Home prices are continually changing.
Home values appreciate in the long term generally.
But there are no guarantees in real estate.
When your home appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell.
There are many different reasons why property values in Virginia Beach fluctuate. So, how do you know what you're buying right now will appreciate over time?
Choosing a real estate agent in Virginia Beach who understands the factors that drive local prices is the most important aspect.
The economy is assumed to be the number one factor affecting real estate appreciation.
there are numerous factors on a national level that influence your house's value: unemployment, interest rates, business growth, and more.
But the most significant issues that determine your property's value are specific to the local Virginia Beach economy and residential market.
Location in a community - People typically want homes in the areas with the most useful amenities, like our schools and work.
So these areas consistently appreciate, or keep their value, best.
Trends in home sales - How long are homes on the market? What was the selling price compared to the listing price? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the community believed 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 mixture of job types in an area, or does it depend on just one industry?
All these play a role.