Virginia Beach Real Estate

If you read the newspapers, watch TV, listen to the radio or surf the Internet, you might get the idea that real estate markets are the same everywhere. If conditions are bad in San Diego or Detroit or Miami, they must be bad everywhere, right? Wrong! Here are 10 Things You Need To Know About Today's Virginia Beach Va Real Estate Market:

1. Real estate markets are local.
When you are looking to buy or sell, pay attention first to sales price trends, volume and inventory in Virginia Beach, rather than to misleading headlines about national sales trends.

2. Virginia Beach home values are stable.
From January 2006 through January 2008, the average price of a Virginia Beach home grew $28,382 (Jan 2006 average sales price = $276,966 and Jan 2008 average sales price = $305,348. Yes, there are pockets where home prices have declined - largely due to unsustainable price growth in the past two years. But, generally speaking, homes in those areas are worth more than they were 3 years ago. Overall, the average price of Virginia Beach homes has appreciated 9 percent.

3. A house is a place to make a home, not just a buck.
Most home buyers don't buy a home to flip it. They buy it to live in it. the value of strong communities, rooted families, civic pride, comfortable retirement and a higher quality of life cannot be expressed on a balance sheet.

4. Housing demand in Virgina Beach is set to grow.
Estimates show that Virginia population will grow by almost 500,000 by 2010. These new Virginians will need a place to live. (for details: CooperCenter.org/demographics)

5. There are hundreds of reputable mortgage companies ready to lend.
Buyers with good credit and a realistic view of what they can afford should have an easier time obtaining mortgage approval. Help is also available through the Virginia Housing Development Authority and other organizations.

6. The market favors Virginia Beach first-time home buyers.
First-time buyers in Virginia are younger and have higher incomes - they're typically 25-34 years old and earn a median income of $71,300 annually (22 percent higher than the national average of $58,300). They made up 29 percent of all Virginia home sales in 2006. And there's currently plenty of inventory for first-time buyers to choose from.

7. Owning a home builds wealth in a way that renting can't.
According to the Federal Reserve Board, the average renter's net worth is $4,800, while the average homeowner's net worth is $171,000. Clearly, it pays to own a home.

8. It's prime time for second homes.
Savvy investors and prospective retirees know real estate is important to their portfolios. About one third of all home sales are second homes or vacation homes. Virginia Beach has plenty of inventory and desirable locations for those seeking them.

9. Use a Virginia Beach Realtor and get up to 26 percent more when you sell your home.
The median selling price of single-family FSBO homes in Virginia was $249,500 compared with $313,400 for Realtor assisted home sales at the end of 2006, a difference of $63,900.

10. Now REALLY is the time to buy.
Housing inventories are the highest in years and interest rates are low. If you are a buyer, the market is right for you. butif you need to sell first, be patient and price your house correctly. Right now, Virginia homes sell after an average 127 days on the market - only 5 days more than the 10-year average of 122 days. Competitive pricing is important. Experts agree well-priced homes sell faster.

Interested in talking to a Virginia Beach Realtor who can get you 26 percent more for your home than if you sell it yourself? Call Dave Macklin at 866-222-0158 #302. You'll be glad you did! Or visit or website for more Virginia Beach Va real estate.

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