23436, Suffolk, VA

The 23436 zip code of Suffolk, VA is located in southeastern Virginia and includes a population of approximately 61,000. The median household income in this zip code is $101,811, and the median home value is $269,500.

Home equity has been on the rise for many Americans over the past several years as prices have increased faster than wages. In fact, according to Zillow’s 2018 Home Value Index report, home values in Suffolk have increased by an average of 5.5% over the past year. This trend appears to be continuing as Zillow recently reported that home values in Suffolk are up 6.1% from one year ago and are now at their highest point since 2007.

One reason for this increase in home values is likely due to low interest rates and increasing demand from buyers who want to purchase homes before prices increase even further. Another factor may be that many homeowners are refinancing their mortgages which allows them to pay off their existing mortgage debt faster and save money on interest payments over time.

Despite these positive trends, there are some potential risks associated with buying a home in Suffolk right now:

-There could be a sudden decrease in demand for homes if interest rates go up or if another economic recession occurs; -Homeowners who refinance their mortgages may not be able to get enough money for their new loan if house prices decline; -It can take several months for sellers to receive offers on their homes and during this time they may experience decreased property values; -Some borrowers who use HELOCs (home equity lines of credit) to borrow against their home equity may find themselves unable or unwilling to repay these loans if house prices decline significantly; -If someone loses his or her job or experiences other financial difficulties, he or she may not be able to afford monthly payments on a mortgage or HELOC and could lose both the house and any equity that he or she had invested in it.