Over time, the value of a property will go up and down.
In most cases, home values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have more resources to borrow against, and you make a better profit when you sell.
Property values in Virginia Beach move up and down for various reasons, so how do you know what you're buying right now won't depreciate the day after you close?
The most important element is that you pick an agent in Virginia Beach who knows the factors that affect local prices.
Many assume that the economy is the most critical factor affecting real estate appreciation.
interest rates, employment, job growth, government programs and many other national determinants have a definite influence on your house's worth.
However, your house's value and the elements that play the biggest role in its appreciation depend on the local Virginia Beach economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a huge effect on many home buyers' choices.
So these areas generally appreciate, or carry their value consistently, year to year.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have property prices gone up or down over the last 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a fair mix of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
These items play a part.