Check out the latest market statistics put out by REIN, the Hampton Roads Multiple Listing Services. As you can see, inventory continues to decline, while sales prices continue to rise. It is getting harder and harder for real estate investors to find properties to buy that meet their defined criteria in all property types, from single family to large apartment complexes. This doesn't mean it is impossible to buy, and doesn't mean you should halt your buying activities until the market shifts. Even if a property has no equity on the day you purchase it, every rent payment your tenant makes is one payment into your retirement account that you don't have to make yourself! What other retirement vehicle exists that someone else pays for? Only pensions and real estate investment property!
As you are shopping in any of our Hampton Roads, VA cities of Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton or Newport News, PMI Virginia is happy to provide you with a free rental range report for your prospective purchases. Just fill out the form at the link below to request a FREE RENTAL ANALYSIS.