Understanding Market Value: A Guide for Home Buyers & Sellers in Virginia Beach, Norfolk & Chesapeake
Pricing your home for the current market is important for maximum exposure and, ultimately, a satisfactory sale!! Watch YouTube Video here!
Understanding Market Value: A Guide for Home Buyers & Sellers in Virginia Beach, Norfolk, and Chesapeake
What is Market Value in Real Estate?
Market value is the price a willing buyer and seller agree upon in an open market, assuming:
The property is fairly marketed (not distressed or under foreclosure).
Neither party is under financial duress.
Both buyer and seller have reasonable knowledge of market conditions.
Market value is often confused with:
Assessed Value: Used by local tax authorities for property taxes.
Appraised Value: Estimated by a licensed appraiser for mortgage approval.
Listing Price: The asking price set by the seller, which may be above or below market value.
Market Trends in Virginia Beach, Norfolk & Chesapeake (2024 Update)
Virginia Beach Real Estate Market
Median Home Price: $385,000
Market Trend: Prices are rising due to limited inventory.
Days on Market: 28 days (high competition).
Norfolk Real Estate Market
Median Home Price: $315,000
Market Trend: Moderate demand with stable pricing.
Days on Market: 32 days.
Chesapeake Real Estate Market
Median Home Price: $410,000
Market Trend: High demand, especially in suburban and family-friendly areas.
Days on Market: 30 days.
Key Takeaway: Home prices continue to rise due to low supply and strong buyer demand. Sellers have an advantage, but buyers can still find great opportunities with the right financing.
(Source: NAR, MLS Reports, Altos Research)
How to Determine a Home’s Market Value
1. Comparative Market Analysis (CMA)
A CMA compares recent sales of similar properties in your area to determine a home’s fair market value. As a real estate expert in Virginia Beach, Norfolk, and Chesapeake, I offer free personalized CMAs.
2. Online Home Valuation Tool
For a quick estimate, use my home valuation tool to see what your home might be worth based on local data.
📍 Get Your Instant Home Value Estimate
3. Professional Appraisal
Lenders require an official home appraisal before approving a mortgage. A licensed appraiser evaluates the home’s size, condition, upgrades, and recent sales.
📍 Learn More About Home Appraisals
Financing & Mortgage Options for Buyers
VA Loans (For Military & Veterans)
0% down payment.
No private mortgage insurance (PMI).
Competitive interest rates.
📍 Learn More About VA Loans & Military Relocation
FHA Loans (For First-Time Buyers)
3.5% down payment (with a 580+ credit score).
More flexible credit requirements.
Allows gift funds for the down payment.
Best for: Buyers with lower credit scores or limited savings.
Conventional Loans (For Competitive Buyers)
5%–20% down payment.
Lower interest rates for strong-credit borrowers.
No upfront mortgage insurance fees.
Best for: Buyers with strong credit and savings.
📍 Check Current Mortgage Rates
First-Time Homebuyer Grants & Assistance
Virginia Housing Loan Programs – Offers down payment assistance.
Local City Grants – Some cities provide closing cost assistance.
Employer-Assisted Housing Programs – Check if your employer offers homebuying incentives.
🔹 Tip: Work with a real estate agent who understands these programs to maximize savings.
People Also Ask (FAQs)
What factors influence market value?
Location, condition, square footage, lot size, and recent sales in the area.
How can I increase my home’s market value?
Upgrades like kitchen renovations, fresh paint, and landscaping can boost value.
Is the Virginia Beach market good for sellers in 2024?
Yes, low inventory means sellers can expect competitive offers.
How do I know if I’m overpaying for a home?
Compare recent sales and request a CMA from a real estate expert.
Download the Full Homebuying Guide (PDF)
Want to save this guide for later? Download a free PDF version to reference anytime.
(A valid email is required for download.)
Get Expert Guidance on Buying or Selling
Whether you're buying, selling, or just exploring your options, having an experienced agent by your side can help you make confident decisions. I specialize in Virginia Beach, Norfolk, and Chesapeake real estate and can guide you every step of the way.
📍 Schedule a Free Consultation
Serving Virginia Beach | Norfolk | Chesapeake
Disclaimer
"This content is for informational purposes only. Buyers should conduct their own research and consult real estate professionals regarding their specific situations. Jennifer Dawn adheres to all Fair Housing regulations and the REALTOR® Code of Ethics to ensure equal housing opportunities."
Sources & References
National Association of Realtors (NAR) – Housing market reports.
MLS Data – Local home price trends.
Altos Research – Real estate analytics.
Virginia Housing – First-time homebuyer programs.
Federal Housing Administration (FHA) – Loan guidelines.
Department of Veterans Affairs – VA loan resources.