1 sold below $250,000.00 4 sold between $250,000-299,999; 8 sold between $300-349,999; 8 sold between $350,000-399,999; 9 sold between $400-499,999; 4 sold between $500,000-$999,999; 1 sold over $1,000,000.
38 Active/Coming Soon Listings for Sale 32 Homes Under Contract 151 Homes Sold since January 1, 2022.
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 contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
3 sold below $250,000.00 3 sold between $250,000-299,999; 5 sold between $300-349,999; 5 sold between $350,000-399,999; 9 sold between $400-499,999; 4 sold between $500,000-$999,999; 2 sold over $1,000,000.
35 Active/Coming Soon Listings for Sale 43 Homes Under Contract 115 Homes Sold since January 1, 2022.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Real Estate Bubbles: what are they, are we in one now, and why there’s no cause for alarm.
It’s natural to compare today to 2008, but this housing market is vastly different.
You can lean on our expertise! We’ve seen all types of markets, so reach out with questions.
With home prices soaring to levels never before seen, it is undeniable that the U.S. housing market is in uncharted territory, with many industry experts speculating that we’re in the midst of yet another housing bubble. However, like snowflakes, every bubble is created differently and is unique.
As mortgage rates rise and rumors of another crash in the housing market fill the news cycle, it may be tempting to get cold feet and postpone your homeownership dreams. But as we’ll explore below, it’s essential to understand the anatomy of housing bubbles, what causes them and why it’s a term you needn’t fear.
What exactly is a bubble within the housing market?
In basic terms, a real-estate bubble is a temporary economic event that occurs periodically and refers to an increase in the overall value of the housing market. When a bubble grows, home values increase; when a bubble pops, property values decrease.
Simple enough, but, what causes the housing market to experience bubbles?
Traditionally, the Law of Supply and Demand dictate a property’s market value. For example, when the demand for housing is high, and supply is low, home prices often rise, typically resulting in a seller’s market. Conversely, when housing supply is high but demand is low, market values fall, resulting in a buyer’s market. However, additional factors such as speculative investing, FOMO (Fear Of Missing Out) panic buying, and risky lending (such as occurred in the 2008 Housing Crash) are all elements that influence the growth and burst of housing market bubbles.
Why you don’t need to fear housing bubbles
We can always count on the old axiom in real estate: “You can never enter the same river twice.” (Fun fact: Greek philosopher Heraclitus came up with that lasting gem!)
What is meant by this is that history does not strictly repeat itself, and for us today in the real estate market, that means that it’s not 2008. As mentioned above, though the market moves in cyclical fashions, most experts do not believe that The Great Recession is repeating itself in today’s market.
2022 is not 2008 repeating itself
The infamous U.S. housing bubble of the mid-2000s had its origins in the unprecedented growth of the subprime mortgage market. Additionally, U.S. government-sponsored mortgage lenders Fannie Mae and Freddie Mac made home loans accessible to borrowers with low credit scores and a higher risk of defaulting on those loans.
None of this is happening today.
The current market demand is not the result of easy lending. Instead, today’s rising property values result from the natural market forces of a low supply in housing inventory meeting high demand. But with new home construction expected to surge in the second half of the year, this will help ease demand in the future and stabilize the market overall.
Regardless of whether you’re selling your home or are a first-time homebuyer, the key takeaway for you is this: today’s high home values are not likely to crash any time soon, so it is as good a time as any to enter the market.
You Can Count on Us in Uncertain Times
If you’re feeling unsure about whether to buy or sell a home right now, reach out and rely on our expertise to guide you to make a sound financial decision. Our team has the experience and knows our local market, so contact us today and we’ll work with you to find the right strategy for your situation.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
0 sold below $250,000.00 2 sold between $250,000-299,999; 7 sold between $300-349,999; 3 sold between $350,000-399,999; 8 sold between $400-499,999; 3 sold between $500,000-$999,999; 0 sold over $1,000,000!
19 Active/Coming Soon Listings for Sale 38 Homes Under Contract 58 Homes Sold since January 1, 2022.
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
0 sold below $250,000.00 1 sold between $250,000-299,999; 3 sold between $300-349,999; 4 sold between $350,000-399,999; 4 sold between $400-499,999; 1 sold between $500,000-$999,999; 0 sold over $1,000,000!
15 Active/Coming Soon Listings for Sale 35 Homes Under Contract 31 Homes Sold since January 1, 2022.
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
0 sold below $250,000.00 1 sold between $250,000-299,999; 3 sold between $300-349,999; 2 sold between $350,000-399,999; 6 sold between $400-499,999; 1 sold between $500,000-$999,999; 2 sold over $1,000,000!
13 Active/Coming Soon Listings for Sale 25 Homes Under Contract 15 Homes Sold since January 1, 2022.
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
2021 proved to be a great year for Lake of the Woods real estate! Year-over-year, homes sales were up, median sold price was up, days on the market were down, and average sold to original list price ratio was above 100%!
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. 2020 showed a slight gain in sales at 313, yet the median sold price increased 7.87% to $291,250, up from $270,000 in 2019. And then came the 2021 market: a whopping 14.7% increase in the number of homes sold and a median sold price increase of 15.9 percent over 2020.
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 93 in 2017 to 16 in 2021.
It’s also telling to note that a significant number of lots have sold in the past five years. From January 1, 2017 through December 31, 2021, a total of 196 lots sold: 24 in 2016; 37 in 2017; 45 in 2018, 41 in 2019; 49 in 2020; and only 24 in 20201. Coincidentally, 2016 and 2021 realized the identical number of lot sales (reported in the MLS). There simply are very few lots left in LOW.
Of the MLS sales reported in 2017-2021, new construction numbers have varied. 2017 saw 20 new construction homes sales; 2018 dipped to only 11; 2019 realized 31; 2020 sales jumped to 41, while 2021 ended at 37.
Again, there aren’t many lots left in LOW, which, of course, will impact new construction sales in the future.
Another notable statistic is the dramatic rise in average sold price to original list price ratio. It has steadily risen from 95.5% in 2017 to 100.9% in 2021.
According to Freddie Mac and the Mortgage Bankers Association, mortgage rates are expected to rise and end 2022 in the 3.75-4% range for a 30-year fixed. Today, it is possible to obtain a 15-year fixed rate just under 3%.
The prognosis for 2022 is excellent! In LOW, there are 15 homes active on the market as of 1/26/2022. Low rates and hopefully more inventory should propel us to experience another year of healthy sales and appreciation, although appreciation is expected to slow from what we’ve experienced the past two years.
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.
0 sold between $130-199,999; 0 sold between $200-249,999; 4 sold between $250,000-299,999; 9 sold between $300-349,999; 7 sold between $350,000-399,999; 2 sold between $400-499,999; 0 sold between $500,000-$999,999; 1 sold over $1,000,000!
18 Active/Coming Soon Listings for Sale 25 Homes Under Contract 359 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
Even as home prices continue to climb, there’s never been a better time to get your foot in the door when it comes to real estate investing.
You don’t need a lot of money to diversify your portfolio—in fact, you have more options than you might think!
Whether you’re an experienced investor or a first-timer, you’ll want to work with the right agent to score a great deal.
What Buyers Need to Know About Real Estate Investing
Even if you haven’t bought or sold a house this year, you’ve probably heard wild predictions and statistics about the real estate market. As prices keep skyrocketing, would-be and experienced investors alike are wondering if now is the right time to add to their portfolios. Believe it or not, now might be a once-in-a-lifetime opportunity to purchase an income-generating property—and there are countless options from which to choose.
Still on the fence? Here are a few quick tips and tricks you need to know before investing in real estate.
Real estate investment isn’t only for the rich
Despite what popular shows on HGTV might tell you, real estate investing is something anyone can accomplish with careful planning and saving. You don’t even need any experience to get started—but having the help of a real estate agent will make all the difference.
Start by working with an agent who knows your local investment market. Based on your budget and goals, they’ll help you select a property that meets your needs and offers a high return on investment. Don’t just limit yourself to fixer-uppers—it’s worth considering land, single- or multi-family homes and condos, office space, or warehouses, too.
With a little sweat equity, you can easily turn any investment into an income-generating property that will help you pay off your mortgage. The easiest way to do this involves renting your property out to tenants. Over the last decade, the average rent has increased by more than 30%—so if you plan on keeping your property for a long time, you’ll be able to turn an impressive profit while building equity.
Mortgage rates remain low
One of the biggest mistakes that any investor can make is trying to time the market. While it may seem tempting to wait until a recession for prices to decrease, it’s impossible to predict how the market will fluctuate over time. And even as prices continue rising, you’ll want to factor low mortgage rates into the equation.
Lower mortgage rates make real estate investing more affordable. As of November 2021, the average 30-year fixed mortgage rate hovers around 3.4%, which is roughly a full percentage point lower than it was in 2018. Let’s put that into perspective—if you purchase a $400,000 property with a 20% down payment, you’d pay around $1,419 per month. But if you bought the same asset with a 4.4% rate, that monthly payment would skyrocket by more than $200, which adds up over time.
First-timers can start small
Even if you aren’t a current homeowner, real estate investing isn’t out of your reach. Some smart investors actually use their primary residence to generate extra money on the side. Once you establish a cash flow, you can start saving up for an even bigger investment down the line.
Wondering how you can start investing in real estate without a lot of capital? Real estate investment trusts (REITs) let you pool your money together with other investors and earn dividends, so you won’t have to buy or manage your own property. Many millennials have even tried “house hacking,” which involves buying a home and renting out rooms to offset a mortgage. And for an even simpler way to invest, consider land—some plots are available for just a few thousand dollars, and they’ll likely increase in value over time.
Work with Real Estate Investment Experts
Even if you already have a few assets under your belt, now is the time to diversify your investment portfolio! We have ample experience helping investors just like you, and we’d love to help you find an income-generating property that checks all the boxes.
Need to sell an investment property? We can certainly help with that, too!
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 110 Cumberland Circle! This well-maintained waterfront home is perfectly nestled among the trees on Keaton Lake, so grab your fishing pole, kayak, or camera, and let’s get this lake life started! You’ll fall in love as soon as you turn into the tree-lined driveway, providing privacy from the road. The landscaping, walking path down to the lake, screened porch, expansive deck, and the abundance of privacy will make this one “the one” prior to even stepping inside…but wait until you do! Once you enter, the foyer and incredibly spacious living room with fireplace which flows so easily into the kitchen will impress. A main level owner’s suite with en-suite bath will sure to please. The lower level boasts a large family room, two additional bedrooms and a full bath. That’s not all, you also have two storage rooms and a workshop. Imagine sitting on the screened porch and listening to nature serenade you.
Located in Lake of the Woods, a private, gated, secured community that offers anything and everything you could possibly want. Home to two lakes (the 550 acre main lake and a 35 acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteering your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from the mid-$200,000 to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience why I love Lake of the Woods!
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.
