Your Home Sold Guaranteed Realty - Reeds Real Estate

How Often Does a Home’s Property Value Change: Virginia Beach?

Do you remember what you paid for your home when you originally bought it? Were you aware if that price was the home’s true worth at the time? As a home buyer, you could see what other comparable homes in the area were selling for and determine if the house you were interested in was on par with those others on the market. Now that you are thinking about becoming a home seller, you will need to reverse that thinking.

It is important to know what your current home value is in order to sell it at a reasonable and profitable price. Property values change quite frequently, so it is important that you find out the most up-to-date value before you list it for sale. Our realtors at Your Home Sold Guaranteed Realty - Reeds Real Estate can be of great use when it comes to determining your home’s value and ensuring that you are able to sell it at a reasonable price. We can help you answer the question, how often does a home’s property value change in Virginia Beach?

Home Price vs Home Value: Do You Know the Difference?

As you try to answer the question, how often does a home’s property value change in Virginia Beach, one thing you need to be aware of is the difference between home value and home price. While they are related concepts, they are not the same thing, and it is essential that you understand the basic differences.

So, here is the difference:

  • Home value: the amount of money that a house is worth based on factors related to the home itself and the current real estate market.  
  • Home price: the amount that a house could actually sell for in the market right now. 

Frequently, the appraised value is higher than the price, but this does not mean that home sellers will not be able to sell the house at that value or above, especially if it is a seller’s market.

When it comes to buying a home, these are important concepts for home buyers to know as well, especially when they are applying for a mortgage. The importance lies with the lenders. In general, lenders will require an appraisal to be done as a way to determine the loan amount, and they will not usually go higher than that amount. When the sale price is higher than the value, home buyers will need to make up the difference or risk losing the house.

Find Out What Factors Can Affect Your Virginia Beach Home’s Property Value

For very basic information about the value of your home, you could use online home valuation tools such as the Zillow Zestimate. However, if you want accurate, up-to-date information about your home’s current market value, it is best to consult with an expert. When you need to know your home’s value, an appraiser will incorporate many factors into the assessment and the results will be the true worth of the house. One of these important factors is the condition of the home. 

When a homeowner routinely does maintenance and repairs, when needed, on the house, that will ensure that the home value does not decrease. The lack of maintenance and repairs could result in a serious loss of value even though these actions will not increase the value unless an appraisal had already valued it at a lower amount.

If you are seeking to raise the value of your property, obvious improvements must be done in the form of renovations and additions such as a garage, swimming pool with a deck, or extra bedroom. These add value and square footage. Other factors that will be considered in the valuation such as crime rate, infrastructure improvements, and access to stores, schools, and other necessities are largely out of the control of the homeowner.

Lastly, home value can also be affected by real estate market trends since they will be incorporated into the valuation process. Recent sales and the trending prices will be utilized to determine overall market value. If sale prices are increasing consistently, the home values often follow this trend. Usually, though, this is assessed on a year-over-year basis rather than monthly, even if prices change rapidly. Values will remain consistent. 

How Often Does a Home’s Property Value Change in Virginia Beach?

Cities will often evaluate home property values at certain intervals. The City of Chesapeake, for instance, states on their website that it will make changes to property values on a quarterly basis if there is new construction, additions, or demolitions completed. These updated property values will be done on October 1, January 1, April 1, and July 1 each year.

However, this quarterly (or however often) review of your home’s value may not be useful if you are trying to sell your home now. You may need current and accurate information for the real estate market. That is when you need to call in an expert appraiser to give you that information and help you set a fair asking price. Home buyers will be looking at the market as well when searching for homes, so they will know an expected range of prices for homes like yours. That is why it is vital to know exactly what your home is worth before you create a real estate market listing. 

Determine Your Home’s Property Value with Our Realtors

If you are trying to decide if now is the right time to sell your home, it is important to first answer the question, how often does a home’s property value change in Virginia Beach? This will provide you a good starting point for your home selling journey. Our team of realtors at Your Home Sold Guaranteed Realty - Reeds Real Estate is here to help you answer this question, get you going in the right direction, and make sure you will be able to achieve your home selling goals.

Our realtors are happy to help you with all of your home selling needs, including getting a home valuation completed and setting a reasonable asking price. For more information on home values or to start your home selling journey with us, feel free to give us a call at (757) 799-4824 or fill out the form below with the requested information and one of our realtors will send you a detailed response as soon as possible.

We look forward to hearing from you and getting you started in the right direction in the real estate market!

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