What causes Northern Virginia home prices to fluctuate?
Property prices are moving. Typically, property values appreciate in the long term. But, in real estate there is can certainly be some short-term risk.
When your home appreciates you have a greater asset to borrow against, and you'll generate a higher profit when you sell. But how can you be sure what you're purchasing today will appreciate over time? Property values in Northern Virginia go up and down for different reasons. Choosing an agent in Northern Virginia who can identify the factors that influence local prices is the most important thing.
Many think that the economy is the major factor affecting real estate appreciation. Clearly, interest rates, employment, job growth, government programs and several other national determinants have a definite influence on your home's worth. But the most important issues that determine your house's value are particular to the local Northern Virginia economy and residential market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values. So these areas generally appreciate, or keep their value, best.
Recent home sales - You should receive information on the recent real estate sales in the areas that you'd like to live in from your agent. You'll need to learn things like time on market and seller discounts.
Appreciation history - Have house prices increased or decreased over the last 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
Local economy - Is there a fair mixture of work in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local businesses hiring? Each of these items plays a part.
It's smart to understand the factors that play into your house's financial worth. Get an evaluation of your house's value here
. Have any questions? Please feel free to call me at (703) 220-0406 or e-mail me