Understanding Northern Virginia home pricesProperty values are continually changing. Typically, property values appreciate in the long term. But, of course, there are no "sure things" in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll make a bigger profit when you sell. Property values in Northern Virginia go up and down for a variety of reasons, so how will you be sure what you're buying now won't depreciate the day after you close? It's imperative that you choose a real estate agent in Alexandria who can identify the factors that influence local prices.
What is the most crucial factor impacting real estate appreciation? Many believe that it's the economy. It goes without saying that there are quite a few issues on a national level that adjust your house's value: unemployment, interest rates, the stock market, and more. However, your house's value and the elements that play the biggest role in its appreciation are particular to the local Alexandria economy and housing market.
Access to services - Proximity to jobs and schools also have a great influence on almost all home buyers' choices. So when it comes to holding their value, these areas typically appreciate the best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? Some information 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.
Appreciation history - Have home prices risen or declined over the last 5-10 years? Is the community considered desirable because of its location or affordability?
Local economy - Is there a nice blend of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring? All these play a part.
|It's important to know the factors that influence your property's financial worth. Click here to get an evaluation of your property's value. Please call me at (703) 801-7592 or e-mail me with any questions.|