Over time, the value of a house will fluctuate up and down.
Normally, property values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a greater asset to borrow against, and you make a higher profit when you sell.
But how can you be sure what you're buying presently will appreciate over time? Property values in Virginia Beach waver for various reasons.
The most important element is that you go with a REALTOR® in Virginia Beach who knows the factors that drive local prices.
A lot of people are convinced that the economy is the top factor impacting real estate appreciation.
interest rates, unemployment, business growth, government programs and a handful of other national factors have a noticeable impact on your home's value.
However, your property's value and the factors that play the most significant role in its appreciation depend on the local Virginia Beach economy and housing market.
Access to services - Proximity to schools and jobs also have a great impact on almost all home buyers' decisions.
So when it comes to holding their value, these areas consistently appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long do homes typically stay up for sale before closing? Are sellers having to discount much? A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is thought of as?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair blend of business in an area, or does it depend on just one industry?
All these play a part.