What drives property values in Virginia Beach to move up and down?Over time, the worth of a property will go up and down. Over a long enough period of time, home values , by and large, appreciate. But, in real estate there are no "sure things".
When your house appreciates you have a larger asset to borrow against, and you'll generate a larger profit when you sell. Property values in Virginia Beach change for different reasons, so how can you be sure what you're buying right now won't depreciate the day after you close? Choosing an agent in Virginia Beach who can identify the factors that drive local prices is the most important thing.
The economy is assumed to be the top factor affecting real estate appreciation. After all, mortgage rates, unemployment, job growth, government programs and numerous other national determinants can always impact your property's value. But the most significant factors that decide your house's value are specific to the local Virginia Beach economy and residential market.
Location in a community - Many home buyers prefer to live in regions with the most helpful amenities for families to thrive, such as a close proximity to jobs and schools. So those areas consistently appreciate, or hold their value, best.
Recent home sales - You should receive information on the recent real estate sales in the areas that you're asking about from your real estate agent. You'll want to learn figures like time on market and listing price versus selling price.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good blend of job types in an area, or does it rely upon just one industry? Each of these things plays a role.
|Knowing the factors that play into your house's price is important. Visit this link for an assessment of your house's value. Please call me at 757-478-1167 or e-mail me with any questions.|