Tag Archives: information

Gorgeous Home On Private Lot in Lake of the Woods, VA! 304 Gold Valley Road Now SOLD!!

Craving space? You’ll love this great house, located in amenity rich Lake of the Woods, offers! The house is perfectly situated on a private lot that backs to trees for privacy. The inside delights with a spacious living room and the kitchen/dining area on the main level, with access to sunroom through the dining area. The upper level is where you will find the master bedroom with attached full bath and large closet, along with the other two bedrooms. If that isn’t enough, the lower level features a family room, laundry and another full bath! The oversized garage with workshop is perfect for the car enthusiast or woodworking, gardening or even for a craft area. Enjoy sitting in the sunroom that backs to a very private, level yard. For more information on 304 Gold Valley Road, Click Here!

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.

Beautiful Home With Screen Porch in Lake of the Woods, VA! 1302 Lakeview Pkwy Now SOLD!!

Welcomes you to 1302 Lakeview Parkway! You will be delighted with the open floor plan. The spacious kitchen has ample counter and cabinet space that will make entertaining and cooking a breeze. The great room is full of light with a corner gas fireplace to keep you cozy on those cool nights. The master suite is spacious with an en-suite master bath. The screen porch is private to entertain or relax with your favorite beverage. That’s not all…. You will love the built in storage in the garage! For more info on 1302 Lakeview Pkwy, Click Here!

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.

Stellar Home With Cathedral Ceilings and Updated Kitchen in Lake of the Woods! 208 Westover Pkwy Now SOLD!!

Welcome to 208 Westover Parkway! Step inside to be delighted by the open floor plan, cathedral ceilings, and fine finishes. You will love the stylish, updated kitchen that is bright, beautiful, and features black/stainless steel appliances, upgraded quartz counter tops, tile back splash and a large island. The living room is spacious with a grand window that allows so much natural light and features a fireplace to warm up to on those cool nights. The master suite offers an en-suite bath and entrance to the deck, where you can relax and enjoy your favorite beverage and take in the view of the private tree lined yard. Two additional bedrooms, another full bath and a dining area complete the main level. There’s more: the lower level boasts a family room and laundry room with half bath. The oversized two car garage provides ample space for parking and storage. The private, level yard is picture perfect! For more information on 208 Westover Pkwy, Click Here!

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.

Beautiful House With Cathedral Ceilings in Lake of the Woods! 1209 Confederate Drive Now SOLD!!

If privacy and space is what you crave then 1209 Confederate Drive is the one for you! Once inside, you are delighted by the open floor plan, cathedral ceilings and gas fireplace. Enjoy preparing meals in this stylish kitchen with stainless steel appliances, ample cabinets, breakfast area, pantry and breakfast area. You will love the master suite with fireplace, walk in closet and the master bath has soaking tub and double vanities. The lower-level is perfect with a light filled family room, bar and two more bedrooms with full bath. Relax on your deck and enjoy a private tree lined yard. For more information on 1209 Confederate Drive, Click Here!

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.

Beautiful Custom-Built House For Sale in Lake of the Woods, VA! 312 Battlefield Road Now SOLD!!

Welcome to 312 Battlefield Road! This beautiful custom-built home, nestled in the trees, and move in ready will delight from the moment you drive up. Once you enter, you are welcomed by gleaming hardwood floors, a great room with gas fireplace, fine finishes throughout, and a sought-after open floor plan! The kitchen has upgraded appliances, pantry and a large island! You will love the master suite that is so inviting and spacious. The en-suite master bath has a double vanity and a gorgeous tiled shower with jets. Two more spacious bedrooms, full bath and laundry room complete the main level. Enjoy sitting on the screened porch with your favorite beverage off the master suite. The lower level features a family room with gas fireplace, a 4th bedroom and half bath. That is not all…. off the lower level patio is a separate room that can be used as a garden potting room and also a workshop and storage. Imagine sitting on your deck listening to all the sounds of nature, entertaining family and friends or just relaxing. A whole house generator conveys with automatic transfer! For more information on 312 Battlefield Road, Click Here!

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.

Four Biggest Questions Regarding the Coronavirus and the Housing Market Part 4 of 4

 As we come to the end of this four-part series, we look to examine the outcome that we will face once this is all over. With that in mind, we ask ourselves the final question; are we going to see the same outcome and devastation that we saw in 2008?

One of the key factors in buying and selling a home is the confidence that people have, and in times like these, memories of past experiences come back to us as we recall all the uncertainties that we faced. But the focus cannot be on what has occurred in the past, but rather what is occurring today and the days to come. With that, we look to see what is being said from the Federal Housing Administration.  

The Federal Housing Administration indicated it is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days. The Federal Housing Finance Agency announced it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.”

What we are seeing is things in 2008 that we got wrong that you are now seeing the government respond to in regard to the needs that the consumers and the industry have so that It doesn’t happen again. We are seeing how banks are going to respond individually to borrowers in those situations. Actions like this show that the way this is being handled is significantly different than back then, and there are also structural actions that we can look at that are very different now. The visuals provided below will help to better illustrate this.

This first visual shows us exactly where we were in 2008, and what you’ll notice is that there were $828 Billion in cash out refinances back then, and homes were basically being used as ATM machines to which cash was being taken out to harvest equity from their home, a lot of which was being put in depreciating assets. When we start to look at today in the last 3 years, cash out refinances are a fraction of what they were leading up to 2008. What this entails, is that people have learned their lesson and are no longer doing what they have done in the past with the equity in their homes, and today the equity position is very different than what it once was, with over 50% of homes in the united states having over 50% equity. In 2008, people were walking away from homes when they had negative equity, but that is no longer the case.

We are in a very different situation today than we were back then. Those that fail to learn from history are doomed to repeat it, and its fair to say that the government and the American people have learned their lesson.

As we started out this year, we saw a market where income is rising, and mortgage rates have been falling. What this has created is a drop for the historic norm in the payment as a % of income, as demonstrated in the visual above. Historically speaking, the norm percentage of income that has been dedicated to their mortgage has been 21.2%, and right now what we’ve seen leading into this, is that number being 14.8%. This is significantly lower than the historic norm speaking in leverage to the consumer in relative to housing.

In conclusion, what we are seeing now and, in the months/years to come is not going to be the same as we saw after the crash in 2008. Homeowners have learned from their past mistakes, and the government is taking the necessary precautions to ensure that history does not repeat itself. While the uncertainty factor remains for a lot of what is occurring in the county and the world, it can be said with confidence that we will come out of this stronger, and better than going into it.

We hope that this four-part series has shed some light into the biggest questions that you may have right now. If you have any other questions about the current market and what’s to come, feel free to give us a call at (540) 388-2541.

Four Biggest Questions Regarding the Coronavirus and the Housing Market Part 3 of 4

Moving into part three of our four part series, the next question that we need to ask is: Are we headed towards another recession, and what does that mean?

When we talk about where we are today, the reality is that we can feel the slowdown occurring across the county, and it will continue to have an impact on economic activity. When addressing this question/concern, we have to ask ourselves what a recession truly is. A recession is a slowdown in economic activity. Now when we hear the word “recession” we immediately have these ideas and thoughts of what the prior recession was. If we talk about an economic slowdown, it’s very different, and keeping that in mind as we continue to talk about it is critically important in these times. To help discuss this, we’ll turn to the experts. Bill McBride from Calculated Risk had this to say:

“With this sudden economic stop, and with many states shutting down by closing down schools, bars restaurants etc. my view is the US economy is now in a recession (started in March 2020), and GDP will decline sharply in Q2 (as Goldman Sachs is forecasting). The length of the recession will depend on the course of the pandemic.”

Now certainly we can say that we are feeling this slowdown, and it can be said that we will continue to feel this throughout the course of the pandemic. If we look at where we were in 2008 compared to today, 2008 was like a tornado that had ripped through our town and tore things that had to be slowly rebuilt over time, and what we are experiencing today is a heavy snowstorm that is shutting things down. What we do know is that as time moves on, we will start to see things open back up again. We will be able to go to bars, restaurants and sporting events with the only challenge being getting into these places as everyone is going to be out and about.

Looking at that graphically speaking, the figure above provided by Goldman Sachs begins to show a “V” of recovery, and not a “U” like we saw in 2008, being a sharp decline followed by a sharp increase displaying further strong gains as we head into 2021. When looking at what the experts have to say, Wells Fargo agrees as well, saying “We do not expect a repeat of the severe recession of 2008-2009, because the virus and oil shocks are not endemic to the financial system, but are, rather, external. Once the virus infection rate peaks, we expect a recovery to gain momentum into the final quarter of the year and especially into 2021.”

Referring back to the analogy previously used, we will not have to rebuild our financial system like in 2008. Once the snow melts from this current storm, things will kick in, and that’s why we see that “V” curve instead of the “U” curve.

So rather than use the actual word “recession” we should look to use the definition, being an “economic slowdown” and if that does happen, we need to look at our history of events that have shown similarities to what is occurring, and what we can expect to see moving forward. The visual provided below shows what has occurred with changes in home price over the last 5 recessions.

What we can see from this graphic is that in three of the last five recessions, home prices actually increased as a result. We did see a slight decrease in 1991, but what we all really remember is the significant decrease shown in 2008.

The message that needs to be taken from this is that recession does not equal a housing crisis.

Four Biggest Questions Regarding Coronavirus and the Housing Market Part 2 of 4

As we continue to look for answers to some of the biggest questions surrounding this crisis, we start to wonder what kind of effect the stock market has on the housing market, and how much of an impact we will see as a result. We begin by asking ourselves; When the stock market goes down as quickly has it has been, does it have a tremendous effect on home prices?

Often the best answers to questions is another question itself, and in this case, we look to the last crisis that occurred; being the crash of 2008.  So, we ask, will this be just like 2008?

To help answer this, we take a look at the graph provided above which shows the crash of 2008, to the S&P Correction of the same time. The graph illustrates the S&P Correction at 51% during that time, and the Annual Home Price Deprecation that occurred just under 20%.

In a quote by David Rosenberg, he explains that what we are experiencing now has more in common with what we experienced in 2001 (9/11) than with 2008.

“What 9/11 has in common with what is happening today is that this shock has also generated fear, angst, and anxiety among the general public. People avoided crowds then as they believed another terrorist attack was coming and are acting the same today to avoid getting sick. The same parts of the economy are under pressure – airlines, leisure, hospitality, restaurants, entertainment – consumer discretionary services in general.” – David Rosenberg, Gluskin Sheff + Associates Inc.’s Chief Economist.

When breaking down what was said by Mr. Rosenberg, we can see that this event lines up more with how we acted when 9/11 occurred. To help better illustrate this comparison, we will look at the graph below similarly as we did for 2008, but instead observe what occurred with 9/11 as well as the Dot.com crash.

Here we can see that the S&P Correction was at 45%, however cumulatively over the same time, Housing Price Appreciation was up almost 24%. This shows that housing reacted very differently during 9/11 and the Dot.com crash compared to how it reacted in 2008. This visual helps make the case that it’s not unreasonable to say that if what we’re experiencing right now is a lot more like 9/11 and not 2008,  than the housing market will react a lot more like it did during 9/11 and the Dot.com crash than it did in 2008. Annual Home Price Appreciation reacted very well, and based of off what’s occurred so far, we can make the argument that we are seeing similar situations now.

When this year (2020) began, the housing market was off to a tremendous start, with home sale reports showing the highest number of houses sold within the last 13 years, on an annual basis. While a bit of a slowdown has occurred due to the events going on, we can say that when this is all over, and it will be, we can expect the market to come roaring back and continue that trend that started the year off.

foreclosure and short sales

Short Sale & Foreclosure: How Are They Different?

Short Sale & Foreclosure: How Are They Different?

As unfortunate as it can be when homeowners fall behind on mortgage payments and must face the possibility of losing their homes, short sales and foreclosures provide them options for moving on financially. The terms are often used interchangeably, but they’re actually quite different, with varying timelines and financial impact on the homeowner. Here’s a brief overview.
A short sale comes into play when a homeowner needs to sell their home but the home is worth less than the remaining balance that they owe. The lender can allow the homeowner to sell the home for less than the amount owed, freeing the homeowner from the financial predicament.
On the buyer side, short sales typically take three to four months to complete and many of the closing and repair costs are shifted from the seller to the lender.
On the other hand, a foreclosure occurs when a homeowner can no longer make payments on their home so the bank begins the process of repossessing it. A foreclosure usually moves much faster than a short sale and is more financially damaging to the homeowner.
After foreclosure the bank can sell the home in a foreclosure auction. For buyers, foreclosures are riskier than short sales, because homes are often bought sight unseen, with no inspection or warranty.

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.

Should You Hire a Real Estate Agent or Lawyer When Buying a Property

When you’re thinking about buying property, one of the first questions that pop to mind is, “Should I do this on my own or hire some assistance?” In a huge majority of cases, the answer is that doing everything on your own will make the process much, much harder, and we’d also be very surprised if you got a good deal without some assistance. In most cases, the only real question is: “Should I hire a real estate agent or a lawyer?” Both can be of invaluable assistance when it’s time to buy a property, but the ways they can help differ. 

Why You Should Hire a Lawyer

What makes a real estate agent different from a lawyer when it comes to buying a property? First of all, by law, real estate agents cannot give legal advice. While you are not obligated by law to hire a lawyer when buying a property here (unlike in some other states), you may have some legal questions that only a lawyer can answer. For example, you may want to rent a property for some time (let’s say for a year) before making the decision on whether you should buy the property or not. If the seller agrees to that, an attorney can draft this unusual contract and provide legal advice on the matter that a real estate agent could not.

A good lawyer will help you by answering all the legal questions that a real estate agent cannot lawfully answer.

As lawyers charge an hourly fee, before buying a property and moving in with the help of experienced professionals from dumbomoving.com, it’s a good idea to make a list of all the legal questions you may have and arrange a meeting with an attorney. Then, you can ask everything you need, as well as make arrangements on all the additional services you may need that a real estate agent can’t help you with (drafting the contract from the previous paragraph, for example).

Why You Should Hire a Real Estate Agent

While a lawyer will help you with some specific parts of the home buying procedure, you’ll still need to hire a real estate agent as well. A real estate professional will be with you every step of the way, acting as a sort of a guide to your home buying process. And if you’re buying a property, you’ll be pleased to learn that sellers are the ones who will pay the agents of both parties. The commission is usually 10 percent of the arranged home price, divided equally between the two agents. The logic behind this rule is that sellers will be receiving a lot of money, and so they should be the ones to pay all agents who will take care of the buying-selling process.

So, if you hire a real estate agent, your wallet won’t have a problem with that; you will basically get an invaluable service for free. And what exactly does that service entail? Buying a property is a complex procedure – lots of paperwork will need to be done, inspectors will need to be hired, a comparative home prices analysis will need to be prepared, etc. While some lawyers will try to convince you that they can do everything on their own, that is most often not the case. Real estate professionals will be better at all of these tasks, simply because they have dedicated their lives to buying and selling real estate; they have much more experience and they know how to use it.

Apart from many other ways that a real estate agent can help you, he or she will be able to find a perfect house for you in the specified neighborhood.

This gives them an edge in all sorts of home-buying tasks. Apart from the ones we have already mentioned, they are also much better at negotiating. Let’s say that, for example, some parts of the home will need to be fixed. You’ll need to determine whether you or the seller will be the one who has to make these repairs. In this case, a good real estate agent will help you negotiate an arrangement that is better for you financially. What’s more, an experienced real estate agent who is a good fit for you will be acquainted with the neighborhood where you’re looking for your dream home. He or she will know just what to look for based on your description.

Additional Things to Have in Mind

So, should you hire a real estate agent or a lawyer? The answer is – why not both? Combining the individual strengths of these two professions will get you the best deal. Rely on attorneys for legal advice that a real estate agent cannot offer, and hire a real estate agent for everything else.

Before you hire a real estate agent and a lawyer who will seal the deal, you’ll need to have some things in mind. Alt text: A man signing a contract.

Still, simply hiring any real estate agent and lawyer is not enough; you will need to find a dependable and competent real estate agent, and the same goes for your lawyer. Here is what to look out for:

  • Sometimes, it may so happen that an opportunity to share a real estate agent with the seller emerges. In our opinion, that would be wrong to do. As real estate agents make a living off of commissions, they might be looking for the sellers’ best interest in this situation and not yours. Ethical agents who won’t do this certainly exist, but it’s best to be on the safe side anyway.
  • Real estate agents may press you to offer a higher price because of similarly unethical reasons. The more you pay, the larger their commission, after all. What’s more, some of them will be afraid to negotiate because doing so might mean that they won’t get to close the deal. If it seems that your agent doesn’t respect your opinion and is only looking to close the deal as soon as possible, it is best to find a different agent. Doing research on your own regarding home prices in the given neighborhood will help you avoid such unpleasant situations.
  • Most lawyers prefer to be hired and paid only after the home buying process is complete. However, it may suit you more to only pay for one consulting session or one or two specific tasks. That can be arranged, just have the arrangement in writing (better safe than sorry).

Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Norther 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 lakeofthewoodsvirginia.com