Virginia Land and investment

VirginReal Estate Market

• Homebuilding in Virginia boomed in recent years, but residential real estate construction is starting to slow. Single family permitting in first quarter 2006 was down slightly from a year ago and was well below the growth experienced earlier in the decade. Additionally, home price appreciation over the past year has eased. However, home sales have fallen significantly from their year-ago
levels in several markets since late last year, while
inventories have continued to build.

• During the first half of this decade, Northern Virginia as well as portions of Roanoke, Lynchburg, and the Tidewater area had the greatest increase in new homes. As a result, these construction markets may be more vulnerable should housing activity slow.

• Strong growth in Virginia’s housing markets was a major component of economic growth between 2001 and 2005 Summer 2006 as the real estate-related sector generated significant employment gains for the state However, should markets slow going forward, demand for all real estate-related employment will likely fall, leading to reduced economic growth.

Virginia Agriculture

Virginia agriculture generates approximately $36
billion annually in total sales for the state.
Together, agriculture and forestry are Virginia’s
number one industry, contributing more than $47
billion to the state economy annually and representing
more than 15% of total employment.
About 90% of Virginia’s farms are owned and
operated by families.

Land Investing tips.

Buying a house is, for most people, the largest financial investment of their lives. For this reason, it is important to become knowledgeable about soil characteristics which make a site suitable for home construction or that may cause problems on an established homesite. Potential problems and costly mistakes can be avoided by the contractor and homeowner if a study of the soil at the site is made before construction begins or before a house is purchased. Detailed information on soil characteristics can be found in the published county soil survey report or by contacting the Natural Resources Conservation Service Office in your area. Your County Extension Office may also be able to assist you in obtaining information before you build or purchase your home. There are several questions you should have satisfactorily answered before you purchase land to build on or before you buy an established home.

1. Are the soil properties favorable for establishing and maintaining lawns, shrubs, trees and gardens without extensive and expensive soil modifications?

2. Is there a flood hazard? (Is the site on a floodplain)?

3. Are there soil factors that prevent or limit the soil's use for septic tank absorption fields or sewage lagoons (if public sewer system is not available)?

4. If you are planning on installing a basement, will its construction be limited by such factors as: A. High water table, either temporary or permanent. B. Depth to bedrock. C. Drainage - surface ponding or excessive runoff. D. Shrink-swell potential of subsoil.

5. What are the erosion conditions and landslide potential? Previous erosion may have caused gullies and/or limited the depth of topsoil requiring leveling and filling, and it will give a clue to the stability of soil on a slope uphill from the house.