The most common question we are asked as real estate professionals in Fredericksburg, VA is, “How’s the Market?”  It is a great question, and the answer contains many layers.  Are you asking as a buyer, or as a seller?  Maybe you just want to know what your current home value is so you can track the value of your investment.  Whatever the reason, we provide a snapshot video that gives you a look at the activity with homes for sale in the Fredericksburg, VA marketplace.

This is Jeff’s look at the Fredericksburg, VA real estate market as reflected by the statistics from May 2013.  Each month we post a market update video specific to the Fredericksburg area.  Check out this month’s video, and don’t forget to subscribe to this blog so you never miss what’s happening in the market.

So, check out this month’s video, and be sure to come back often to see new information about the market and homes for sale.

Do you have questions about the market and how it pertains to you?  Use the form below to ask us your question.

American’s have a tendency to enjoy a bit of voyeurism in terms of peeking into the lives of celebrities.  So, we are going to share some photos and details about celebrity homes.  We will start with Oprah Winfrey.

Oprah has built some serious personal wealth (in the billions) in the television industry, among her other ventures.  Oprah purchased this home in 2001 for $50 million.  The home sits on 42 acres of land and is an astonishing 23,000 square feet, with 8 bedrooms and 14 bathrooms.

Since the purchase she has added many of her own personal touches of elegance and extravagance.

I occasionally come across home buyers who are extremely skeptical of home warranty policies.  By and large however, most home buyers welcome the additional peace of mind that comes with home warranty coverage.  The age old question that always accompanies a discussion about home warranties is, “What does it cover?”

There are several different home warranty companies that offer coverage to homes for sale in the Fredericksburg, VA area, and there are several layers of coverage/protection.  So, as a educational tool I am providing a copy of an Old Republic Home Warranty Information Document.  I am not suggesting that you must use Old Republic, although it is a good company.  I just chose their information to share with you what you might expect in a home warranty.  Be advised however, if you choose a different company, make sure you explore their coverage as it may vary from what you see here.

Click the image below to see the Old Republic Home Warranty Plan Information Document

I occasionally come across home buyers who are extremely skeptical of home warranty policies.  By and large however, most home buyers welcome the additional peace of mind that comes with home warranty coverage.  The age old question that always accompanies a discussion about home warranties is, “What does it cover?”

There are several different home warranty companies that offer coverage to homes for sale in the Fredericksburg, VA area, and there are several layers of coverage/protection.  So, as a educational tool I am providing a copy of an Old Republic Home Warranty Information Document.  I am not suggesting that you must use Old Republic, although it is a good company.  I just chose their information to share with you what you might expect in a home warranty.  Be advised however, if you choose a different company, make sure you explore their coverage as it may vary from what you see here.

Click the image below to see the Old Republic Home Warranty Plan Information Document

Listening to real estate conversations in the Fredericksburg real estate market right now is a little amusing.  The scene however is similar on the national level.  The revitalized hot button word in real estate conversations right now is “bubble.”

Novice speculators are talking about how we are headed for another bubble since home prices have been rising so drastically.  Prices have risen drastically, and it is true that the rate of price gain is unsustainable.  However, there is no bubble in view.

The housing recovery will continue, and gains in home pricing will continue, but they will slow down.  There are several reasons that price gains will slow, but chief among them is that inventory will begin ticking back up.  We have had a record low number of homes for sale in the Fredericksburg area over the last few years.  Now, with a lot of equity flowing back into the homes via price gains, more people will put their home on the market.

Another reason price gains will slow down is an increase in foreclosure activity.  Banks have started getting a little more aggressive with foreclosure activity, and this will add to the slow growing inventory.  But, there will be no where near the foreclosure numbers we saw over the last couple of years. (Click here to see Active Foreclosure Home Listings in the Fredericksburg Region.)

A final issue that will help inventory levels rise slowly is home owner confidence.  Many homeowners believe now is the right time to sell.

If there is anything we can do to help you, feel free to contact us.

Occasionally we encounter an issue here in the Fredericksburg, VA real estate market regarding Homeowners Association Resale Disclosure Packages.  Every now and then when representing a buyer, the listing agent will ask the buyer to waive the right to review the homeowners resale disclosure package.  Typically, this is because of a lack of organization on the part of the listing agent… they’ve forgotten to order it until almost time for closing.  But, there obviously can be other reasons as well.

There are some concerns about a buyer taking this action.  The homeowners association resale disclosure package serves a couple of important purposes.

1. Provides in-depth information regarding the covenants, rules and restrictions for living within the community
2. Provides information regarding the financials for the community and members
3. Reveals any violations of the HOA rules and restrictions associated with this particular home.

Items 1 and 2 may be satisfactorily handled by seeing a relatively recent version of the documents, providing they haven’t changed since printing or publishing.  This is a bit risky, but possible.  However, item number 3 is the real concern.  If there are violations associated with the property that are not discovered prior to closing, they become the problem of the new home owner at closing.

In many cases these violations may not be of any real concern… but in some they can be rather big and costly.  So, it is my recommendation that you do NOT waive your right to the resale disclosure package if at all possible.

Village of Idlewild Real Estate (Fredericksburg VA Real Estate)

Village of Idlewild Homes For Sale

Showing properties 1 - 14 of 14. See more Idlewild Homes For Sale.
(all data current as of 6/29/2013)

1. $387,000 : 1110 Hearthstone Dr, Fredericksburg
   
   4 beds, 3 full, 1 part baths

   Home size: 3,630 sq ft

   Year built: 2007

   Parking spots: 2

   Days on market: 4
2. $349,900 : 1115 Innis Dr, Fredericksburg
   
   4 beds, 2 full, 1 part baths

   Home size: 2,758 sq ft

   Lot size: 9,583 sqft

   Year built: 2011

   Parking spots: 2

   Days on market: 12
3. $339,990 : Idlewild Blvd, Fredericksburg
   
   4 beds, 2 full, 1 part baths

   Home size: 2,290 sq ft

   Year built: 2013

   Parking spots: 2

   Days on market: 26
4. $384,990 : 00 Idlewild Blvd, Fredericksburg
   
   4 beds, 3 full, 1 part baths

   Home size: 3,109 sq ft

   Year built: 2013

   Parking spots: 2

   Days on market: 26
5. $364,990 : 0 Idlewild Blvd, Fredericksburg
   
   4 beds, 2 full, 1 part baths

   Home size: 2,783 sq ft

   Year built: 2013

   Parking spots: 2

   Days on market: 27
6. $315,000 : 1110 Anderson St, Fredericksburg
   
   4 beds, 3 full, 1 part baths

   Year built: 2005

   Parking spots: 2

   Days on market: 44
7. $388,950 : 1202 Wright Ct, Fredericksburg
   
   4 beds, 2 full, 1 part baths

   Home size: 3,000 sq ft

   Lot size: 6,534 sqft

   Year built: 2007

   Parking spots: 2

   Days on market: 47
8. $389,900 : 1305 Yates Cir, Fredericksburg
   
   4 beds, 2 full, 1 part baths

   Lot size: 6,000 sqft

   Year built: 2005

   Parking spots: 2

   Days on market: 47
9. $399,900 : 1112 Pickett St, Fredericksburg
   
   5 beds, 3 full, 1 part baths

   Home size: 3,812 sq ft

   Year built: 2005

   Parking spots: 2

   Days on market: 51
10. $399,900 : 1209 Patrick St, Fredericksburg
    
    4 beds, 3 full, 1 part baths

    Home size: 3,880 sq ft

    Year built: 2005

    Parking spots: 2

    Days on market: 62
11. $379,900 : 1112 Walker Dr, Fredericksburg
    
    4 beds, 3 full, 1 part baths

    Home size: 3,880 sq ft

    Year built: 2005

    Parking spots: 2

    Days on market: 70
12. $347,900 : 1411 Idlewild Blvd, Fredericksburg
    
    3 beds, 3 full, 1 part baths

    Home size: 3,901 sq ft

    Year built: 2010

    Parking spots: 2

    Days on market: 100
13. $354,870 : 1106 Walker Dr, Fredericksburg
    
    4 beds, 3 full, 1 part baths

    Home size: 3,300 sq ft

    Lot size: 6,534 sqft

    Year built: 2005

    Parking spots: 2

    Days on market: 106
14. $374,900 : 1111 Innis Dr, Fredericksburg
    
    4 beds, 2 full, 1 part baths

    Home size: 2,720 sq ft

    Year built: 2008

    Parking spots: 2

    Days on market: 259

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Lees Parke Real Estate (Fredericksburg VA Real Estate)

Lees Parke Homes For Sale

Showing properties 1 - 5 of 5. See more Real estate in the Lees Parke tract.
(all data current as of 6/27/2013)

1. $340,000 : 9335 Birch Cliff Dr, Fredericksburg
   
   3 beds, 3 full, 1 part baths

   Lot size: 7,174 sqft
2. $310,000 : 6320 W Dranesville Dr, Fredericksburg
   
   3 beds, 3 full baths

   Lot size: 6,120 sqft
3. $330,000 : 9539 Evergreen Cir, Fredericksburg
   
   4 beds, 2 full, 2 part baths

   Home size: 2,968 sq ft

   Lot size: 6,500 sqft
4. $359,900 : 5327 Philippi Pl, Fredericksburg
   
   3 beds, 3 full baths

   Home size: 3,000 sq ft

   Lot size: 8,749 sqft
5. $320,000 : 9205 Birch Cliff Dr, Fredericksburg
   
   4 beds, 3 full, 1 part baths

   Lot size: 5,225 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Lake Land’Or Real Estate (Caroline County VA Real Estate)

Lake Land’Or Homes For Sale

Showing properties 1 - 14 of 14. See more Real estate in the Lake Land tract.
(all data current as of 6/27/2013)

1. $88,740 : 526 Welsh Dr, Ruther Glen
   
   3 beds, 1 full, 1 part baths

   Home size: 960 sq ft
2. $105,000 : 519 Montgomery Dr, Ruther Glen
   
   3 beds, 2 full baths

   Home size: 1,026 sq ft
3. $123,000 : 600 Cicero Dr, Ruther Glen
   
   3 beds, 2 full baths

   Home size: 1,144 sq ft
4. $134,900 : 432 Cornwall Dr, Ruther Glen
   
   3 beds, 2 full baths

   Home size: 1,080 sq ft
5. $149,900 : 883 Campers Ln, Ruther Glen
   
   3 beds, 2 full baths
6. $159,900 : 883 Campers Ln, Ruther Glen
   
   3 beds, 2 full baths
7. $159,900 : 72 Greenway Cv, Ruther Glen
   
   4 beds, 2 full baths

   Home size: 1,664 sq ft
8. $166,000 : 211 Sea Cliff Dr, Ruther Glen
   
   3 beds, 2 full baths

   Home size: 1,747 sq ft
9. $180,000 : 894 Campers Ln, Ruther Glen
   
   4 beds, 3 full baths

   Home size: 2,016 sq ft
10. $188,000 : 613 Norman Dr, Ruther Glen
    
    4 beds, 3 full baths
11. $224,900 : 104 Surrey Dr, Ruther Glen
    
    4 beds, 2 full, 1 part baths

    Home size: 2,146 sq ft
12. $229,000 : 609 Patsy Ln, Ruther Glen
    
    3 beds, 3 full baths

    Home size: 2,068 sq ft
13. $244,900 : 596 Norman Dr, Ruther Glen
    
    5 beds, 3 full baths

    Home size: 3,040 sq ft
14. $249,900 : 597 Norman Dr, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 1,977 sq ft

    Lot size: 14,810 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Caroline County Real Estate – Caroline County Homes For Sale – Lake Caroline Homes For Sale

Showing properties 1 - 23 of 23. See more Real estate in the Lake Caroline tract.
(all data current as of 6/27/2013)

1. $100,000 : 215 Admiral Dr, Ruther Glen
   
   2 beds, 1 full bath

   Home size: 990 sq ft
2. $195,000 : 371 Lake Caroline Dr, Ruther Glen
   
   3 beds, 2 full baths
3. $129,000 : 755 Annapolis Dr, Ruther Glen
   
   3 beds, 1 full, 1 part baths

   Home size: 1,008 sq ft
4. $299,900 : 321 Lake Caroline Dr, Ruther Glen
   
   4 beds, 2 full, 1 part baths

   Home size: 3,084 sq ft
5. $229,900 : 5 Gage Cv, Ruther Glen
   
   3 beds, 2 full baths

   Home size: 2,138 sq ft
6. $339,000 : 31 Lake Caroline Dr, Ruther Glen
   
   3 beds, 2 full, 1 part baths

   Home size: 3,024 sq ft
7. $307,000 : 101 Waverly Dr, Ruther Glen
   
   3 beds, 3 full baths

   Home size: 2,958 sq ft

   Lot size: 30,000 sqft
8. $235,000 : 395 Lake Caroline Dr, Ruther Glen
   
   4 beds, 2 full, 1 part baths

   Home size: 2,080 sq ft
9. $285,000 : 65 Saratoga Cv, Ruther Glen
   
   4 beds, 2 full baths

   Home size: 2,050 sq ft

   Lot size: 22,000 sqft
10. $425,000 : 456 Lake Caroline Dr, Ruther Glen
    
    4 beds, 3 full baths

    Home size: 2,567 sq ft
11. $399,000 : 326 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full, 1 part baths

    Home size: 2,146 sq ft
12. $319,000 : 8 Lake Caroline Dr, Ruther Glen
    
    3 beds, 3 full baths

    Home size: 1,830 sq ft

    Lot size: 1.12 ac
13. $375,000 : 420 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full, 1 part baths

    Home size: 1,949 sq ft
14. $250,000 : 114 Bunker Hill Dr, Ruther Glen
    
    3 beds, 3 full baths

    Home size: 2,736 sq ft

    Lot size: 1.11 ac
15. $595,000 : 664 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full, 1 part baths

    Home size: 3,408 sq ft

    Lot size: 1.58 ac
16. $399,900 : 246 Lake Caroline Dr, Ruther Glen
    
    3 beds, 3 full baths

    Home size: 2,096 sq ft

    Lot size: 36,700 sqft
17. $399,000 : 648 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 1,500 sq ft
18. $325,000 : 242 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 1,404 sq ft

    Lot size: 42,253 sqft
19. $136,000 : 205 Norfolk Dr, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 1,291 sq ft
20. $345,900 : 380 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full, 1 part baths

    Home size: 1,824 sq ft
21. $164,000 : 204 Yorktown Dr, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 1,248 sq ft

    Lot size: 13,125 sqft
22. $259,000 : 3 Lake Caroline Dr, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 2,816 sq ft
23. $175,000 : 7 Posterity Cv, Ruther Glen
    
    3 beds, 2 full baths

    Home size: 1,164 sq ft

Listing information deemed reliable but not guaranteed. Read full disclaimer.