Virginia Beach is a great place to live. The name alone holds great promise for anyone thinking about moving here from a piece of Etobicoke real estate in the north. Virginia is located in a considerably warmer climate, with mild winters and mild summers too. And of course, there's the Beach part of the name. With a location right on the Atlantic Ocean, Virginia has just about everything one could expect in a coastal city.

Needles to say, we think that moving to a zip in Virginia Beach is a great move for almost anyone. But what can you expect when you leave your home in Bloor West Village behind and go house hunting in our city? Here's a look at some of the most vital real estate market information we can put together.

Buyer's Market

Make no mistake about it, Virginia Beach today is very much a buyer's market. In fact, most realtors rank it a better prospect for buyers than most other areas in the country.

In part, this is due to the fact that homes in Virginia Beach have had higher price tags than in the rest of the country. Again, the Ocean plays its part here, as prospective buyers from outlying states bought up some nice oceanfront property after qualifying easily for mortgages.

And then of course the real estate crash hit. Locations with high priced homes were affected the most, and the consequences are still obvious in Virginia Beach today. People living on Ajax real estate will probably be shocked to hear of the discrepancies between asking and selling price here in this city.

The reason for the surprise is that the numbers are so vastly different. The average listing price in Virginia Beach is still around $430,000. In other words, people are still trying to recover the prices they paid for their homes five or ten years ago, when the market was hot. Homes listed at these prices run through the middle of the city, and along the southern coast.

If you've sold a piece of Richmond Hill real estate, or any other real estate before, you probably expect to get a little less than your asking price. Typically, it's going to be about ten thousand less. Not so in Virginia Beach. Houses here are selling at $100,000 or more less than listing price, all over the city. The situation is most pronounced in the center and coastal parts of the city, where houses are selling for as little as half the asking price!

It's definitely a buyer's market here in Virginia Beach. If you have been thinking of putting your home for sale in Georgetown Ontario and buying somewhere balmy, checking out what's available here might be a great move!