Virginia real estate is looked after by the Real Estate Board of Virginia which lies under the Virginia Department of Professional and Occupational Regulation. This board was established in 1924 and is vested with the responsibility of regulating the real estate business in the Commonwealth of Virginia, besides it, the board also represents other private companies in all real estate transactions taking place within the state. Hence, all real estate transactions taking place within the state, be it regarding condominiums, cooperatives and even time-shares come under this board's ambit. The board follows the rules and regulations stated within the Federal Fair Housing Act in order to sanction licenses to real estate property of business houses and individuals.
According to new rules issued by the Virginia department of real estate, in association with the Virginia Association of Realtors, all licensees within the Commonwealth must necessarily possess educational qualification. There is a special Virginia Fair Housing Office which provides housing to all citizens of Virginia irrespective of caste, creed, color, religion or sex. The real estate statistics of the closing month of July 2007, reveal that a total of 1859 homes have been sold in the Northern Virginia region, an obvious rise of 16% from July 2006's real estate property sales. This is an indication of how the real estate market in the Commonwealth of Virginia is continuously expanding with more profitable returns for real estate agents. This profitable market has subsequently given rise to sale price of real estate property in the region, making the price peak at $554,274, a sharp ascent of 3.08% from the average price of July 2006. The median price of homes in this part of the state is currently at $480,000 which is again 0.75% up from the median price trend of July 2006.
However, the real estate market is slightly depressing in the Greater Virginia region where the sale of real estate property is not very good. Although, the average sale price of $512,946 of July 2007 is higher than that of 2006 by 0.89%. But the alarming factor is indicated in the number of housing units sold. There is a sharp decline of 3.37% indicated in the total home sale of July 2007 than that in July 2006. The real estate listings for the Greater Virginia suburbs have also gone down considerably.
To gather detailed information on
Virginia real estate, one may go through the following links:-
