Former House Speaker Tip O'Neil once said, "all politics is local." The same can be said for the housing market.
Despite some local markets being depressed, other cities see signs of growth and rebound. What's true of Las Vegas might certainly not be true of Northern Virginia. There are a number of factors that influence markets outside of national trends.
1. Comparative costs - Cost of living standards are fairly standardized across the country. Places like New York City might run approximately 200% more for housing, groceries, insurance, transportation, etc. There are a number of calculators online that can demonstrate comparative costs.
When a location is subject to an influence of buyers from a relatively higher market to a relatively lower market, comparison cost adjustment can be a significant influence towards a bullish market. One such example, is Blacksburg, Virginia, home to Virginia Tech. Many students that attend Virginia Tech come from relatively higher cost markets, such as Northern Virginia, Pennsylvania, and Maryland. As such, $175,000 condos appear very reasonably priced when compared to condo's in their home markets that often sell for twice that amount. Radford University tends to parallel this as well.
2. Local economy - Nationally, the unemployment rate hovers around 8.5%. However, some local markets such as North Dakota is just 3.4%. Markets that tend to be more stable against economic slowdown's hold home prices better. As such, the New River Valley has major employers of Virginia Tech (steady and growing), Radford University (steady and growing), Moog (steady and growing), and number of other industries in healthcare, military, research, and technology that have significantly outperformed manufacturing, banking, transportation, and other areas.
3. Quality features - Homes that hold their resell value offer features that offer real value now and in the future. One of the hottest features in the market is energy efficiency, which is impart driven by local and state tax incentives, education, regulation, and "early adaptors." The Blacksburg community, in partnership with the Town and private enterprise, continues to lead in both lean and green initiatives. By doing so, they enhance the region's livability, attractiveness, and ultimately, market value of both homes for sale and the area's relative price index.
4. Location, location, location - The appeal of waterfront property, beach and/or resort communities, being part of the hippest downtown neighborhoods, or easy access to major commercial hubs, offers value that is more "economic resilient" than real estate without similar features. In the New River Valley, homes near Virginia Tech continue to see widespread appeal, as well as homes offered by the convenience of Christiansburg.
Today's consumers can use online vehicles to do much research themselves, including online MLS searches, and websites like Zillow and Trulia.
Long and Foster Realtors, Blacksburg
To Learn More, please visit http://www.HomesOfTheNRV.com
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