Downsizing can be a smart reason to sell your home and buy a new one, especially if your family situation has changed and you don’t need as much space. With less to heat, cool, and maintain, finding a home that’s just the right size for the stage of life you’re in is something your agent can help you with.
During the COVID-19 pandemic, families started moving back in together at rising rates. Now, more than 40% of homebuyers consider multigenerational living in their purchasing decision. New developments are dedicated to building homes and communities that accommodate people at different stages of their lives. And, if the family situation changes, being able to rent out a dedicated space is an excellent source of passive income.
Whether you’re looking to go small by yourself or go big and share the costs, homes that are renovated with energy-efficient appliances, or new construction with the latest smart home technologies, are especially attractive. These are smart decisions to make now that will also save you costs in the long run, even when oil and gas prices stabilize.
Act Fast to Lock in Interest Rates
Gas prices are tied closely to mortgage rates. Yep, it really does affect everything! Mortgage lenders want to have an extra cushion over inflation when they set rates, and with the rise of oil and gas prices, interest rates will get pushed up too. If you’re buying a home, it’s time to get serious about making offers. Higher mortgage rates will impact what you can afford.
For sellers, this can impact the white-hot housing market streak that was the dominant theme for the last few years. With interest rates set to rise, home sellers may want to be flexible about offers, in case the market shifts dramatically as interest rates go up throughout the remainder of the year. Of course, this varies widely by market, and you’ll want to consult your agent before making any decisions on offers on your home.
Make Your Move
There’s no time to wait—with the market changing this rapidly, you’ll want to leave yourself enough time to have options and make a well-informed decision. That’s why you need to work with an agent that understands the ups and downs of this historic market and considers the needs of you and your family. Contact us today to get started!
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 historic low housing inventory creates value opportunities in competitive housing markets.
Anticipation of new home listings to hit a 10-year high as some owners see right now as the best time to sell.
Condo and rental demand are likely to surge as inventory supply chain issues impact the housing market.
This Year Will Bring Balance to the Housing Market
After two consecutive years in which words like “unprecedented,” “historic,” and “white-hot” have been buzzing about, we can now add “inflation” to the list.
What is inflation, and how will it affect the real estate market in 2022?
Real estate is not immune from the inflationary effects of declining purchasing power on an economy. When prices go up, so do the costs associated with real estate. In a nutshell, that’s how inflation works; like a rising tide lifts all boats, so does inflation with rising costs. However, there are always reasons to be genuinely confident in real estate’s proven ability to hedge against inflation and be profitable.
Here are three particulars and tips to help you navigate these inflationary waters and better prepare you to make your move when you decide it’s time to do so.
#1: Low Housing Inventory Drives Values
With the market expected to remain undersupplied throughout the year and with this year already seeing historic low numbers in housing inventory, continued supply chain issues, and material costs resulting from inflationary pressure will undoubtedly influence the market. Many analysts are anticipating a modest 3% growth in home values, compared to the 24% return that last year saw.
Historically, it is well-documented that real estate remains profitable when inflation affects an economy. One reason is that landlords can always pass their cost increases off to their tenants. But the real lesson here is the age-old axiom that scarcity creates value. So instead of seeing the record-low number of housing inventory as something to steer clear of, it means that while there may be much competition in home buying, that’s because of the value of being a homeowner.
#2: New Listings to Hit 10-Year High
The end of double-digit price growth in home values will also encourage more homeowners to cash out finally, which will create more inventory in the market. But as the market settles down and becomes more balanced, homeowners will also be more inclined to list their homes to offset inflationary pressures elsewhere, though it will not be enough to meet the expected historical demand in 2022. This increase in listings of existing homes will also coincide with a slight increase in the listings of newly constructed homes, similarly expected to be the highest in a decade.
New home inventory should increase from 2021’s bottom, but we anticipate the market will remain undersupplied. In particular, the entry-level supply of new home construction will remain highly constrained.
#3: Condo and Rental Demand Will Take Off
2022 will also see the end of mortgage forbearance, which along with inflationary pressures, will cause many homeowners to sell and rent instead. This surge in rental costs and demand will create opportunities for others looking to get into the housing market. As a result, expect rents to increase 7% by the end of 2022, more than double the predicted year-over-year growth in home prices of 3%, once again proving that homeownership is always a more reliable use and investment of your money.
As the pandemic subsides, more people will live in cities once again where renting is more common. Additionally, the strong labor market will cause many movers wanting to move into a new town the opportunity to get to know their new city before they commit to homeownership.
The Market Is Moving—Get Started Now
There’s always much to consider when buying a new home. Whether you’re a first-time home buyer or looking for your next, understanding the more significant economic trends is always important to maximize your efforts’ success. So contact us today and let us know how we can help support you in your journey.
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.
There are many concerns that might discourage you from purchasing property during winter. You might be worried about what the weather conditions would mean for your move. You might want to wait for the peak house selling season. After all, if most people buy during that period, there must be something to it, right? Or you might want to take advantage of the sleepy season to rest. However, to truly know whether or not you should go for buying a house in Orange County, VA, in winter, you need to be aware of the advantages and drawbacks of the process.
Much less competition vs. fewer houses on the market
When buying a house during winter in Virginia, it is essential to know you are doing so at the peak of the off-season. This means that the housing market will be much less vibrant than it otherwise would be. Now, looking to buy a home, this can certainly be an advantage! Fewer competitors mean you will not have to deal with an exhausting rush to get at the best properties before someone else snatches them up. Unfortunately, not everything is ideal. The sellers know that the peak season is the best time to offload their property, so most will choose not to put up their homes for sale during winter, which results in a smaller selection of available homes.
It is easier to find excellent movers vs. it is harder to move
Of course, an important part of the process is moving into your new home. Here, too, you are in luck regarding the available resources. Even if you are moving long-distance, hiring movers with ample experience won’t be a problem, and you will organize your entire relocation quickly and easily. Due to the housing market being in a lull, movers will generally be more relaxed and have far more open schedules. Yet, it does mean having to tackle the wintry conditions to get your move done. Winters in Virginia might not be as severe as they can get elsewhere, but the temperatures and snow are still nothing to sneeze at. You will need to be extra careful to ensure all of your belongings arrive at your new home in perfect condition.
You will have to deal with hazardous road conditions when buying a house in Orange County, VA, in winter.
More time to get things done vs. moving at an awkward time
Winter typically means winter holidays and having plenty of time off work to get everything done. This means that you can get tons done during this period, especially if you take the time to make a plan of action in advance. And at a leisurely pace, too! You wouldn’t need to rush from work to realtor to home, where you’d be making tons of last-minute calls. On the other hand, this can be a somewhat awkward time of year to move. Work and school are only starting to get into the swing of things. Finding a job can be more difficult if you are moving long-distance. And your kids would have to jump into a new school just as things are getting serious.
If buying a house in Orange County, VA, in winter, you will be able to take time off the purchase to distress and have fun with the family.
Realtors are more available vs. things tend to go slowly
Finding a good real estate agent is a nightmare during the peak seasons for the housing market, whether you are looking to sell your old home or buy a new one. So, being able to have your pick of the best realtors can be a serious boon for your house-hunting efforts. Unfortunately, if you are hoping your top-of-the-line real estate agent will help you get the whole ordeal done within an instant, you would be disappointed. The housing market in the off-season tends to make everything go much more slowly, which can be a good thing! Still, if you are in a rush, you might find yourself feeling frustrated.
Prices of real estate are lower vs. less likely to find homes with newer amenities
Due to less competition and things going more slowly, the prices of real estate during this period are typically much lower. After all, prices can be artificially inflated when multiple people compete over a single property. If someone wants it badly enough, they might be willing to pay well over what is reasonable. So, the prices during winter can make you feel like you are getting away with a steal. The moving experts from Fairfax Transfer and Storage note that moving prices are also lower during this season! And yet, sellers know this fact as well. This means that those in possession of particularly valuable pieces of real estate, or those whose homes boast top amenities, tend to hold off on selling until the peak season comes around.
Ascertaining the condition of houses is easier vs. the weather makes viewing more difficult
A tricky part of going house hunting during peak housing market seasons is that good weather makes it hard to tell whether houses are actually in good condition. After all, both mold and water damage can be covered up with relatively low expenses without treating the root cause. On the other hand, doing your viewing during the peak of the winter season makes it much more likely for you to detect problems with the homes you like. It is hard to cover up issues if the roof is leaking right in front of prospective buyers! Still, the cold weather and the way holidays affect real estate can make it more challenging to schedule and attend viewings. It is harder to feel motivated to snoop around when you feel like you are freezing.
Knowing how well the property can withstand the cold is one of the best things about buying a house in Orange County, VA, in winter.
Final word
Now that you know more about buying a house in Orange County, VA, in winter, it is up to you to decide whether this would be the right time for you to make a move. Just remember to carefully balance the pros and cons before deciding, and you will be just fine!
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Join us today as we discuss buying a house in Orange County, VA, in winter so you can decide whether you want to take advantage of the season or wait.
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.
