Buying on impulse? Think it only applies to your visit to the grocery store? Sadly enough, those of us who trend to live in, The Now, often choose financial investments impulsively as well. We see it often in the real estate industry—Homebuyers who are buying for either the second time or First-Time Homebuyers that let their emotions rule the day instead of seeing a property for what it is – an investment.
Now, we have nothing against impulsive living; as long as you allow thoughts of the future to intrude a bit when considering purchasing a particular home.
Taking financial considerations under advisement in the home buying process goes far beyond whether or not the home is priced accurately for the neighborhood and the market. Plus if you can negotiate a more favorable overall deal. While our team, BHHS Towne Realty – Buy or Sell Hampton Roads Team, can’t give you a crystal ball to divine the home’s in Coastal Virginia’s future value , we urge you to, at a minimum, think about this before entering into a purchase agreement.
So, What Determines The Future Value Of A Home?
Some factors used to determine a home’s current approximate value can also be used when attempting to decide whether or not a certain home will hold its value or even increase in value. Some factors may include, the location, land values, the current market conditions, the state of the economy, condition, the property’s size, age and layout of the plus any recent updates.
The two useful predictors to concentrate most on are the land value and location. The former is a finite resource so it will never be subjected to the supply side of the supply-demand formula. Sure, demand for land will rise and fall, but it will do so according to how much is available and we can never manufacture more. Unless you live on the Big Island in Hawaii, where Mother Nature is busy pumping out additional land, what we see is what we get.
The location of a home has a critical impact on its value. From where it’s located Norfolk, Portsmouth, Chesapeake, Virginia Beach, Suffolk, Hampton or Newport News, Virginia (Coastal Virginia) to the street it sits on and even the plot of land where it’s positioned, location beats almost everything else.
As long as we produce children, the American cul-de-sac will be in demand for families, condos situated to take advantage of city views or families downsizing will be worth more than those without and an exceptional school in the community will help most homes hold its market value.
How to Use This Information When Home Shopping
Fight those emotional impulses when looking for a house for sale in Coastal Chesapeake VA, we get that it’s exciting to finally find the kitchen of your dreams in the 10th house you’ve viewed. But, unless you plan on living in the property until you die, you will sell it someday and even the most remarkable chef’s kitchen won’t boost the home’s value if it has a host of other factors working against it.
Therefore, BHHS Towne Realty – Buy or Sell Hampton Roads Team highly suggests that Homebuyers, especially, First-Time Homebuyers do some serious investigating. Download a Free Coastal Virginia Homebuyers Guide and get a Free Home Value Analysis on your existing home or on a property you may have seen and would like to know its value. The check the City records to learn of any land use changes or plans that may have an impact on the future value of the property.
Bobby Fenner is a Full Time Realtor with over 30 years experience in the Virginia, Maryland and Washington, D.C. Real Estate Markets. He and his team of Real Estate Pros offer the highest level of service. If you’re buying or selling a Coastal Virginia home, call (757) 439-5779 or email [email protected] We’ll be happy to assist you in your move.
New Homes For Sale in Coastal Chesapeake, VA
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