6 Facts About Virginia's Real Estate Markets
1. Virginia Neighborhoods are in Better Shape - Statewide year-over-year foreclosures are down 2.4% from last year
2. Market Activity is UP - More homes were sold in 6 of Virginia's 7 regions in Q1 2010 over previous years. Buyers and Sellers alike are benefiting from low interest rates in a gradually recovering economy
3. Virginia Home Values Jumped - The median price of a VA home was up 8.9% over the same quarter last year. This means last year's homebuyers should have $19,500 more in equity on average.
4. More Virginians are at Work - Virginia continues to outperform the nation, with the 14th lowest unemployment rate at 7.4%, People with jobs can pay the mortgage, which keeps homes out of foreclosure, helping to protect local home valuations.
5. We're Still Building! - In Q1 2010 construction jumped 23% over the same quarter of 2009.
6. Sellers Face a New Reality - Home values have changed. The start of 2010 marked the first time Virginia median home prices dropped year-over-year prior to 2005. Today's sellers need to be realistic and listen to their real estate professional's advice: Price it Right, Stage it Well and be Patient!
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