Lake Anna Life & Times Spring 20 1 8 8 lakehouse & land REAL ESTATE NEWS ROUND-UP Libby LAKE ANNA LOVE WHERE YOU LIVE Buying or Selling Your Lake Anna Area Specialist CERTIFIED INVESTMENT AREA SPECIALIST LIBBY SANDRIDGE 540-223-0350 Visit... ABR, CIAS Lake Anna Business Partnership 540.872.6556 Begin your search for properties at Then call or email me at Associate Broker Linda Fosdick Dave Guna Realtor Lake Anna Island Realty 540-903-9428 (c) 540-894-4400 (o) 540-226-1964 Thinking of buying or selling? Licensed in the Commonwealth of Virginia To view current listings, please visit... (blog) (email) Kate Elim Call REALTOR® S BY LIBBY SANDRIDGE Want to advertise here? Contact us at Let’s Go Fishing For A Great Lake Place For You! pring has finally sprung and so has the Lake Anna real estate market in a big way! The current pending home sales including the properties that have sold as of January 2018, nearly eclipses the total this time last year! As I noted in our last pub- lication, home values are still remaining steady with only a slight increase from last year this time. We still have an abundance of homes on the market and expect more to come available, which is typi- cal this time of year. Currently we have 169 homes on the market with 90 of those being waterfront properties. Land sales are still moving slower than home sales, due to the abundance of available properties. At the lake last year this time we had 28 lots sold and so far this year there has been only 18 lots sold as of this writing.That being said 2018 looks to be a good year for sales. Several things are factored into this prediction, such as the rise in interest rates, low- er unemployment and higher wage earnings. With mortgage rates on the rise many buyers are more motivated than ever and the forecast for 2018 to 2020 indi- cates that they will rise by at least 1%+ a year. Several predictions show that by 2020 we are looking at rates as high as 6.7% - a difference of 3.5%.The lesson from all this is don’t wait too long to buy, it may cost you more money! Keep in mind that land loans run about 2% higher than home mortgage loans. So whether you are selling or buying it is time to get mov- ing. For buyers you need to find out how much house you can afford, so find a local lender to help you determine your buying power. Then keep on track and remember that time and interest can be your friend or foe. You may start your search with a 4.5% in- terest rate but if you drag out your search six months the interest rates could climb higher and you have to lower your price range to be able to afford the monthly payment. Do not to wait too long to purchase as even the small changes can and will hurt your purchase power.The old saying, “time is money” is so true especially when the market is showing increases in housing prices and interest rates. Sellers, this market is for you, too! With the looming interest rates, buyers are scouring around and now is a good time to get your home ready to sell. One of the most important things to remem- ber is to price it right from the start. The first 30 days on the mar- ket is generally the best you First Quarter Of 2018 Reveals Record Year For Homes Sales Ahead LKA Lake Anna Business Partnership are going to have, so if the price is too high you will miss out on potential buyers com- ing to your home. Buyers and their agents may think you are not serious about selling since you priced it above the current market. If you price it right, then you can generate multiple offers and actually get more than your list price. Yes, this does happen! Also remember to enhance your home’s curb appeal. Driv- ing up the driveway and walk- ing to the front door sets the buyers opinion of the proper- ty. Show the buyers that your home is loved and hopefully they will love it, too. Editor’s Note: Contact the author, Libby Sandridge, at 540-223-0350 for more great tips.