Now Is the Time to Buy in Virginia Beach
If you’ve ever dreamed about living close to the water, Virginia Beach might be your place. As one of the most affordable beach communities in the U.S., Virginia Beach offers its residents all of the joys of coastal living, as well as a fantastic location. In other words, help your clients scoop up property while they still can.
In 2019, a study performed by real estate brokerage Owners.com ranked the Virginia Beach area as the number one home buyer market in the country. The analysis was based on a number of factors including the number of homes for sale, how many days a property spent on the market, and the difference between the listing price and the actual sale price.
On average, properties in the area sold $8,376 below listing price. However, that behavior isn’t expected to last. According to Zillow, properties in Virginia Beach have grown in value by 3.8%, with an average home value of $288,499, in what Zillow deems a ‘very hot’ market temperature.
Of course, thanks to the recent COVID-19 outbreak, prices are expected to dip by 1.7% over the next year, meaning now could be the time to start setting your sights on that condo.
Still, the Virginia Beach area remains a good buy. That’s because it’s an established beach community within a day’s drive of several major metropolitan areas, including Washington, D.C. (one of the strongest economies in the nation); Richmond, Virginia; and Raleigh, North Carolina.
“Anybody moving here and knows that they’re going to be living here for the next five to 10 years, buying a single-family home in Virginia Beach is a fantastic investment,” real estate agent Scott Westfall, told wavy.com.
Other markets noted in the study include Salt Lake City, Kansas City, Portland, Sacramento, and Dallas. However, none of them offer ocean views and fresh seafood.
Not bad considering other East Coast beach towns can fetch some seriously stratospheric price points. So what do you say? Are you ready to hit the beach?
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