Fall 2021 State of the Real Estate Market Update
The reRVA Blog
by Patrick Sullivan
2y ago
I believe Fall 2021 is going to be remembered as one of those turning point moments in the real estate market. Why do I say that? Let’s first start by briefly setting the stage of where we are today. Year to date stats as of November 1st 2021: 2020 2021 % Change New Listings 19,812 19,570 1.2% Pending Listings 17,181 17,563 2.2% Closed Sales 15,629 16,884 8.0% Days on Market Until Sale 31 15 51.6% Median Sales Price $285,000 $325,000 14% Percentage of Original List Price Received 99.4% 102.9% 3.5% As is clearly shown in the above data, the real estate market in Richmond ha ..read more
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Things to consider when choosing a neighborhood
The reRVA Blog
by Sibille Haynie
2y ago
Buying a house is a very exciting experience and with it come lots of fun projects to make your house your home. Before you pick out paint colors for all the rooms, know what you’re looking for in your home. Not just the wants and needs of what the house has to offer, but also consider “where should I live?” It’s important to know what to look for in a neighborhood and how it fits your lifestyle, so you can find the ideal spot and not have any surprises or disappointments down the road. 1. Commute to work The proximity of a neighborhood to your workplace is a very important factor when lookin ..read more
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Why selling or purchasing a home today makes sense
The reRVA Blog
by John Innes
2y ago
Why would I want to Sell in this Market?  One scenario might be that you have a great amount of equity in your home. Perhaps you raised your family in the home and now the kids have moved out and you don’t need the space anymore. Now would be the perfect time to capitalize on that equity. You can keep much of that cash if you like and purchase a smaller home at a very low interest rate.  Why would I want to buy in this market and compete with others?  If you have either cash to purchase a home or have a good financial situation, including good credit, and a good handle on debt ..read more
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Reasons why you should consider a townhouse
The reRVA Blog
by Sibille Haynie
2y ago
Not ready to buy a single family house? Have you considered townhouses? A townhouse, or row house, is a multi-story home that shares at least one wall with an adjacent property. With a townhouse, you have your own entrance and might enjoy amenities such as your own driveway, garage, and backyard. The home will generally be part of a homeowner’s association, or HOA.  Better affordability When comparing prices of a detached house and a townhouse in the same neighborhood with roughly the same interior and updates, then you’ll likely spend less buying a townhouse. Why? It’s cheaper to cons ..read more
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What is “good” architecture anyway?
The reRVA Blog
by Patrick Sullivan
2y ago
Lotus Temple in New Delhi, India Most of us have probably had the visceral experience of walking by a building and saying to ourselves – “Wow, that is truly beautiful” and conversely, we have probably also seen a building and thought “Who would ever design something so hideous??” Interestingly, if we polled a group of diverse people, you would probably find that both of those same buildings would elicit contrasting opinions that contradicted each other… so much so that you might wonder, what is “good” architecture anyway? Is “good” architecture simply defined by how something looks at first gl ..read more
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CampusRVA rowhouses | Carver Neighborhood Richmond VA
The reRVA Blog
by Patrick Sullivan
2y ago
1313-1315 Catherine Street and 1308-1312 W Clay Street “Architecture is a Visual Art – Julia Morgan The campusRVA rowhouses are a testament to the notion that inspirational architecture and design should speak for itself as a functional piece of art. Crafted to offer a modern and low-maintenance living experience just steps away from VCU’s main Monroe Park campus, these homes are suited to the independent and amenity-rich lifestyle craved by those wishing to live in downtown Richmond. While paying homage to the genius and creativity of those who came before by maintaining the ov ..read more
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ReSTORATION RVA | 5525 Calvert Dr
The reRVA Blog
by John Innes
2y ago
5525 Calvert Dr This beautiful little home located in Cavalier CT in Richmond, VA was built in 1947. Forward to 2021 and this mid-century house has been completely rebuild from the foundation up. Over the years it was home to many families but eventually the home began to show its age and was in desperate need of some restoration. While many potential buyers would completely overlook this home, Claudia and Maria from Av Design Concepts LLC could see the diamond in the rough. They put the home under contract and got to work. They worked diligently to design a functional layout and lined up the ..read more
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Hey RVA, did you know?
The reRVA Blog
by Patrick Sullivan
2y ago
Did you know… Here are 12 fun facts about the greatest city in the universe, our home Richmond VA! Fact 1: The Richmond Union Passenger Railway was the first electric trolley streetcar in the U.S. and it set the pattern for most subsequent trolley systems around the world. (Bring it back!) Fact 2: Richmonders know to “Believe nothing you hear, and only one half that you see” because Edgar Allan Poe grew up in Richmond. Fact 3: The Jefferson Hotel used to have real live alligators right in the main lobby until 1948. Fact 4: In 1733 William Byrd of Westover named RVA after the settlement for Ri ..read more
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Market Update – Summer 2021
The reRVA Blog
by Corby Hicks
2y ago
Unless you’ve been living in a cave without access to the internet, radio or TV, you are probably aware that the real estate market in the U.S. has been extremely competitive.  Richmond is not much different than the rest of the country in terms of competition but the relatively low cost of living compared to other nearby cities makes it even more attractive to buyers moving out of those other cities.   Well before COVID, Richmond had become a competitive market where multiple offers on a property within the first few days of listing were not uncommon. COVID created opportuniti ..read more
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Intelligent, thoughtful, deliberate investment strategies
The reRVA Blog
by Patrick Sullivan
2y ago
Successful Real Estate Investment Strategies Successful real estate investing can generate exponential returns. In this chapter of the intelligent, thoughtful, deliberate series, I will discuss the guiding principles of successful real estate investment strategies. Profitable investments in real estate is a core baseline to financial success. Whether it’s buying your first single family rental or adding a 400-unit multifamily development to your portfolio – the basic goals of real estate investing are the same: to create passive income, generate a stable cash flow, benefit from real estate tax ..read more
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