This week’s Q&A column is sponsored and written by Hope Peele of The Peele Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. To learn more about this article and relevant Alexandria market news, contact The Peele Group at 703.244.6115 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: What factors affect home values in this region?
Answer: When deciding to sell a home or purchase a home, it is common to wonder how much each home is “worth”. What some don’t always think about though, is that there are many factors that can influence these prices. Here are some of the main things that can affect regional home prices.
Location
Perhaps the most known cliche about real estate is “Location, Location, Location!” Homes in urban areas, close to shops and restaurants, parks, or schools, are typically valued higher than those that are more rural. This may sound counterintuitive, but even though a home stays where it is, how desirable a location is can absolutely change over time. For example, when a new shopping center is built, homes nearby will frequently see a boost in value, depending on their proximity. Expanding public transportation routes will also have a significant effect on regional home prices.
Market
Many have heard the terms “seller’s market” and “buyer’s market”, but I don’t see them explained much, so I’ll go over what those terms actually mean. Essentially, in a seller’s market there are a ton of buyers looking for homes. This means that if a seller’s home is priced appropriately, it will likely get competing offers, and therefore a higher price. Conversely, a buyer’s market has more inventory than buyers. This gives buyers more options and allows them more leverage for negotiating lower prices.
Interest Rates
Interest rates are just as important to watch as the market conditions — and can even influence them. Buyers have more purchasing power when interest rates are low, meaning that they can afford a mortgage for a higher amount. This results in increased demand and higher home sale prices.
Economy
Local economy is yet another… People are more likely to purchase homes when the local economy is strong, and there are a lot of available jobs. National economy on the other hand, might not necessarily have as much of an immediate impact on local prices, but the perception of either strength or weakness certainly can.
Overall, there are many factors that can influence home prices in any given region. It’s important to consider all these factors when buying or selling a home in the area. Your trusted real estate agent will walk you through all of these and help you to take them into consideration when either buying or selling to make the most informed decisions.
By understanding the local market conditions, interest rates, and economic factors, you can make informed decisions about buying or selling a home in Northern Virginia. If you need help determining the value of your home, or a home of interest to you, don’t hesitate to reach out for a market analysis.
Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. in Alexandria, Virginia. She grew up in Old Town and currently lives in Del Ray. As a partner with The Peele Group, Hope is dedicated to guiding her clients successfully through the many-faceted process of buying or selling a home. Contact Hope at 703-244-6115.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703.549.9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria
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