Oil and gas prices are the highest in United States history!
Individuals and families are shifting how they think about housing, from suburban versus urban to downsizing or going multigenerational.
It’s critical to work with an agent who understands the right fit for you and your family.
Record-high oil and gas prices are changing home buying and selling
It’s difficult to escape the news: gas prices are surging across the nation, with the increase averaging $1 per gallon. With costs at historical highs, the ripple effect changes how we think about everything. That includes the largest line item on any household’s budget: their home. How will this new reality change how people buy and sell real estate? Let’s take a look at some of the main considerations.
Urban Versus Suburban
Traditional wisdom says that the suburbs are more affordable with their long commutes, while cities are expensive due to more amenities and desirability. But when the daily commute costs more than it ever has in the history of the country, the conventional advice isn’t necessarily the right move for everyone.
To judge whether relocating from the suburban to the urban is right for you, take a look at the commute time, proximity of local amenities, and public transportation. Some urban centers offer more robust and reliable options for getting around, while others are still heavily car-dependent. If moving into the city won’t get you out of your car, the suburbs are still a good choice. But big city living is an attractive option if you can reduce how often your family drives—or even go from a multi-car family to a single vehicle.
Reconsider Your Housing Footprint
The size of a home is always a big consideration when you’re looking at your next place. Right now, there’s the added pressure of the costs of heating and cooling a home to consider when you think about total square footage. On average, the cost of natural gas is up 24% in February 2022 compared to the previous year, and electricity is up 9%.
Downsizing can be a smart reason to sell your home and buy a new one, especially if your family situation has changed and you don’t need as much space. With less to heat, cool, and maintain, finding a home that’s just the right size for the stage of life you’re in is something your agent can help you with.
During the COVID-19 pandemic, families started moving back in together at rising rates. Now, more than 40% of homebuyers consider multigenerational living in their purchasing decision. New developments are dedicated to building homes and communities that accommodate people at different stages of their lives. And, if the family situation changes, being able to rent out a dedicated space is an excellent source of passive income.
Whether you’re looking to go small by yourself or go big and share the costs, homes that are renovated with energy-efficient appliances, or new construction with the latest smart home technologies, are especially attractive. These are smart decisions to make now that will also save you costs in the long run, even when oil and gas prices stabilize.
Act Fast to Lock in Interest Rates
Gas prices are tied closely to mortgage rates. Yep, it really does affect everything! Mortgage lenders want to have an extra cushion over inflation when they set rates, and with the rise of oil and gas prices, interest rates will get pushed up too. If you’re buying a home, it’s time to get serious about making offers. Higher mortgage rates will impact what you can afford.
For sellers, this can impact the white-hot housing market streak that was the dominant theme for the last few years. With interest rates set to rise, home sellers may want to be flexible about offers, in case the market shifts dramatically as interest rates go up throughout the remainder of the year. Of course, this varies widely by market, and you’ll want to consult your agent before making any decisions on offers on your home.
Make Your Move
There’s no time to wait—with the market changing this rapidly, you’ll want to leave yourself enough time to have options and make a well-informed decision. That’s why you need to work with an agent that understands the ups and downs of this historic market and considers the needs of you and your family. Contact us today to get started!
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.
There are many concerns that might discourage you from purchasing property during winter. You might be worried about what the weather conditions would mean for your move. You might want to wait for the peak house selling season. After all, if most people buy during that period, there must be something to it, right? Or you might want to take advantage of the sleepy season to rest. However, to truly know whether or not you should go for buying a house in Orange County, VA, in winter, you need to be aware of the advantages and drawbacks of the process.
Much less competition vs. fewer houses on the market
When buying a house during winter in Virginia, it is essential to know you are doing so at the peak of the off-season. This means that the housing market will be much less vibrant than it otherwise would be. Now, looking to buy a home, this can certainly be an advantage! Fewer competitors mean you will not have to deal with an exhausting rush to get at the best properties before someone else snatches them up. Unfortunately, not everything is ideal. The sellers know that the peak season is the best time to offload their property, so most will choose not to put up their homes for sale during winter, which results in a smaller selection of available homes.
It is easier to find excellent movers vs. it is harder to move
Of course, an important part of the process is moving into your new home. Here, too, you are in luck regarding the available resources. Even if you are moving long-distance, hiring movers with ample experience won’t be a problem, and you will organize your entire relocation quickly and easily. Due to the housing market being in a lull, movers will generally be more relaxed and have far more open schedules. Yet, it does mean having to tackle the wintry conditions to get your move done. Winters in Virginia might not be as severe as they can get elsewhere, but the temperatures and snow are still nothing to sneeze at. You will need to be extra careful to ensure all of your belongings arrive at your new home in perfect condition.
You will have to deal with hazardous road conditions when buying a house in Orange County, VA, in winter.
More time to get things done vs. moving at an awkward time
Winter typically means winter holidays and having plenty of time off work to get everything done. This means that you can get tons done during this period, especially if you take the time to make a plan of action in advance. And at a leisurely pace, too! You wouldn’t need to rush from work to realtor to home, where you’d be making tons of last-minute calls. On the other hand, this can be a somewhat awkward time of year to move. Work and school are only starting to get into the swing of things. Finding a job can be more difficult if you are moving long-distance. And your kids would have to jump into a new school just as things are getting serious.
If buying a house in Orange County, VA, in winter, you will be able to take time off the purchase to distress and have fun with the family.
Realtors are more available vs. things tend to go slowly
Finding a good real estate agent is a nightmare during the peak seasons for the housing market, whether you are looking to sell your old home or buy a new one. So, being able to have your pick of the best realtors can be a serious boon for your house-hunting efforts. Unfortunately, if you are hoping your top-of-the-line real estate agent will help you get the whole ordeal done within an instant, you would be disappointed. The housing market in the off-season tends to make everything go much more slowly, which can be a good thing! Still, if you are in a rush, you might find yourself feeling frustrated.
Prices of real estate are lower vs. less likely to find homes with newer amenities
Due to less competition and things going more slowly, the prices of real estate during this period are typically much lower. After all, prices can be artificially inflated when multiple people compete over a single property. If someone wants it badly enough, they might be willing to pay well over what is reasonable. So, the prices during winter can make you feel like you are getting away with a steal. The moving experts from Fairfax Transfer and Storage note that moving prices are also lower during this season! And yet, sellers know this fact as well. This means that those in possession of particularly valuable pieces of real estate, or those whose homes boast top amenities, tend to hold off on selling until the peak season comes around.
Ascertaining the condition of houses is easier vs. the weather makes viewing more difficult
A tricky part of going house hunting during peak housing market seasons is that good weather makes it hard to tell whether houses are actually in good condition. After all, both mold and water damage can be covered up with relatively low expenses without treating the root cause. On the other hand, doing your viewing during the peak of the winter season makes it much more likely for you to detect problems with the homes you like. It is hard to cover up issues if the roof is leaking right in front of prospective buyers! Still, the cold weather and the way holidays affect real estate can make it more challenging to schedule and attend viewings. It is harder to feel motivated to snoop around when you feel like you are freezing.
Knowing how well the property can withstand the cold is one of the best things about buying a house in Orange County, VA, in winter.
Final word
Now that you know more about buying a house in Orange County, VA, in winter, it is up to you to decide whether this would be the right time for you to make a move. Just remember to carefully balance the pros and cons before deciding, and you will be just fine!
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Join us today as we discuss buying a house in Orange County, VA, in winter so you can decide whether you want to take advantage of the season or wait.
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.
There are certain things the holidays are suitable for. They tend to bring out the best in us. It’s a time for family, sharing, all those warm moments that tend to be forgotten about under the sometimes grueling regime of everyday life. However, they might not be the best for some other things. For one, the holidays don’t seem to have a favorable stance towards your weight loss program. They also seem to adversely impact the contents of your wallet. What we want to know is how do the holidays affect real estate? Is it wise to place a delightful one-story ranch with a fully furnished basement under the Christmas tree, or is it best left for warmer days? For the TLDR readers out there, the answer is yes. For those who don’t know the acronym or want a little more insight, let’s take a closer look together!
Caroling or Shopping
There are plenty of Christmas holiday activities to try in Virginia, and buying or selling a house is one of them! If you delve a little deeper into human behavior, you understand why the holidays are an interesting time. On the one hand, many people will be partaking in the holidays themselves. So, instead of looking at open homes, they will be caroling. I use this as a simple example to express the differences that will emerge in the way people act. Most people will enjoy the time-off and use it to unwind. However, a smaller but rather dedicated contingent of well-motivated individuals will not cease with their prior activities. They will continue to look for that perfect home. Serious sellers will keep their properties listed and welcome all new offers. Why would they choose to do this? Because they know the score. Less competition means a jollier time for those involved. No bidding wars and smaller chances of losing the offer. Most statistics point to the fact that demand wanes right before and during the holidays. You have one guess as to when it spikes again. Using that little pocket of calm to your advantage seems prudent.
Look at it this way, whilst all these people are partying in temporary tents on Key Beach Part, you could be finding your permanent dream home
Serious Offers Only Please
How many times have we seen this written in any kind of advertisement? So many times that it has lost all meaning. Of course, you are looking for a serious offer; nobody wants to waste their time. If only you could do that for the house you are trying to sell. The spring and summer have a jam-packed inventory, with all kinds of properties on sale. It makes sense, too; there are plenty of buyers out there. The problem is, some of them are just perusing. Going to open houses, weighing their options, maybe even killing time. Not an ideal scenario. Now go back to what we touched upon in the previous section. During the holidays, you only have serious buyers and sellers. Anybody willing to forego holiday laziness (a term I just coined, not to be understood as anything derogatory, but presenting well-deserved rest) means they are on a mission. If you are looking at a condo while the wind is blowing and the rain is falling, you are seriously considering buying it. Therefore, listing your home with a reliable company during the holidays could be the right thing to do! If sellers are accommodating enough to show you their property and are not selling it during the ‘prime’ season, it means they really need to sell.
The spring is more appealing, but the holiday season offers hidden incentives that could tip the scales in your favor!
Low Temperatures, Low Interest Rates
I’ll start by saying this isn’t a guarantee. There are no certainties when it comes to economics, finances, love, lucky numbers on a lottery ticket, and pretty much life in general. Still, all we can do is look at trends and hedge our bets accordingly. Don’t worry; there is some science behind all of this. As always, all the headings are somewhat interlinked. It is a sort of holiday domino effect if you will. Holidays and colder weather mean people, by and large, postpone their house-hunting activities. This leads to a decrease in demand. Therefore, fewer loans are being taken out. As financial business declines, it’s time for those all-important incentives. Interest rates are lowered, financing becomes more favorable, and those still in the game are suddenly privy to a nice little monetary advantage. You can use those savings to call up Allstate Moving and Storage, and they’ll have you in your new home before you can say ‘pumpkin pie’!
Do the Holidays Affect Real Estate? Let’s See What Taxes Have to Say
Believe it or not, there are tax benefits to be had as we start to round off the year. Let’s say it together – this is not a guarantee. A lot depends on your financial situation. However, if you itemize deductions when you purchase a home, you could be able to save some money. Mortgage interest rates and property taxes, to name just some, could be deductible. If the house is not being bought for the sole purpose of being a home you will live in, but rather an investment asset where you will run a business, further deductions could be possible. This is a little hidden nugget that the holiday season offers.
Take Advantage of the Pretty
There is an almost indirect effect of the holidays on the real estate market. Just think about your interior. We tend to tidy up, put up beautiful decorations, and make a cozy atmosphere. One that is warm and welcoming. Almost as if you had purposefully prepared your home for an open house showing. How fortunate.
Furthermore, you can take steps to make your home even more enticing. With the interior taken care of, if you planned a little ahead, the exterior could be attractive as well. After all, this is the first thing buyers see, and first impressions are essential. If you improve the curb appeal of your Virginia home through the applications of affordable projects, there is no way any buyer will be able to resist!
Do the holidays affect real estate? If you use the charm of the holidays to make your home as inviting and cozy as possible, they do!
Happy Holidays and Happy House Hunting!
To summarize, do the holidays affect real estate? Yes, yes, they do. Nothing has changed there. It’s just about a few nuances and understanding why this is so that you can utilize this to your advantage. After all, skipping one holiday really is worth it if it ensures you can celebrate the next twenty in your dream home. So put down that eggnog and search for the ideal home – you’ll be glad you did it!
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.
At the beginning of each year, interior designers strive to predict the décor trends that homeowners will gravitate towards in the coming months—and if your home is on the market, incorporating some of these trends may be a great way to appeal to buyers.
Currently, many recent and emerging design trends have been shaped by world events, such as the ongoing supply chain issues. For example, here are a few of the top trends that experts predict will be popular in 2022:
– Multifunctional spaces. Over the past several months, many people’s homes have served numerous roles: shelters, offices, classrooms, leisure spaces, and more. As working from home remains common, buyers may want to see that your rooms can comfortably be used for multiple purposes. For instance, even if you don’t have a full home office, consider setting up a workstation or showcasing multifunctional furniture.
– Neutral colors. Another trend that designers attribute to the pandemic is a preference for neutral colors, which help create a calming haven while the world remains in flux. If you’re planning to add new colors to your home—whether through painting, furniture, or accent pieces—opt for earth tones, such as beige, gray, white, and soothing shades of brown and green.
– Natural elements. In keeping with the trend towards earth tones, homeowners are increasingly bringing elements of nature indoors, such as plants, natural light, and ventilation. Consider purchasing a few easy-to-maintain houseplants, such as snake plants or pothos, and ensuring that trees and shrubbery near your windows are properly trimmed so there is nothing obstructing the sunlight.
-Vintage items. There are two main forces driving the affinity for vintage items: a growing focus on sustainability, and supply chain issues that are making it more difficult to purchase new goods. Luckily, quality vintage décor and accessories are generally easy to find at thrift stores, flea markets, and online marketplaces.
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.
Some sellers have turned to iBuyers for instant cash offers on their properties, but they have consequently sacrificed the personalization of their home sale.
iBuyers use outdated algorithms to value properties, whereas real estate agents use to-the-minute statistics to generate accurate, competitive prices.
Work with our team of local agents to expertly price your property—and we can even start crunching the numbers for your updated home value today!
Here’s What You Need to Know About iBuyers
An iBuyer is a company that makes an offer on your property by using automated value-estimating technology. Rather than partaking in the traditional home sale process, some of today’s sellers are relying on iBuyers to make all-cash offers on their properties. And since iBuyers use automated estimators to price your home, these companies are able to make their offers almost instantly.
Sellers have varying considerations when it comes to their home sales—some prioritize earning top dollar, while others just want to sell as quickly as possible. So depending on your home-selling goals, iBuyers could be a valid option for you. However, no matter what you want out of your home sale, you should always have an expert real estate agent by your side to guide you through the process.
When pricing your home, you want accuracy—not algorithms
As the local market starts showing signs of a shift, there’s never been a more critical time to know your home’s true value. In the real estate industry, agents price your home through a process called a comparative market analysis (CMA). This process compares your property to recently sold listings in the area that share similar features to your own home. Based on the CMA results, our agents are able to generate a competitive price that will have buyers flocking to your door.
On the other hand, iBuyers use a software they refer to as an automation valuation model, which essentially uses an algorithm to quickly process a property’s data and compute an offer price. When setting a list price for your property, you don’t want to rely on automatic estimators that promise instant (but not accurate!) results—entrust a local agent instead! And when you work with us, one of our pricing experts will evaluate your property in-person to pinpoint its value-boosting features and deliver you an accurate price in real-time.
The ideal timeline of your home sale should be top of mind
This is when your home-selling priorities come into play—if selling your home quickly is your absolute top priority, then working with an iBuyer might best fit your needs. Many iBuyers can make you a cash offer within two days of when they receive your property’s information. Then, if you accept the offer and schedule a home assessment immediately, you could close on your house anywhere from two weeks to two months later, depending on any necessary repairs.
Although the extraordinarily quick timeline of selling your home to an iBuyer may seem compelling, you also have to consider our local market—it’s still skewed towards sellers. According to a recent report by the National Association of Realtors, 87% of properties sold in August 2021 were on the market for less than a month. So with the ball still clearly in sellers’ courts, working with an iBuyer might not guarantee moving any sooner.
Need Selling Advice? We’re All Ears!
Ultimately, determining whether you should sell to an iBuyer is a personal decision based on your priorities. And as your local area experts, our agents are here to guide you through the home-selling process no matter which option you choose. Whether you need to sell your home this week or crave a competitive list price that will earn you a profit, you can count on us to accomplish your home-selling goals.
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.
According to this winter’s market forecast, there’s going to be a flurry of new housing inventory that benefits both buyers and sellers.
More housing inventory provides additional options for buyers and newfound confidence for sellers who need to find a home after they list.
Thinking about making a move? It’s not too early to begin planning—and by starting now, you’ll be settled in your next home by the new year!
The Winter Weather Forecast Is Calling for a Cooled-Down Market
It might still be the beginning of autumn, but it’s never too early to start planning a successful home sale! If you’re thinking about listing your home this winter, you should expect the market to look a little different by the end of the year. Winter is usually the quietest time for real estate, which means you can look forward to a cooled-down winter market forecast. A slower-moving market will give sellers more time to prepare their listings and peruse the market for their next homes.
Here’s what more housing inventory means for sellers
After enduring a red-hot sellers’ market so far in 2021, this year’s winter market forecast is finally calling for increased housing inventory. More homes on the market means two things for sellers: they gain more time to prepare their listings, but they might need to do a little more to stand out from the competition.
With additional properties expected to hit the market this winter, we want to make sure you get your home listed before our area gets snowed in with sellers. From highlighting your home’s top features to marketing it to targeted buyers, we can sell your property for top dollar in no time.
Homebuyers, your holiday present is here
Instead of a present under the tree, what if we could give you a new home instead? Current predictions indicate an onset of new housing inventory this winter, which means more options for buyers. So bundle up buyers—it’s finally going to be your turn to make a move in the market. More housing inventory and continually low interest rates could lead to a long-awaited decrease in home prices, all of which will help create a more balanced market.
As your local area experts, we know how to land your dream home in just the right community. So whether you’ve been browsing for your next home or already know you’re going to need a house after you sell, you can count on us to find your perfect place. And by using our comprehensive market reports, we can help you secure a home within your budget, too!
Now’s the time to take advantage of this year’s wintery market mix
While it might be tempting to put off listing your home until after the holiday season, you never know when the market is going to shift again. Trying to time the market is one of the biggest mistakes you can make as a homeowner, and we’re here to assure you that this winter (or even fall!) is the time to make your real estate move.
Both buyers and sellers can take advantage of this year’s wintery market mix of competitive listings and increased housing inventory. New properties on the market will provide buyers with more housing options to choose from, and sellers can list their homes knowing that they’ll be able to find a new place after they sell. And if you’re listing soon, you don’t have to worry about making your property stand out—our top-notch agents can handle all the details.
Ready to Slide Into the Market This Winter?
Hop on your sleds, we’re ready to help you slide into the real estate market this winter! Buying or selling your home—even during the holiday season—doesn’t have to be stressful. Allow us to handle all the details of your real estate transaction for you this winter, so you can be settled in your next home by the new year!
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.
Buying a property is both a big hassle and excitement, but selling one is too. If you’ve been thinking of selling your home and upgrading to a larger place, it’s essential to make arrangements and have a prepared checklist to follow. Since buying a house is one of the most important steps in one’s life, you should look for ways of getting a higher profit moving forward. After all, the goal of any property investment is to increase its value if you eventually decide to sell. So, if you are wondering how to boost the selling price of your Condo, stay tuned.
What are things that increase the value of homes?
Fortunately, there are a variety of home improvements that help in boosting the value of the property you want to sell. In addition, you can follow simple and low-cost tips and tricks to sell your house for a more significant profit. For example, you can use your social media to attract potential buyers. Engaging and creative social media content is low-cost or free (if you get self-educated), and can bring in many viewers to your property.
On the other hand, some serious investments and upgrades will definitely pay off. Therefore, we covered both areas to help you choose which improvements work best for you and your Condo.
How to boost the selling price of your Condo low-cost
Although the tips you are about to see are low-cost, they will make a massive difference in how your property looks. Therefore, following these tips will increase its value. Some of our top budget-friendly home improvements that increase the value of a home are:
deep cleaning
painting
adding a curb appeal
fixture changing
staging the property
Do a proper cleaning
A clean and tidy home will get you the best possible price. This step counts for both inside and outside.
Firstly, focus on all the commonly used and visible places, but remember to pay attention to the hidden corners you can’t always see. For example, get behind the fridge or stove and move the furniture to clean what lies underneath.
Another thing to count in this step is decluttering, which also goes a long way. Remove your personal possessions and family photos, remove the keys and medicine from the counters and make everything depersonalized and tidy.
Add a fresh coat of paint
Painting your walls is an easy DIY project that you can do on a limited budget. A fresh coat of paint makes any place look modern, fresh, and appealing.
You will be amazed by what difference a fresh coat of paint can make.
In addition, before giving your walls a new look, you should examine them for any visible signs of damage. These small improvements will make your Condo look brand new without many innovations.
Change the fixtures
A simple and sometimes neglected house innovation that definitely counts is the fixtures. You will add a new dimension to the place by replacing the doorknobs and cabinet handles, light switch covers, and light fixtures.
Stage your Condo
This step includes decluttering, which we mentioned earlier, and proper furniture arrangements. Don’t forget the amount of furniture is also crucial since you don’t want the place to feel cramped. Also, remember to make each room functional, which helps potential buyers imagine themselves in their new home.
Moderate and high-cost tips
Since the number of homes for sale is increasing, you want to make sure you make yours stand out. Investing a moderate or high sum of money in some of these renovations will undoubtedly add significant value to your property. So, if you are wondering how to boost the selling price of your Condo, these are the tips:
windows or door change
change of flooring
kitchen or bath updates
property renovation
Change doors or windows
Apart from the stylish looks, new doors and windows can make your home more energy-efficient, eventually leading to affordable household running costs.
Installing new doors or windows can help reduce noise, allow more natural light to come in, and help lower heating and cooling bills.
Replace the flooring
Another thing buyers will look at is the flooring, even if it sounds strange.
More carpets are being replaced with wooden flooring.
Hardwood floors are the all-time favorite. Any potential buyer will expect the flooring to be contemporary, durable, clean, and stylish. Therefore, it would be a good investment if you have the finances and time.
It would also be a good idea to use the renovation period for your own relocation. After all, you don’t want to be living in a home you are trying to sell while having to pack and having repairmen in it. To avoid the chaos every moving season brings, it would be good to plan your relocation process and find the best crew for the job. This way, seasonal movers will ensure everything goes smoothly and nothing is slowing down your relocation.
Kitchen or bath updates
The kitchen and bathrooms are known to leave the biggest impressions on home buyers. After all, these are the most widely used rooms and should create a good impression.
How to boost the selling price of your Condo is by investing in kitchen renovations.
You can change the hardware, the countertops, and the flooring in your kitchen to make it look flawless and brand new. Of course, buying new appliances would also be a good idea.
In the bathroom, you can change the toilet, the sink, or the bathtub. If the place allows, you can consider adding a shower too. Even changing the room layout will spruce up any bathroom.
Complete renovation
The step that requires the most significant investment and will definitely help increase the selling prices is a complete renovation of your Condo. By completely redoing it, it will have a modern design and materials, which will definitely be more appealing to your buyers.
Conclusion on how to boost the selling price of your Condo
When the time comes to sell, these home improvements will definitely answer your question of how to boost the selling price of your Condo. Remember to do your research, get answers to any of your questions, and invest in a way that will ensure you profit.
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.
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.
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.
As we come to the end of this four-part series, we look to examine the outcome that we will face once this is all over. With that in mind, we ask ourselves the final question; are we going to see the same outcome and devastation that we saw in 2008?
One of the key factors in buying and selling a home is the confidence that people have, and in times like these, memories of past experiences come back to us as we recall all the uncertainties that we faced. But the focus cannot be on what has occurred in the past, but rather what is occurring today and the days to come. With that, we look to see what is being said from the Federal Housing Administration.
The Federal Housing Administration indicated it is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days. The Federal Housing Finance Agency announced it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.”
What we are seeing is things in 2008 that we got wrong that you are now seeing the government respond to in regard to the needs that the consumers and the industry have so that It doesn’t happen again. We are seeing how banks are going to respond individually to borrowers in those situations. Actions like this show that the way this is being handled is significantly different than back then, and there are also structural actions that we can look at that are very different now. The visuals provided below will help to better illustrate this.
This first visual shows us exactly where we were in 2008, and what you’ll notice is that there were $828 Billion in cash out refinances back then, and homes were basically being used as ATM machines to which cash was being taken out to harvest equity from their home, a lot of which was being put in depreciating assets. When we start to look at today in the last 3 years, cash out refinances are a fraction of what they were leading up to 2008. What this entails, is that people have learned their lesson and are no longer doing what they have done in the past with the equity in their homes, and today the equity position is very different than what it once was, with over 50% of homes in the united states having over 50% equity. In 2008, people were walking away from homes when they had negative equity, but that is no longer the case.
We are in a very different situation today than we were back then. Those that fail to learn from history are doomed to repeat it, and its fair to say that the government and the American people have learned their lesson.
As we started out this year, we saw a market where income is rising, and mortgage rates have been falling. What this has created is a drop for the historic norm in the payment as a % of income, as demonstrated in the visual above. Historically speaking, the norm percentage of income that has been dedicated to their mortgage has been 21.2%, and right now what we’ve seen leading into this, is that number being 14.8%. This is significantly lower than the historic norm speaking in leverage to the consumer in relative to housing.
In conclusion, what we are seeing now and, in the months/years to come is not going to be the same as we saw after the crash in 2008. Homeowners have learned from their past mistakes, and the government is taking the necessary precautions to ensure that history does not repeat itself. While the uncertainty factor remains for a lot of what is occurring in the county and the world, it can be said with confidence that we will come out of this stronger, and better than going into it.
We hope that this four-part series has shed some light into the biggest questions that you may have right now. If you have any other questions about the current market and what’s to come, feel free to give us a call at (540) 388-2541.
