Over time, the value of a property will go up and down.
Home values appreciate in the long term generally.
But, of course, in real estate there are no "sure things".
When your house appreciates you have more equity to borrow against, and you'll create a larger profit when you sell.
There are numerous reasons why property values in Virginia Beach rise and fall. So, how can you be sure what you're buying now will appreciate over time?
Choosing an agent in Virginia Beach who recognizes the factors that drive local prices is the most important part.
The economy is believed to be the biggest factor affecting real estate appreciation.
there are many factors on a national level that adjust your house's value: unemployment, mortgage rates, inflation, and more.
However, your home's value and the components that play the biggest role in its appreciation are particular to the local Virginia Beach economy and housing market.
Location in a community - Proximity to schools and work also have a major effect on almost all home buyers' decisions.
So when it comes to holding their value, these areas typically appreciate the best.
Recent home sales - You should receive statistics on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll need to learn figures like how long a house stays on the market and asking price as opposed to selling price.
Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
Local economy - Is there a fair blend of business in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a part.