In the year 2017, home prices were going upwards in the region of North Virginia. According to the real estate experts, it is predicted that housing market will keep with this trend this year too.
Ask any real estate agent this year and he will say it’s the market for sellers. The currently low-interest rate which is to get high anytime has made the market decent for the buyers too.
There are a lot of factors that affect the real estate market. In Virginia and other regions, the upcoming tax bill has left a significant impact on the value of the houses. Investing in a property is always beneficial in a long run. It not just adds to the assets but one can reap tax benefits as well.
So let’s see what this time of the year has in store for all those who are looking forward to make an investment in a house.
- Since the start of the year 2018, the Virginia housing market is on an upswing. Last year, at the beginning of January, the median price of house in Virginia was around $300,000 to $400,000. By the start of the year it has reached $500,000 in some areas.
- If we go to the southern side of Virginia, the average market price on housing is much lower. The houses are up in the market for longer than ever. However, the figures has registered a 10% drop rate from previous year. In the coming days, it may affect the housing cost.
- According to Zillow, Virginia has somewhere over 14,000 foreclosed homes on the market. According to RealtyTrac, the rate of foreclosure in Virginia is in the ration of one home to every 2250, which is much lower as compared to some other states. It has been predicted that the trend will continue till whole year.
- The Virginia Association of Realtor’s report shows it is a good year for house sellers. Which means you can turn to your real estate agent and say them to sell my house fast Virginia Beach. It also means that it is a good time if one is willing to make pricey investment in a house.
- In the third quarter of 2017, a drop in the rate of house sale was recorded. It doesn’t seem to caught up as a trend this year around. So, don’t miss out on your chance to put your house for sale when you see ‘we buy houses fast’ sign the next time.
- It was also cited by The Virginia Association of Realtor’s that the unemployment rate stayed the same as in the year 2018 and remained below the national rate. This eventually means that more people have money power to consider purchasing houses or making an investment in real estate.
- Low inventory and high demand is creating friction between the buyer and the seller. Sellers are pricing their house unreasonably high and buyers are less willing to make the bidding.