Chesterfield leaders "cautiously optimistic" after home values d - NBC12 - WWBT - Richmond, VA News On Your Side

Chesterfield leaders "cautiously optimistic" after home values down again


New numbers are out about home values in Chesterfield. They are down again for the 5th straight year, but there is some good news.

Homes value are down about 1.3 percent. They were down five percent last year!

The winds of change are not blowing fast enough in Chesterfield County.

"Nobody wants their value to go down," said homeowner Robert Valentin.

Valentin is a local landscaper and says while the 1.3 percent decrease is less than previous years many of his clients aren't interested in government spin.

"They can play the numbers game all they want to," said Valentin. "But what really matters is what the market says. What matters is the prices out here on the street."

Even with home prices down the county still got an overall $2 million revenue boost from 80 percent new construction. County leaders point to new construction like the Kroger Marketplace as a sign of positive things to come.

"It's about time," said homeowner and local appraiser Geoffrey Bennett. "It has been about a 6 year drought."

He worries the steady decline in home values could be a bad equation for schools down the road.

"I'm not as excited about that," said Bennett. "I would like the schools to get enough funding to have all the materials they need for the kids and to be able to pay the teachers."

Not to worry says county leaders who point to new developments like the Stonebridge Apartments coming in 2014 as a sign of steady growth.

"We are cautiously optimistic that we are heading in the right direction and that we have found bottom and that we are going to begin to work our way up," said Matt Harris who is Assistant Budget Director for the county.

A third of homeowners will see a slight increase or no change at all to their assessment. Assessments go out this weekend. They should arrive next week.

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