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Know Your Virginia Real Estate Market

The U.S. state of Virginia is popular for being touted as the “Mother of Presidents” primarily because it has produced eight American presidents so far. The Commonwealth of Virginia is famous for its Blue Ridge Mountains and the Chesapeake Bay. Its current population is estimated at eight million.

Virginia is considered to be the 35th largest state in the U.S. in terms of area at more than 42,700 square miles. More than 65 percent of the state is made up of thick forests where much its flora and fauna can be found.

The large population of Virginia is a clear proof that the Commonwealth state remains to be an attractive place to live in and do business. In fact, the prestigious Forbes Magazine has named it as the best U.S. state for business for four straight years from 2006 to 2009.

Currently, there are 40 cities in Virginia. The most important of these include Richmond which is the capital city, Norfolk which is an important naval base as well as Chesapeake, Fairfax County, Roanoke and Virginia Beach.

Whether you’re an existing resident or somebody planning to move there to live or work, it is a must to know about the present Virginia real estate market. It is even more important to educate yourself about this issue if you’re planning to buy a house or sell your property.

Being in the know about the current real estate property conditions can guide you during the buying or selling process. It allows you to make a guided decision on when should be the right time to dispose of your property or purchase a new one whether it’s for personal or investment purpose.

Recent reports from realtors reveal that during this summer 2010, prices of real estate properties specifically in the central part of the state were generally stable. However, an increase in the number of foreclosures across the state of Virginia was noted. It has been observed as well that there’s sufficient supply of homes due to the greater number of sellers.

Real estate experts confirm that within a three-year period, it’s  real estate turkey the first time that the number of repeat buyers and investors has exceeded that of first-time buyers. This is on a nationwide basis with many properties receiving more than one offer. In many areas, there are even property buyers very willing to pay in cash.

Additionally, the slight decrease in the market prices gave more people an opportunity to buy Virginia real estate properties. Figures showed that the number of properties sold was 48 percent higher than what was achieved in the first quarter of this year. It was also 18 percent more than the figures in the second quarter of 2007.

Another positive news is that based on surveys, more home sellers are getting the market price that they’re asking for. Some even reported getting multiple offers for their properties.

With these favorable market conditions, it won’t be surprising that more people will continue to invest in Virginia and even make it their home for the long term. So keep yourself updated as often as possible to ensure that you make a sound decision.

 

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