Understanding Virginia Beach home prices

Real estate values are constantly moving up and down. Over a long enough period of time, property values usually go up. But there are no guarantees in real estate.

When your house appreciates you have more resources to borrow against, and you'll produce a higher profit when you sell. There are many different reasons why property values in Virginia Beach go up and down. So, how can you be sure what you're purchasing right now will appreciate over time? The most important aspect to consider is that you pick an agent in Virginia Beach who recognizes the factors that influence local prices.

   


A lot of people guess that the economy is the most critical factor impacting real estate appreciation. Obviously, there are many factors on a national level that adjust your home's value: unemployment, interest rates, quarterly earnings reports, and more. However, your home's value and the features that play the most significant role in its appreciation are particular to the local Virginia Beach economy and housing market.

Let Judy Marsh, Rose & Womble Realty help you with your first home purchase in Virginia Beach Access to services - Being close to schools, employment and amenities like shopping, restaurants and entertainment is important to many buyers and will greatly influence home values. So those communities often appreciate, or retain their value, best.

The latest home sales - You should receive facts and figures on the recent real estate sales in the regions that you're asking about from your real estate agent. You'll want to know data like how long a house stays on the market and asking price versus selling price.

The appreciation history - Is the community thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?

The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice blend of work in an area, or does it rely upon just one industry? Is the blend of commercial and residential zoning changing? Each of these elements plays a part.

It's vital to know the factors that influence your home's value. Get an assessment of your home's value here. Please call me at 757-459-3683 or e-mail me with any questions.