Why is the coastal area of Virginia such a popular real estate market, in spite of the recent economic downturn? There are a wide variety of reasons, but one thing is clear: the Mid-Atlantic region is booming. According to Biz Journals, 71% of real estate professionals in the area expect that there will be an increase in home transactions this year, as compared to the year before.
Many families are moving to cities like Virginia Beach, Newport News, and Chesapeake because of the region’s historic background, the great public school systems, and the small-city environment. Before people commit to buying a new home in the region, however, there are a few things they should be made aware of. Here are several facts everyone should know before they buy a new home in Virginia.
First Time Home Buyer Tips
- If you’ve never bought a home before, it’s easy to make mistakes. You might, for example, think property on the edge of the city is a good deal. It’s cheap, and you don’t mind driving. It’s a double-edged sword, however. A low price now likely means a low selling price when you move 20 years down the line — and potential difficulty in finding a buyer.
- Finding a loan is often one of the biggest concerns for first time home buyers. Most financial experts recommend spending less than 30% of your income on your mortgage. If you need help with your loans, you may qualify for some of the regional and state programs aimed at assisting new home owners.
- It’s important to keep future needs in mind. If you plan on starting a family in two years, why get a one-bedroom condo?
Tips for Finding the Right Real Estate Agents
- Talk to a real estate agent who has experience in the area and who can give you professional information about home value. Park Place in Norfolk, for example, might have cheap property, but it’s an area many buyers avoid because of safety concerns, and it’s important to know that risk before considering purchasing a home there.
- Look for agencies that do extensive real estate market research. This means that they know where to find you the best homes for your budget, and they can also tell you a bit about long-term value.
- Real estate agencies should always come with appropriate licensing. Real estate agents in Virginia have to pass a test in order to receive their license, and must receive 30 hours of post-licensing education before renewing it.
Are you looking for real estate agents? Let us know about your search for a new home in the comments.