Understanding Virginia Beach home prices
Over time, the value of a house will fluctuate up and down. Property values appreciate in the long term generally. But, in real estate there are no guarantees.
When your home appreciates you have a larger asset to borrow against, and you'll realize a bigger profit when you sell. There is a variety of reasons why property values in Virginia Beach shift. So, how will you know what you're buying right now will appreciate over time? The most important factor is that you choose a REALTOR® in Virginia Beach who understands the factors that influence local prices.
What is the major factor affecting real estate appreciation? Many are convinced that it's the economy. Obviously, there are many issues on a national level that affect your property's value: unemployment, mortgage rates, quarterly earnings reports, and more. But the most significant things that determine your property's value depend on the local Virginia Beach economy and residential market.
Access to services - Many of us wish to live in districts with the most convenient components for households to grow, like a close proximity to jobs and schools. So those regions often appreciate, or carry their value consistently, year to year.
Recent sales - Your real estate agent should provide you with information on the recent home sales in the regions that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have home prices increased or decreased over the past 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mixture of work in an area, or does it count on just one industry? All these play a part.