What drives property values in Virginia Beach to move up and down?

Over time, the worth of a property will fluctuate up and down. Property values appreciate in the long term normally. But, in real estate there are no guarantees.

When your property appreciates you have a bigger asset to borrow against, and you make a larger profit when you sell. But how will you know what you're purchasing this year will appreciate over time? Property values in Virginia Beach change for different reasons. The most important part is that you pick a real estate agent in Virginia Beach who knows the factors that affect local prices.

A lot of people are convinced that the economy is the number one factor affecting real estate appreciation. It goes without saying that there are several issues on a national level that influence your property's value: unemployment, mortgage rates, consumer confidence, and more. But the most significant things that determine your house's value depend on the local Virginia Beach economy and housing market.

Let Rose and Womble Realty help you with your first home purchase in Virginia Beach Access to services - People typically want homes in the districts with the easiest access to places we go often or everyday, like our schools and work. So when it comes to keeping their value, these regions generally appreciate better than others.

Recent home sales - You should receive statistics on the recent real estate sales in the districts that you'd like to live in from your agent. You'll want to analyze things like time on market and listing price versus selling price.

Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the community thought to be desirable because of its location or affordability?

Local economy - Is there a good combination of business in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? Each of these things plays a part.

Identifying the factors that impact your property's worth is important. Get an assessment of your house's value here. Please call me at 757-486-8800 or e-mail me with any questions.



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