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
In December, 25 homes sold in Lake of the Woods. 1 sold between $130-199,000; 4 sold between $200-249,000; 8 sold between $249,900-299,000; 8 sold between $300-399,000; 3 sold between $400-599,000; 1 home sold over $1,000,000!
13 Active Listings for Sale 42 Homes Under Contract 315 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.
Imagine the memories you’ll make with family and friends as your waterfront adventure begins! Spectacular sunrises, stunning views, deep water off of an expansive dock with bar that conveys, and a contemporary house with a true lake house feel make this one “the one!” You’ll love spending your days at the dock either relaxing or floating on a raft, jumping in the water or onto your watercraft of choice. Two screened areas and ample decking provide endless opportunities to enjoy the outdoors in addition to the fabulous dock area. When the water season is over, the detached 3 car garage will easily accommodate your boat or watercraft. Once inside, you will love the hardwood floors, floor to ceiling stone fireplace to keep you warm on cold nights, and the open feel of this home. The soaring ceilings and all the windows add to the lake house feel. For more information on 102 Surrey Lane, 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 205 Edgehill Drive… a fabulous lot within walking distance to a beach on which to build your perfect home in sought after Lake of the Woods! Mature trees and close to the front gate make this the one! So get your lake life started by building your perfect place at the lake on one of the few remaining lots! For more information on 205 Edgehill 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.
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.
Welcome to the spectacular, custom, 6400+ sqft waterfront home awaiting you at 146 Harrison Circle, where you will be wowed from the moment you arrive. The stunning stamped concrete driveway, incredible curb appeal, and lush landscaping are just the beginning. Imagine the memories you’ll make by getting your lake life started here! If you are seeking a waterfront home that has it all, then this is it! Great, private water frontage and lake views, dock with boat and wave runner lifts, expansive three tier deck with a different “experience” on each level (open and private spaces), and oversized windows and doors are just a few fine features of this fantastic property. Relaxing on any of the private or open deck areas or dock, fishing, kayaking, boating, or just taking in the views can be yours! On the interior, you’ll love the amazing architecture featuring unique ceilings and so much more, unique staircase, impressive floor to ceiling stone fireplace, and generous sized rooms.
Enjoy cooking in the gourmet kitchen in the center of the home that features granite countertops, stainless steel appliances, and dining area with water views. The beautiful family room boasts walls of windows and doors with water views in every direction. The formal dining room with cathedral ceilings and formal living room united by a double sided fireplace will add ambiance while entertaining. The main level owner’s suite boasts a fireplace and attached office/sitting room/exercise room via the fun spiral staircase. The luxurious spa-like en-suite bath and two walk-in closets with built-ins are sure to please. The convenience of the main level laundry room with deep sink and tons of storage, along with a half bath, complete the main level. As you ascend the staircase, you’ll find a bedroom (don’t miss the secret room) with en-suite bath, as well as another bedroom and full bath. You will find entertaining an absolute breeze on the lower level! It includes a fabulous recreation room, bar, sunroom, two bedrooms, two full baths, flex space (currently used as an office), and an awesome media room that will make movie night a favorite activity. Begin making those memories now! For more information on 146 Harrison Circle, 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.
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
Overlooking the golf course 13th hole, this immaculate, move-in-ready, light and bright rambler is picture perfect! You’ll love the open floor plan, an inviting sunroom, and a three season porch. Enjoy relaxing the days away enjoying the views or walk to the course. A spacious kitchen offers upgraded appliances and oodles of counter space, and the family room boasts skylights, vaulted ceilings, and a brick fireplace for those cool nights. Featuring a sought-after split bedroom design, enjoy your owner’s suite with access to the three season porch. Also, new in 2020: roof, gutters, downspouts and leaf guards, five new skylights and new windows in the three season room and kitchen. For more information on 110 Tallwood Trail, 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.
In October, 24 homes sold in Lake of the Woods. 1 sold between $130-200,000; 4 sold between $200-249,000; 6 sold between $249,900-299,000; 9 sold between $300-399,000; 2 sold between $400-599,000; 1 sold between $500-699,000; 1 sold over $700,000+
27 Active Listings for Sale 51 Homes Under Contract 264 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.
