Automatic estimator tools are popular amongst homeowners and sellers, but they aren’t always the most reliable.
In some instances, these estimators can be off by thousands of dollars due to inaccurate data.
If you’re looking for a better way to determine your home’s market value, give us a call to get started!
Exposing the Inaccuracies of Automatic Home Estimators
If you own a home, you’ve probably wondered how much its value has increased since you first moved in. And while using an online estimator might seem convenient, you could end up with some pretty inaccurate numbers—and that’s bad news for sellers in today’s competitive market.
Want to make the most of your equity and find out how much your home is really worth? Here’s why working with a local real estate agent will always be better than trusting an “automatic” estimate.
Most estimators rely on user-reported data or algorithms
Many homeowners believe that instant estimates are similar to a professional appraisal, but this simply isn’t the case. To generate a possible selling price, these real estate sites rely on potentially outdated algorithms that use property tax assessments, historic sold data, and user-reported information. Some estimators even use AI to scan photos of your home, which leaves ample room for error.
Estimators won’t take recent improvements into account
If you’ve made any larger improvements to your home, they may not get calculated into your instant estimate. Generally, most estimators will include any permitted work that’s noted on your latest tax assessment. But if you completed a project that didn’t require permits, it probably won’t influence the estimate.
For example, if you recently finished a kitchen renovation and didn’t have to take out a construction permit, an estimator could value your kitchen based on how it was before any upgrades. And if you rely on these incorrect numbers, you could shortchange your equity without even knowing it!
Your estimate could be off by thousands of dollars
Perhaps the biggest issue with automatic home estimators is their overall accuracy—or lack thereof. While most claim to be within 10% of a home’s real market value, that 10% could equal tens of thousands of dollars. When you look at the numbers, that’s a potential difference of $30,000 for a home worth $300,000!
Above all, it’s important to remember that these estimators will never substitute a professional valuation. If you’re really serious about selling your home or learning its value, it’s better to work with a local real estate agent instead—and take an estimator’s opinion with a grain of salt.
Bottom Line: Only Price Your Home with a Local Agent
Want to know your home’s true value? Don’t trust a computer—start by consulting your local real estate agent! As area experts, we know how to calculate just how much your home could sell for in today’s competitive market. We can even take your renovations and recent sold data into account for an added level of accuracy.
Get Top Dollar for Your Home
Whether you’re thinking about selling your home or just want to know its value, you can trust us to help with all of your real estate needs. Contact us to request a complimentary home valuation, or just give us a call with any questions—we’d be happy to chat!
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
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
The picturesque setting is the perfect backdrop for this spectacular, one of a kind custom built home on 7+ private acres with pond close to everything Fredericksburg/Spotsy has to offer. You are welcomed by a grand, inviting front porch that provides a glimpse of what’s to come inside while providing gorgeous views outside. Once you enter, you are wowed by the incredible soaring ceilings, gleaming hardwood floors, and overall grandeur of this fabulous home. As you enter the living room, the true center of the home, you will make memories with family and friends gathering, enjoying the soaring ceilings and warmth of the gas fireplace. The gourmet kitchen is also grand in size, offering all the fine finishes you can imagine: granite countertops, upgraded cabinets, grand island with wet sink, and stainless steel high end appliances. With ease, you will enjoy your morning coffee and paper on the screened porch, accessible from both kitchen and living room. The light-filled formal dining room flows graciously from the kitchen–perfect for those large holiday gatherings.
The laundry room, tucked away behind pocket doors, will be the envy of all. There’s plenty of room for washer, dryer, cabinets, sink and folding area. A sought after main level owner’s suite offers french doors to the deck overlooking the inground pool, and gorgeous pastoral, wooded views. The owner’s bath provides all the amenities you’d expect: elegant soaking tub, double granite vanity, private shower, and huge walk in closet. The stunning open stairway leads to the upper level, boasting a loft overlooking the living room and two spacious bedrooms, each with en-suite baths. The lower level will delight with an additional bedroom, full bath, office/flex space, exercise room and expansive family room with french doors that lead to the patio. Off of the patio, which features built in bar seating, lies the amazing inground pool. Wait… there’s more! Above the garage you’ll find an incredible in-law/teen suite (with inside main house access), which includes a full kitchen, center island, dining room, family room and bedroom with en-suite full bath. Wait…there’s even more! The possibilities are totally endless for the barn: run a business, house your car collection, use as a workshop, or as an office. While a picture paints a thousand words, you truly must see this special offering. For more information on 12605 Mill Road, Click 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
In November, 20 homes sold in Lake of the Woods. 1 sold between $130-200,000; 4 sold between $200-249,000; 4 sold between $249,900-299,000; 9 sold between $300-399,000; 2 sold between $400-599,000;
18 Active Listings for Sale 51 Homes Under Contract 286 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.
Whether you’re looking to buy a house for aging in place or to accommodate your current accessibility needs, there are so many things to consider as the owner of a home-based business. In addition to looking for a house with wide hallways and doorways, zero-step entrances, and other accessible features, you’ll need plenty of open space for your home office.
The Licata Group can help you with your search. Here are more tips to buy an accessible home that accommodates you and your home-based business.
What to Look for in Your New Home
As you prepare to buy an accessible home for living and doing business, an experienced real estate agent will be an incredible asset. Your agent can help you to search for homes that meet your budget, location preferences, and accessibility needs — while also keeping the needs of your business, clients, and employees in mind as well.
Depending on your personal and professional needs, several types of home features to look for include the following:
A spacious room with an open floor plan, wide door, lower light switches, and good lighting that can be used for your home office
A fully accessible bathroom that’s located near the office
Single-story floor plans
Non-slip flooring
Doors with lever-style handles
Ample parking for guests and employees
Space for a waiting room that can be used by your guests
If you can’t find a fully accessible home that accommodates the needs of you and your business, you could modify the property later on. MoneyGeek offers some tips on modifying a home for accessibility purposes and paying for the renovations with loans and grants.
Accessible Home Office Essentials
After buying a home that accommodates you and your business, you’ll need to create an accessible office space. Wheel Chic Home shares some tips on choosing an accessible space for an office and furnishing it with an adjustable desk and chair, shelves, and multiple lighting sources. Some other accessible office essentials may include:
If buying a new house isn’t the right choice for you and your business, you could modify your existing home for accessibility purposes — or build an accessible office addition. But if you’re just now getting your business up and running, you’ll need to take a few things into consideration before deciding whether to renovate your existing home.
For starters, you’ll need to check local zoning ordinances to determine whether home-based businesses are permitted in your city or county of residence. And to qualify for the home office deduction at tax time, you’ll need to ensure that your new workspace meets the requirements of the Internal Revenue Service (IRS).
In addition, you’ll need to choose a business structure for your home-based business. A limited liability company (LLC) is one type of business entity to consider when forming a home-based business as this type of structure offers tax advantages, limited liability, a simple filing process, and greater flexibility in how the business is managed.
Moreover, there are a few ways to form a limited liability company, including online, by yourself, or with help from an attorney. However, attorney’s fees can be costly, and you’ll need to review local LLC rules and regulations if you plan on filing yourself. For many, filing online with a business formation service can be the simplest, quickest, and cheapest option.
In Conclusion
As a home-based business owner with accessibility needs, there are so many things to consider when buying a house to accommodate you and your business. But even if you can’t find an accessible home that has everything you want or need, try not to be discouraged. You can always make a few accessible home modifications in the future!
Are you looking to buy an accessible home that meets your personal and professional needs? Contact The Licata Group to begin your search for the perfect home! 540-388-2541
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
After contacting The Licata Group, you’ve probably realized the number of options buyers have in today’s market. The most obvious choice you’ll need to make is the one between new home vs resale home. Being able to choose the floor plan and design options has its perks. On the other hand, comfortable neighborhoods and historic houses with wide front porches appeal to some home buyers. To help you decide which type of home is right for you, here are some of the important factors you need to consider.
New home vs resale- it’s not only about your preferences
Owning a house where other people have lived is something many people want to avoid. However, new constructions might lack the charm of resale homes and stories that they tell. However, you need to remember that buying a home is not only about preferences. As both options have their advantages and disadvantages, let’s explore the practical aspects of buying and owning either of them.
Reselling or living in a resale home
The question here is whether buying a resale home is a wise investment or not. First of all, you’ll spend less money on a resale property than on a new house. As a result, don’t expect to get a large profit when you decide to sell your resale house. So hold onto it for some time, and then resell it. But, if you plan to buy and live in a resale home, it’s probably an excellent investment decision, provided that it meets other factors as well.
The price of your house
New houses come with a high price, compared to pre-owned homes. And resale homes don’t need to be that old; they can be less than 7 or 8 years old. If you find a relatively young home at a decent price, then you might be getting the best value for your money. And with the rest of your budget, you can have your belongings transferred from one of the surrounding states. Maybe it’s time to provide yourself and your items with a moving experience you know you deserve.
However, keep in mind that while new homes usually cost more than 20 percent more than resale homes, the latter might come with a potential downside. While they are initially less expensive, they might be more costly in terms of utilities and maintenance.
Are resale homes sustainable?
If you’re buying a newly-constructed house, you can expect it to match the modern-day sustainable construction standards. While pre-owned houses might not have been built by these standards. Insulation, the quality of bricks, natural lightning, and other factors affect the price of utilities and maintenance costs. That’s not to say that you can’t use modifications and fixtures to bring an older home up to the mentioned standards. However, you’ll need to determine the budget and set aside the extra amount of money for this purpose.
Appliances
Some building companies include refrigerators, dishwashers, and similar new appliances when building a new house. In case these are not already included in the price of your new home, you might still be able to roll this cost into your mortgage. Alternately, pre-owned homes might come with outdated appliances that you’ll need to replace.
Design and floorplan choices
If you’re building a new home, you get to choose not only the colors but also floorplans and design. While you can deal with the intense colors in the pre-owned homes by repainting, floorplans and other design changes require extensive renovations. Also, changing flooring, cabinetry, or even carpeting, can be expensive. Unless your budget can support this kind of work, you’ll have to accept your resale home as it is.
Storage space
New homes usually come with floor plans designed to fit all of your belongings. Some of the convenient features include cabinets with pull-out shelves, garage space options, and walk-in closets. Older models of resale homes might have limited storage space. One way to solve this problem is to contact Excalibur Moving and Storage and inquire about the storage options. Another way to deal with this is to renovate the house and remodel it to suit your needs.
Pre-owned homes are eligible for home loans
You shouldn’t forget that banks also offer loans for resale houses. However, the bank will need to conduct the technical verification of the property to ascertain the condition of the home. Know that bank will not lend more than the property value stated in the sale deed. And the loan component will depend on the policy of the bank and the age of the house.
Verifying pending payments
First-home buyers might forget to do all the necessary verifications. It’s essential to check for pending payments and taxes for the pre-owned property. Ensuring that there are no dues or unpaid bills on the property will save you from a lot of potential trouble in the future.
Legal documents
You’ll need to thoroughly verify the legal documents when buying a pre-owned home that’s older than 20 years. Also, the property must have clear titles. You need to obtain the sale deed, purchase agreement, a copy of the builder buyer agreement, as well as no objection certificate. Documents that prove the ownership of previous owners are also required.When choosing between new homes vs resale homes, it’s not hard to notice the pros and cons to both. Important aspects to keep in mind, for starters, are the costs of your home. However, think about the big picture, benefits or expenses you’ll have to face both in the future and now. That’s how you’ll be able to make an informed decision. If you have found the right home for you, it’ll be much easier to settle down in a new city. Good luck with your search!
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
With mortgage interest rates hitting record lows, homebuyer demand remains strong — even in the midst of a global pandemic. And if you’re ready to take advantage of this situation by listing your home in the near future, there are some steps you can take to do it as quickly and safely as possible. Check out the eight resources below for some tips on finding an experienced listing agent, preparing your home for the housing market, and staying safe and healthy while showing your home to buyers amid COVID-19.
As you get ready to list your house, you’ll need to spend some time making a few home repairs and improvements — as doing so will help you to sell your home much more quickly. However, an experienced real estate agent can help you to determine which upgrades are worth completing — while also walking you through the entire process of selling your home in the age of the coronavirus. With these helpful resources and a great listing agent at your disposal, you’ll sell your home as quickly and safely as you possibly can.
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
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.
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.
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.
