Whether you’re new to real estate investing or you’re a well-seasoned flipper, odds are you’ve heard the same thing: Richmond is a city on the rise.
From its humble origins as one of the United States’ first cities, Richmond is certainly not without its historical charms. But the real changes have come within the last decade, and are just now presenting the perfect opportunity for eager investors looking to capitalize on an early mover advantage.
Thinking of investing in real estate in Richmond? Here’s just a few reasons why now is the right time to act.
Richmond Home Values Are Going Up
Perhaps the most enticing reason why people (especially real estate investors) are looking to Richmond is its rapidly rising median home value, currently at $210,000 - that’s up about 50% since 2013, and is expected to continue to rise at the same rate.
This has drawn an influx of real estate investors from all over the country, many of whom have seen success: the Richmond Times-Dispatch last year reported a median gross profit (excluding costs) of over $70,000 for fix and flip investors.
It’s Home to Several Up-and-Coming Neighborhoods
Beyond its overall attractiveness, Richmond has a few specific neighborhoods with heightened opportunities for successful real estate investment.
The first of these is Church Hill, one of the city’s oldest neighborhoods. Church Hill has been around since the 1700s - it fell into a period of neglect, but has recently seen a rapid acceleration of home sales, many occurring within days of listing. With home prices fast on the rise, Church Hill is one of the hottest spots for investment in 2018.
Tuckahoe is another neighborhood that’s quickly growing. The neighborhood’s easy access to high-quality schools makes finished properties extremely attractive to buyers hoping to build a good life for their families. While finding a gem can take some digging, demand is white-hot, and improved properties can often sell in a matter of days.
Richmond’s Economy is Strong and Growing Stronger
One of the biggest advantages that Richmond offers to real estate investors is its booming economy. Home to both a US Court of Appeals and a Federal Reserve Bank, Richmond is largely known for its contribution to law, economy, and the US government.
That said, the diverse economy is also powered by growing industries like tech and healthcare, whether it’s Facebook’s $1billion data center in Henrico County or Envera Health’s new 27,000 square foot headquarters in downtown Richmond.
This combination of new and old industries have led some to predict a 10-year job growth of nearly 40%. Whatever the measure, it’s safe to say that Richmond’s economy is growing, adding just one more strong reason that real estate investors are increasingly looking to the city for lucrative investment opportunities.
There’s Easy Access to Financing
Investors in Richmond have no shortage of access to financing. This is crucial because very few real estate investments are successful that don’t involve local lenders with experience working in the area.
Walnut Street Finance is one such lender - with both a diversity of financial products and a portfolio of profitable investments in the area, Walnut Street Finance has a track record of success in helping real estate investors realize their goals.
If you’re interested in a real estate investment project and want to learn more about what opportunities are available to you, check out our free ebook, Smarter Way to Invest in Real Estate.