According to Market Watch, U.S. residential property sales have experienced a 10% jump from the previous year, with the Hampton Roads area of Virginia Beach, Norfolk and Newport News experiencing some of the strongest annual sales for a major metro area.
A Region Primed for Growth
It’s not surprising, really, that this area is quick to bounce back from the economic recession. Unlike many metro regions, this part of Virginia is still growing, with a 2% population growth between 2010 and 2012. It’s a region characterized by beautiful beaches, strong industry, and a military presence in Norfolk, home to the largest Navy base in the world.
A Good Time to Invest
It’s a good time to buy a new home on the Virginia coast. Many people are finally selling their homes after holding back in a tight economy, opening the door to good deals for first time home buyers. It’s important to keep future resale value in mind, as well. The median sales price in the Virginia Beach general area has been steadily rising over the past 14 years, going from $107,000 in 2000, to $230,000 in 2014. What this means is that, unlike other regions in the country, you probably won’t need to worry about your home losing value as you live in it, rather than gaining as an investment.
Tips for Buying Beachfront Property
Beach homes are a popular sell in this area, but you need to be a wary buyer. It’s a good idea to work with real estate agencies while planning your move. They can advise you as to hidden costs in the home — you might not realize at first that it’s located in a bad school district for your kids, or that the area is forecasted to experience heavy flooding in the next few years. Look for beach homes for sale that don’t require extensive renovation, but instead are already in decent condition and only require minimal work. It’s easy for optimistic homebuyers to underestimate the real cost of restoring a home. With the damage some homes have received, though, you’d end up paying more than the house is ultimately worth in repairs.
Other Real Estate Listings to Look Into
Although many buyers have their hearts set on beachfront property, there are a lot of other attractive locations worth considering. After all, the beach is usually just a quick car ride away. The Ghent neighborhood in Norfolk, for example, is a national historic district that features unique shops, beautiful churches, and tree-lined streets. One commenter on City Data agreed that Ghent was a personable community, noting that “sometimes it can seem like a big family.” This can be ideal for people looking for that small-town feel, with the advantages of living in a big city.
Do you have tips for new home buyers concerning beach homes for sale? Let us know in the comments.