In August, 33 homes sold in Lake of the Woods. 1 sold between $130-199,999; 2 sold between $200-249,999; 7 sold between $250,000-299,999; 12 sold between $300-349,999; 8 sold between $350,000-399,999; 3 sold between $400-499,999; 0 homes sold over $500,000;
28 Active/Coming Soon Listings for Sale 48 Homes Under Contract 241 Homes Sold since January 1, 2021.
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
Welcome to 313 Waterfield Terrace! This well-maintained, pride of ownership town home in the sought-after Exeter subdivision has been meticulously cared for and continuously updated over the last fifteen years of ownership. Once inside, you are welcomed by gleaming hardwood floors, shadowboxing, and crown molding. The kitchen is bright and features granite countertops and a breakfast area. The pass-through from the kitchen to the formal dining room will make entertaining a breeze. The family room on the main level is spacious and offers access to the deck. The upper level boasts an amazing owner’s suite with a walk-in closet, and en-suite bath, as well as two more bedrooms and another full bath. As you enter the lower level you will find a large family room, another full bath, and a laundry room/storage area. Relax on the deck with your favorite beverage overlooking your landscaped, fenced-in backyard. In addition to being in an amazing area close to downtown Leesburg, Leesburg outlet mall, and Ida Lee Park. All the updates and fine finishes make this the one!
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.
In July, 30 homes sold in Lake of the Woods. 0 sold between $130-199,999; 1 sold between $200-249,999; 5 sold between $250,000-299,999; 8 sold between $300-349,999; 9 sold between $350,000-399,999; 3 sold between $400-499,999; 1 homes sold over $500,000; 2 home sold between $700,000-$900,000; 1 home sold over $1million!
40 Active/Coming Soon Listings for Sale 49 Homes Under Contract 206 Homes Sold since January 1, 2021.
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
If you’re thinking about buying a home, it’s important to choose the right neighborhood, especially if you care about resale value.
Certain neighborhood features can increase your home value—and make you feel right at home in your new community.
When it comes to your home search, we have some features to keep in the forefront of your mind to make sure you pick the perfect (and most profitable) community!
Here’s What Affects Your Home Value Every Time
When it comes to your home search, finding a house in the ideal neighborhood is half the battle. Your future community is going to decide how close you are to nearby conveniences, what qualities your home possesses, and the people who are going to be your neighbors.
A home’s value is determined by how much prospective buyers in the market are willing to pay for your property, but we understand that each buyer is unique. While one buyer may prioritize nearby employment opportunities, another might place more weight on local entertainment or neighborhood amenities. However, property values are always impacted by one component—where they’re located.
If you’re on the hunt for your next neighborhood, consider this your step-by-step guide on how to pick the perfect community!
Location, location, location
You’ve probably heard this before, but it’s so important that we have to repeat it—location is everything when it comes to making a good investment in your next home. Think about it: typically, all the homes in a neighborhood, regardless of size or condition, fall within the same price range. Therefore, when it comes to valuing a property, location matters more than even the home’s characteristics.
When an appraiser is assigning a value to a property based on its location, they look at three primary factors—the reputation of local schools, employment opportunities, and proximity to entertainment. In addition to these factors, a home’s distance to everyday necessities, such as highways and public transit systems, play a crucial role in increasing its value.
Neighborhood amenities are must-haves for more value
What could be better than having a host of amenities available right outside your front door? Neighborhood niceties such as community clubhouses, golf courses, and pools are often at the top of buyers’ wishlists when searching for a new home. All these features and more foster a fun, inclusive environment of community involvement. Plus, a spacious clubhouse serves as the prime venue to host events that are sure to bring the neighborhood together!
In addition to a neighborhood’s current conveniences, you can research any future upgrades your community has coming through its digital planning documents. These documents should outline what improvements are planned for your neighborhood—like nearby shopping centers, schools, or parks—and when they’re going to be completed. Plus, it’s always a good idea to check and see if a neighborhood has a homeowners association. Your HOA will have a hand in maintaining and enhancing the community’s value over time.
Other conveniences you should consider…
At this point, you’ve probably considered some basic factors like nearby attractions, commute times, and all the amenities a neighborhood has to offer—but what about the everyday conveniences? To take your home search to the next level, you have to think about the seemingly small details. When evaluating your neighborhood’s location, cover your bases by mapping out the distances to the nearest medical centers, airports, and grocery stores—believe us, you’ll be thankful for this when you forget to buy eggs.
In terms of expenses, everyone has to pay utility bills, so you can save money by looking at who your local providers will be ahead of time. And speaking of planning, we recommend working with your agent to determine how your area’s property taxes will fit into your home-buying budget.
Ready to Find Your Perfect Fit?
All these features are things you should be on the lookout for during your home search—and remember, the surrounding community is equally as important as the individual home when it comes to finding your perfect fit. As your local real estate agents, we’d be happy to help you find your dream home in just the right neighborhood—all you have to do is give us a call!
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.
After settling down in your home, you start thinking about how to spend your time when you’re away. Spending days traveling is great, but sometimes we wish for a base. Somewhere we want a place to come back to any time we want and relax away from our daily routines. A home away from home seems like a perfect solution. Picking a favorite location and purchasing a second home there is the dream of many families. However, it’s not easy to make this decision – it’s a costly investment and takes time and effort to maintain. But, buying a vacation home surely has its benefits, and we’re here to help you decide if you should go for it. Let’s see if it makes sense to buy a second home in Virginia in 2021 and provide your family with a fantastic place to spend future vacations.
What are the factors that may stop you from buying a second home?
Every purchase has its pros and cons. When it comes to buying a second home, the factor that worries most buyers are the costs. Making your dream of having a second home come true possibly requires a new mortgage, but also maintenance costs. Second homes need regular maintenance, furnishing but also paying unexpected costs whenever they come up. Finally, if your first house is located far away, visiting the second home frequently comes with increased travel expenses.
Remember: Make sure you evaluate your budget carefully before purchasing a second home. Even though this investment comes with additional costs, it shouldn’t be a heavy burden on your budget. Include all the factors and expenses, including taxes, which apply differently to owners of vacation homes.
Even though they have a lot of benefits, vacation properties can cost a lot.
It’s a permanent holiday destination
Another reason why people hesitate to buy a second home is related to traveling. When owning a vacation home, you hardly ever decide to go somewhere else, which may become monotonous over the years. However, families who love peaceful vacations and a homey base will surely love having a place to go whenever possible.
Reasons why buying a second home in Virginia makes sense
If you decide to buy a second home in Virginia in 2021, you need to consider all the pros and cons. However, we feel that all the advantages will win over. Let’s go through all the benefits that will show that this decision actually makes sense.
It’s a home away from home
Even though this seems like just a phrase, owning a second home means heaving a retreat from daily tasks – any time you want. If you decide to buy a second home, pick a location where you can truly enjoy your days off – and Virginia has a lot of them to offer. This way, you can be sure you can have a weekend getaway or a longer vacation in your favorite location where all the daily chores, work stress, and other problems simply disappear.
With just a short ride away, you can have a home away from your home.
You can save on vacations
Having somewhere to go anytime you need a vacation can save you money, too. You don’t need to spend a lot on hotels, flights, etc. This way, you can have a great vacation – on a budget. Furthermore, the previous year and the global pandemic have prevented people from traveling abroad, so many of them decided to buy a second home within the same state. This is usually far enough to change your environment, but not travel too far away from your home.
If you plan on renting it as a vacation home, it makes sense to buy a second home in Virginia.
Second-home can become a source of income
Another budget-related advantage of owning a second home is earning from rentals. This investment can become a steady source of income despite some additional expenses that rentals have. However, what worries buyers is the global pandemic that stopped travel and reduced rental revenues. Hopefully, the pandemic is coming to an end, which is why it makes sense to buy a second home in Virginia in 2021.
Ready for the big purchase?
Buying a second home in Virginia is so exciting, but picking the best location may be challenging. Many interesting nature spots can be a perfect retreat for your family. Do some research and choose the place you will enjoy the most. The next step would be purchasing the property and moving in.
With both of these, make sure you trust the professionals. Local real estate experts will ensure you find the best property, as they are knowledgeable about the market. Also, an experienced agent will guide you through the buying process and make it a lot simpler. The next step is moving in. Again, trusting a professional to handle your relocation to the new home is essential if you want to minimize the stress and save time. Browse only trusted moving pros at bestcrosscountrymovers.com so you can be sure your items are safe. Unfortunately, the moving industry is filled with low-quality companies, so be sure to do your best to avoid them.
Prepare for the stay
If you plan on staying in your second home longer, make sure you prepare your first home first. This means you should turn off the water, get rid of perishable food, take care of your plants or find someone to do it for you. Now you can stay on vacation as long as you want. However, you need to prepare well for a more extended stay.
Pack your vacation items safely
Once you buy your vacation home in Virginia, you can transport all the vacation essentials there. This way, you won’t risk damaging them when you pack every time you travel. For example, if you love fishing, you will want to pack your fishing equipment so it can travel safely. If you want to bring fishing gear with you, explore the main packing guidelines to keep the items protected during transport and enjoy your favorite hobby without any problems.
Take your time to feel at home
As you can see, it makes perfect sense to buy a second home in Virginia in 2021. And once you do, remember that settling in a new property is not always fast. Take your time adapting your second home just the way you want it, so you can make it a true oasis for your family.
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.
Welcome to 205 Commerce Street, where the history of 1920 blends with the updates of today. What a rare and wonderful opportunity to own this beautifully restored home that is also zoned for commercial use. You will fall in love from the moment you arrive. Located in the heart of Beautiful Historic Occoquan, this home is an American Folk/Foursquare style. Commuting is a breeze, home is only one minute from I-95 and seconds from Route 123 and close to VRE train and commuter lots. You are just steps away from shopping, restaurants, museums and all that the town has to offer and just one block from the Occoquan River and River Mill Park. The main level features beautiful wood floors, a large living room with a brick fireplace, a separate formal dining room, and a beautifully updated kitchen. You will love relaxing on the spacious screened-in front porch. Upstairs, you will find the primary bedroom with a huge walk-in closet and attached bathroom, as well as two other bedrooms and a hall bath with a jetted tub. The basement has a finished bonus room, workshop, closets and plenty of unfinished storage space. The one-car garage and lovely backyard back to Poplar Alley.
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.
With home prices continuing to deliver double-digit increases, some are concerned we’re in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons.
1. The housing market isn’t driven by risky mortgage loans.
Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers’ Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more than doubled from 2004 (378) to 2006 (869). Today, the index stands at 130. As an example of the difference between today and 2006, let’s look at the volume of mortgages that originated when a buyer had less than a 620 credit score.
Dr. Frank Nothaft, Chief Economist for CoreLogic, reiterates this point:
“There are marked differences in today’s run up in prices compared to 2005, which was a bubble fueled by risky loans and lenient underwriting. Today, loans with high-risk features are absent and mortgage underwriting is prudent.”
2. Homeowners aren’t using their homes as ATMs this time.
During the housing bubble, as prices skyrocketed, people were refinancing their homes and pulling out large sums of cash. As prices began to fall, that caused many to spiral into a negative equity situation (where their mortgage was higher than the value of the house).
Today, homeowners are letting their equity build. Tappable equity is the amount available for homeowners to access before hitting a maximum 80% combined loan-to-value ratio (thus still leaving them with at least 20% equity). In 2006, that number was $4.6 billion. Today, that number stands at over $8 billion.
Yet, the percentage of cash-out refinances (where the homeowner takes out at least 5% more than their original mortgage amount) is half of what it was in 2006.
3. This time, it’s simply a matter of supply and demand.
FOMO (the Fear Of Missing Out) dominated the housing market leading up to the 2006 housing bubble and drove up buyer demand. Back then, housing supply more than kept up as many homeowners put their houses on the market, as evidenced by the over seven months’ supply of existing housing inventory available for sale in 2006. Today, that number is barely two months.
Builders also overbuilt during the bubble but pulled back significantly over the next decade. Sam Khater, VP and Chief Economist, Economic & Housing Research at Freddie Mac, explains that pullback is the major factor in the lack of available inventory today:
“The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes.”
Here’s a chart that quantifies Khater’s remarks:
Today, there are simply not enough homes to keep up with current demand.
Bottom Line
This market is nothing like the run-up to 2006. Bill McBride, the author of the prestigious Calculated Risk blog, predicted the last housing bubble and crash. This is what he has to say about today’s housing market:
“It’s not clear at all to me that things are going to slow down significantly in the near future. In 2005, I had a strong sense that the hot market would turn and that, when it turned, things would get very ugly. Today, I don’t have that sense at all, because all of the fundamentals are there. Demand will be high for a while because Millennials need houses. Prices will keep rising for a while because inventory is so low.”
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point we’ll see. Odeta Kushi, Deputy Chief Economist at First American, recently said of our supply challenges:
“It looks like inventory may have hit a bottom (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.”
To put it into perspective, the graph below shows levels of inventory rising since the beginning of the year:
We’re still not close to a balanced market, which would be a 6 months’ supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. And that leaves many buyers and sellers wondering the same thing: what does that mean for me?
Buyers: More Options Are Arriving, so It’s Time To Act
If you’re a buyer, more inventory coming to market is a welcome sight. More supply means more options and less competition, which could mean fewer bidding wars.
“In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.”
If you’re having trouble finding your next home, this news should give you the hope and motivation to keep your buying process moving forward. Experts project mortgage rates will begin increasing, which will make purchasing a home less affordable as time passes. You can still capitalize on today’s low interest rates, so stick with your search as more homes come to market.
Sellers: Our Supply Challenges Aren’t Over Yet, so Now Is the Time To Sell
If you’ve been putting off selling your house, you shouldn’t wait much longer. The year’s month-over-month gains in homes for sale have helped buyers, but we’re still very much in a sellers’ market.
As the graph below shows, even with the number of homes for sale rising, we’re still well below the supply levels we’ve seen historically:
Of course, more homes are coming to market now, and more are expected in the coming months. Selling your house this summer gives you the chance to get ahead of the competition and maximize your sales potential before more homes are put up for sale in your neighborhood.
Bottom Line
More homes for sale means more options for buyers and more competition for sellers. Whether you’re looking to buy or sell, let’s connect today to discuss your options and why it’s still a good time to make your move.
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.
Welcome to 12041 Belfonte Road! If acreage and privacy are what you crave, then this is the one! You will enjoy entertaining family and friends with the privacy of 3+ acres, a two-tier expansive deck, fire pit, horseshoe pits and space to roam and create your own backyard oasis. That’s only the beginning, the inside features a family room with a stone fireplace for those chilly winter evenings. A spacious kitchen with a center island, and pantry. You will love the owner’s suite with en-suite bath featuring a soaking tub, double vanity and separate shower, as well as the split bedroom design. All this close to Lake Anna, Lake Anna Winery and Lake Anna state park.
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.
Our real estate expertise goes far beyond just buying or selling your home—you can rely on us for quality resources before and after you’ve moved.
Whether you’re searching for the best local handyman, a notary, or something else entirely, you can trust our vetted providers to get the job done.
If you ever need a real estate recommendation—today or years down the road—just give us a call for personalized advice!
Unlock Our Exclusive Real Estate Recommendations
We like to consider ourselves real estate experts, and we love being able to share our knowledge with you! Throughout our years of working in the housing market, we’ve formed deep relationships with not only our clients, but with local trusted businesses, too. We’ve vetted these vendors ourselves so that you don’t have to play the costly game of trial and error.
Need some personalized recommendations or strategic advice? Here’s how your agent can serve you even after you’ve moved.
Sellers, we don’t stop at “SOLD”
When we say we’re by your side every step of the way, we mean it—which means our services never stop at “SOLD!” Whether we’ve just listed your home or already sold it, we know there’s always more work to be done. Seemingly small details go a long way in making a house a home. We’ve worked with the best professional landscapers, painters, and cleaners in the area—all contacts you need to put the finishing touches on your space.
We consider our clients to be one of our own, which means our exclusive buying and selling resources are always available to you. At any time, you can see if your home value has increased using our free estimator or jumpstart the buying process after you sell with our advanced search tool. Our real estate professionals have gained invaluable experience in working with our clients, so we try to return the favor whenever possible by providing in-depth insight.
New homeowners, you’re not done with us yet
We loved helping you find your dream home so much that we want to keep working with you—and honestly, we think we’re going to need each other! Homeownership is a huge investment, so you want your new place to be in tip-top shape at all times.
First things first, it’s important to change your locks when you move into your home, since you don’t know who might have a copy of your keys. Don’t know of a local locksmith? Don’t worry, we’ll open some doors for you! Don’t let a household repair linger just because you don’t know a trusted provider who can get the job done. Whether you’re looking for a handyman to lend a helping hand on a home project or need repairs for your HVAC, you can count on our personalized recommendations for the most reliable providers in the area!
And for when you’ve been watching (maybe too much) HGTV…
We get it, watching Fixer Upper makes you want to DIY your entire home, especially if you’re thinking about listing soon or just moved in. But for when you’re not in the mood to do it all yourself, we’ve got contacts for everything from new light fixtures to full-on home renovations. Our desire for you to live in your dream home doesn’t stop when you sign the closing documents, and we will always be available to help with any home improvements.
Want Access to Our Preferred Vendors?
Working with a top-notch real estate agent means you’ve gained a partner for life. So when anything comes up in your buying, selling, or homeownership journey, just give us a call!
Whether you’re at the beginning of the selling process or have already bought your dream home, you can always rely on us to connect you with the area’s best vendors. Contact us today for any recommendations you may need—and don’t forget, we’re locals too, and we love to catch up with our clients!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
