How will the current housing market affect my home's value?

I have just purchased a home in Virginia Beach, Virginia for around $300,000 a little over 2 months ago. I think that I got a good deal, paying $20,000 below the appraised value. Am I going to see a big decline in the value of my home over the next few years? I will not be selling for at least 10 years or so. Do you think that my house will gain enough value to be a good investment to have bought when I did? thanks

No one can tell you for sure which direction the market will go in the future. If this is your primary residence, then just live in it and enjoy it to the fullest. No matter how the value of the house fluctuates, it is only paper money to you if you don't sell. In the long run, the value of real estate will almost definitely increase.

In 10 years you will most likely make a profit!
It's a great time to buy a house.....not to sell. I'm sure you got a good price

No crystal ball! Darn it! ;) But,it's a good area and anything near a beach ever has been an attractive property! You probably choose to live here for the same reasons that people will continue to flock to the beaches. It just makes us feel good. So without speculating too much I think we all might agree that you should be in good shape or at least enjoy it while you are there to enjoy it! Good Luck with it. I'm the evermore optimist so I hope for the best for you.

If you are not planning on selling for 10 years then todays market is not relative to you at all. In 10 years the market will have changed from now. Real Estate is like stocks because you dont actually lose money until you sell. So dont worry about somebody telling you right now that your home is worth way less unless you are actually selling your home. Hope I helped.