The Virginia real estate market is booming—are you ready to capitalize on this unique investment opportunity? At Gauntlet Funding, we specialize in providing you with flexible and innovative financial solutions to ensure that you have the money you need when you need it, and all at a fraction of the time and hassle as compared to traditional bank loans. Being able to make an offer with cash on hand significantly ups the attractiveness of your offer, and in this increasingly competitive marketplace it may just be the competitive edge you need to land your next great property asset to diversify your portfolio. Here’s a look at the dynamic Virginia real estate scene and how a hard money loan can help you make the most of it.
At the close of 2020, economists forecasted that Virginia will have 3.88 million available jobs to start out the new year and grow consistently throughout the coming year to approximately 4.1 million jobs—an increase of 2.2% over the 2020 year-end mark. Closely related is unemployment, with levels expected to dip below 5% in the Commonwealth by the close of 2021, a percentage lower than the preceding year. This is good news for real estate investors. More jobs equal more workers looking for housing options across the spectrum of listing price, square footage and housing types. The positive economic outlook in the state translates into increased demand, meaning your renovated property or rental unit will not be vacant for long and you can start turning a profit without having to try too hard to find eager homebuyers and tenants alike.
Although demand for homeownership will continue to rise in Virginia in the coming months, a significantly reduced inventory will play a major limiting factor on the collective market activity. Still, home sales are expected to total around 136,000 in 2021, which is up 2% from last year’s total. The reduced supply, increased demand and historically low mortgage rates have all combined to ramp up listing prices throughout Virginia. It is anticipated that these factors will persist to push prices even higher throughout 2021. A growth in demand for smaller markets, where there is more potential for higher price growth, eventually will result in a considerably robust rise in the average statewide home sales price in 2021—with most experts anticipating that home prices will ultimately increase over 9.5% from last year’s median price.
Real estate investing can be a lucrative method for generating wealth, and its an efficient and cost-effective strategy to diversify your portfolio. Hard money loans are short-term lending instruments that investors can use to finance investment projects like fix-and-flips or buy-and-holds. Unlike traditional loans, the ability to obtain financing from a private hard money lender isn’t solely dependent on the borrower’s credit score or financial status. Alternatively, the financial professionals at Gauntlet Funding use their years of industry experience and expert analysis to evaluate the value of the property after you’ve made your planned renovations, commonly referred to as the ARV. Based off this intuitive process, we are able to provide insightful and individually tailored constructive feedback in order to collaboratively resolve challenges and ultimately provide flexible and practical funding options to help you reach your real estate investment goals. Our versatility and industry knowledge help us make the entire loan process streamlined and efficient. In the real estate industry, time is money—and we can promise you we will not waste a second, getting you funded in a matter of days as opposed to the months it takes traditional lenders. That allows you to quickly access the capital you need while staying focused on your renovation or development projects.
The Virginia Real Estate Market: Hard Money Lending | Gauntlet Funding – Melville, NY