Hampton roads post covid?

[Jennifer Beatty]

Hi all,

Total newbie here. Moved to Virginia Beach a year ago and have been looking for investments - SFH or small multi family to buy and hold. Not sure what to make of the market right now and still learning the area- hard to get a sense of it moving here during a pandemic. Any advice from more experienced folks out there? Thanks!

[Patti Robertson]

1) Be patient. We have more buyers/renters than we have available inventory in every category.

2) Have your money ready to go, both cash and financing. Sellers won’t wait.  Cash trumps all other offers, so of you aren’t buying with cash get full preapproval with a local (not online) lender. They close faster and have local relationships so problems are solved easier. 

3) Be strong with your offer. In this market you aren’t going to “get a deal”. Be happy with a solid deal, understanding that today’s low interest rates make up for the higher price you will likely pay. It’s either that or wait out the market until who know when.