Virginia Association of Realtors Report on Virginia Housing Market

1. 10
there’s no Virginia home From October 2006 through October
2007, the average price of a Virginia home
such thing as values are
thing
has grown 4.3 percent, from $222,800
a national real stable. to $232,487. Yes, there are pockets
in Virginia where home prices have
estate market. declined – largely due to unsustainable
If you read the newspapers, you price growth in those markets during the
might get the idea that real estate past two years – but even in those areas,
markets are the same everywhere. generally speaking, homes are still worth
If conditions are bad in San Diego more now than they were three years
or Detroit or Miami, they must ago. Overall, since November
be bad everywhere, right? Wrong! 2004, the average price of a
Real estate markets are local; when typical Virginia home has
appreciated 42 percent, from
You should know you’re looking to buy or sell, pay
attention first to sales price trends, $163,750 to $232,487 today.
about today’s volume and inventory in your For details: VARealtor.com/
target market or region, rather HomeSales
Virginia real than to misleading headlines about
national sales trends.
estate markets
Think locally and longer-term,
and do your homework. housing demand in
Virginia is set to grow.
Estimates show the Commonwealth’s
population will increase by almost
the market favors 500,000 by 2010. These new
Virginia’s first-time Virginians will need a place to live.
For details: CooperCenter.org/
home buyers. Demographics
First-time buyers in Virginia are younger
and have higher incomes – they’re
typically 25-34 years old and earn a
median income of $71,300 annually
there are hundreds of reputable
mortgage companies ready to lend.
A house is a place
(22 percent higher than the national
average of $58,300). They made up 29
Buyers with good credit and a realistic view of what to make a home,
percent of all Virginia homes they can afford should have an easier time obtaining not just a buck.
sales in 2006. And there’s mortgage approval. Help is also available for those Most purchasers don’t buy a house to
currently plenty of inventory with damaged credit or limited means through the Virginia flip it. They buy it to live in. The value of
for first-time buyers to choose Housing Development Authority and other organizations. strong communities, rooted families,
from. For details: VARealtor. civic pride, comfortable retirement,
com/2006BuyersSellers and a higher quality of life can’t be
expressed on a balance sheet.
Owning Use a Virginia REALtOR®; now really is the time to buy.
a home builds get up to 26 percent Housing inventory levels are the highest
in years, and interest rates are low. If you’re
wealth in a way that more for your a buyer, this market is for you. But…If you
renting can’t.
According to the
The
median
home. need to sell first, be patient, and price your
home correctly. Right now Virginia homes sell
Federal Reserve it’s prime time for selling price after an average 127 days on the market, only five days more
Board, the average second homes. of single-family than the 10-year average of 122 (though this number varies
renter’s net worth Savvy investors and FSBO homes in Virginia among price ranges and markets). Competitive pricing is
is $4,800, while the prospective retirees know was $249,500 compared with important. Experts agree, well-priced homes sell faster.
average homeowner’s real estate is important to $313,400 for REALTOR®-assisted
net worth is $171,000. their portfolios. About one third of home sales at the end of 2006, a difference
Clearly, it pays to own all home sales are second homes or of $63,900. The advantage of developing an
a home. vacation properties and Virginia has ongoing relationship with a professional – a
plenty of inventory and desirable REALTOR® – speaks for itself. For details:
locations for those seeking them. VARealtor.com/2006BuyersSellers
© 2008 Virginia Association of REALtORs®