Over time, the value of a home will go up and down. Over a long enough period of time, house values usually appreciate. But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have more equity to borrow against, and you make a bigger profit when you sell. There are numerous reasons why property values in Richmond go up and down. So, how will you know what you're buying this year will appreciate over time? The most important factor is that you select a REALTOR® in Richmond who knows the factors that affect local prices.
What is the most important factor affecting real estate appreciation? Many guess that it's the economy. After all, there are a lot of factors on a national level that adjust your property's value: unemployment, interest rates, consumer confidence, and more. But the most influential issues that decide your home's value are specific to the local Richmond economy and residential market.
Location in a community - Proximity to jobs and schools also have a major affect on many home buyers' decisions. So these communities usually appreciate, or keep their value, best.
Recent sales - Your real estate agent should provide you with information on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the past 5-10 years? Is the neighborhood thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice combination of job types in an area, or does it count on just one industry? These items play a part.
Identifying the factors that impact your home's market price is important. Get an evaluation of your house's value here. Call me at 8043209508 or e-mail me if you have any questions at all. I'd love to hear from you.
Citizens Realty 4232 Arrowhead Rd Suite LL Richmond, VA 23235-1620
Location in a community - Proximity to jobs and schools also have a major affect on many home buyers' decisions. So these communities usually appreciate, or keep their value, best. 
