Three Tips for Conducting a Virginia Beach Real Estate Search
April 23, 2014
The Virginia Beach area, along with the surrounding areas of Suffolk and Norfolk, have been experiencing a positive upswing in property value over the past year. Many have been comparing the area to Southern California, with some notable differences — among them, lower property costs and a more laid-back community.
Are you interested in Virginia Beach real estate listings? You’re not alone. Luckily, it’s a good time to buy. The price for property is relatively low, and likely to continue climbing over the next several years, promising a return on your investment.
Now isn’t the time to sleep and wait for better prices, though. As the economy bounces back, real estate auctions of foreclosures become less frequent, eliminating the lower-cost properties and driving up the prices of other offers. Here are three tips for conducting a real estate search that connects you with the right listings.
1. What to Know About Real Estate Foreclosures
- Foreclosed homes typically sell for about 5% to 15% less than other properties. This can make them a great investment opportunity as the economy moves away from the housing crisis.
- It doesn’t mean, however, that every kissed frog will turn into a prince. Some real estate foreclosures are not worth your investment, for various reasons. Due diligence and research need to be a key part of purchasing these properties.
- These homes have often sat without anyone in them for months at a time while in the foreclosure process. This can mean a crumbling roof or even a missing air conditioner. A thorough home inspection is a must for would-be homeowners.
2. Find a Realtor With Extensive Local Experience
Connections are everything in real estate, and Realtors have them. If you want to find out about affordable property for sale before everyone else does, you’ll need an experienced real estate agent on hand. They will also be an essential asset for getting a selling price that works for your budget, and one that is a good price for the property in question. You can find a Realtor by asking for local recommendations, or by looking through online reviews of homeowners who had great buying experiences.
3. Get Pre-Approved for a Loan
Believe it or not, even foreclosed properties often have several offers on them right away. No matter what type of property you’re looking at, it can help you seal the deal when you have a pre-approved housing loan. You will need to contact a lender and be able to show that your credit score and future income is acceptable. According to Zillow, once you’re approved it can take up to 48 hours to receive a pro-approval letter.
Will you find a Realtor to match you up with your future property? Let us know in the comments. Check out this website for more.