Fluctuating home prices in Hampton Roads, Virginia: What causes this?

Home values are constantly moving up and down. Normally, home values appreciate in the long term. But, in real estate there are no "sure things".

When your house appreciates you have more equity to borrow against, and you'll generate a higher profit when you sell. But how will you be sure what you're purchasing presently will appreciate over time? Property values in Hampton Roads fluctuate for various reasons. It's imperative that you pick an agent in Hampton Roads who recognizes the factors that influence local prices.

The economy is believed to be the most important factor affecting real estate appreciation. Naturally, there are a handful of issues on a national level that affect your house's value: unemployment, mortgage rates, business growth, and more. However, your property's value and the things that play the biggest role in its appreciation are specific to the local Hampton Roads economy and housing market.

Let RE/MAX Coast & Country help you with your first home purchase in Hampton Roads Location in a community - Many of us wish to live in regions with the most useful traits for households to thrive, like a close proximity to schools, jobs, and work. So those regions generally appreciate, or hold their value, best.

The latest home sales - You should receive stats on the recent real estate sales in the areas that you'd like to live in from your agent. You'll want to know data like how long a house stays on the market and listing price as opposed to selling price.

Appreciation history - Have property prices gone up or down over the last 5 to 10 years? Is the community believed to be desirable because of its location or affordability?

Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mixture of work in an area, or does it count on just one industry? These items play a part.

It's worthwhile to learn about the factors that affect your house's market price. Visit this link for an assessment of your home's value. Call me at 757-287-2526 or e-mail me if you have any questions at all. I'd love to hear from you.

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