As the old adage goes, "Virginia is for lovers." But beyond its romantic allure lies a dynamic and ever-evolving real estate landscape that demands attention and understanding.
But what do you need to know to navigate this market with ease? We've got the 411.
Read on to find out what a real estate agent can tell you about the Virginia market.
Property Valuation
As in many real estate markets, location plays a significant role in property valuation in Virginia Beach. Properties closer to the beach, with ocean views or easy beach access, generally command higher prices.
Neighborhoods with good schools, amenities, and low crime rates tend to have higher property values.
Planned or ongoing development projects, such as new shopping centers, schools, or transportation infrastructure improvements, can impact property valuations. Areas experiencing growth and investment tend to see increased property values over time.
Real Estate Trends
Trends can help you determine where and if to purchase a rental property. Like many other markets, Virginia Beach has been facing a shortage of housing inventory.
This limited supply of homes for sale has contributed to competitive bidding situations and rising prices, particularly in popular neighborhoods and property types.
Virginia Beach has seen increased interest from out-of-state buyers. It's particularly popular with people from areas like the Northeast and Mid-Atlantic regions. Many buyers are attracted to Virginia Beach's lower cost of living, favorable tax environment, and beachfront lifestyle.
Tourism Appeal
Virginia Beach's tourist appeal makes it a great option if you're interested in rental income.
Virginia Beach's primary appeal lies in its beautiful beaches along the Atlantic Ocean. Short-term rentals have become a popular investment strategy in Virginia Beach. Investors can capitalize on the city's tourism influx by offering well-maintained and attractively furnished properties for short-term stays.
All the different events can make your property even more appealing, depending on the time of year.
The city's infrastructure and amenities are designed to cater to tourists. That includes well-maintained beaches, boardwalks, parks, shopping districts, and recreational facilities. These features enhance the overall appeal of Virginia Beach as a tourist destination and a place to live.
Investment Possibilities
You'll also need to consider the different real estate investment opportunities available to you. Investing in beachfront properties along the Atlantic Ocean or Chesapeake Bay can be a lucrative opportunity.
These properties often appreciate well over time and have high rental potential. That's especially true for vacationers seeking a beachfront experience.
With several colleges and universities in the area, including Regent University and Virginia Wesleyan University, investing in student housing can be profitable. Properties near campuses or with amenities attractive to students can generate consistent rental income.
Real Estate Agent: Get Advice Today
Hopefully, now you know more about the Virginia Beach real estate market-whether you're a real estate agent or not.
Are you looking for property management help in Virginia Beach? PMI Virginia's owners have been part of the real estate industry since 1993, so you know we have the skills and experience to help you thrive.
Contact us today.
