In the Chesapeake real estate market, grabbing properties before your competition is essential for making the best deals. Although real estate investors sometimes go the traditional route and seek bank loans, the process is anything but speedy.
When time is of the essence, waiting for the lengthy process of getting approval is not an option for most investors. Chesapeake hard money lenders specialize in providing hard money loans which provide quick funds to investors. These loans are for a non owner occupied property or in some cases for business purpose loans.
Chesapeake Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Chesapeake.
What Do Chesapeake Hard Money Lenders Specialize in?
Chesapeake hard money lenders specialize in providing short-term, creative financing for real estate investors. If you seek a conventional lender to purchase an investment property, your loan request will be based on the property’s value and your assets. Your credit score, job, and finances will be scrutinized intensely. Hard money lenders base their final loan decisions on the after-repair value. The ARV represents the potential value of a property after all repairs have been accomplished.
What are the Benefits of Chesapeake Hard Money Loans?
Chesapeake hard money loans offer advantages that traditional banks cannot. Lenders like Acamnet Financial offer a higher level of flexibility than banks. When qualifying for this type of loan, lenders do not delve too deeply into the finances of real estate investors. In most cases, simply present the property and your plans, which saves you the hassle of gathering countless financial documents.
Do Chesapeake Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Chesapeake hard money lenders is the lack of credit score requirements. One of the first things a bank does is check your credit score. You can get approved for a hard money loan in Chesapeake even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Chesapeake Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Chesapeake?
Interest rates for hard money loans in Chesapeake are typically higher than traditional bank loans (conventional loans) because of the greater risk lenders must take on when approving loans. When searching for a hard money lender near me in Chesapeake, you will find average interest rate is between 8%-15%. You should also be aware that lenders sometimes charge points that are meant to offset their administrative costs. Each point represents 1% of the total loan amount. The average points lenders charge is between 1 to 3. Some lenders may charge up to 10 points. These points are due upfront or at closing, depending on the lender.
What Should I Look for in a Chesapeake Hard Money Lender?
There are many benefits to working with a Chesapeake hard money lender. You just need to make sure you are working with the right lender. You can rely on Acamnet Financial Group when you need us most. We offer reliability, consistency, experience, and support. As a real estate investor, you know the importance of grabbing the best property deals when they become available.
How can Hard Money Lenders in Chesapeake Help Me?
Whether you are new to real estate and real estate projects or an old pro, you know having the capital to purchase real estate is essential. Without funds, you will miss out on real estate transactions. When you partner with hard money lenders in Chesapeake, you will quickly get the money you need without jumping through the hoops of traditional bank lenders.
How do I get a Hard Money Loan in Chesapeake?
When you want a hard money loan in Chesapeake, begin by preparing the property information. Location, size, purchase price, after repair value, repair costs, etc. In most cases, the financing will be based on these numbers. Then, apply for a hard money loan in Chesapeake using this information and supply some financial information. Then, an appraisal will be ordered to assess the loan-to-value ratio, which will influence the loan amount.
How do I Refinance a Chesapeake Hard Money Loan?
Refinance a Chesapeake hard money loan will involve moving from a high interest, short term loan to a longer term, usually lower interest rate loan. Typically a conventional type of loan. When refinancing a Chesapeake hard money loan you will find it will have a more stringent set of guidelines. You will need to have sufficient credit and income qualifications. As the lending landscaping and regulations constantly change, you want to consult a knowledgeable conventional loan expert.
Here’s other cites we can help with in Virginia: Hard money loans in Virginia
Current Real Estate Trends In Chesapeake (2024)
The real estate market in Chesapeake, Virginia displays a variety of trends in recent data.
Home prices stand at a median of $385,000, with a median listing price per square foot of $197.
There has been a slight increase in the median home sold price, with a year-over-year growth of 2.2%.
The sale-to-list price ratio suggests that homes are usually selling around their asking price, indicating a balanced market.
The average days on the market is 39, with a modest rise compared to recent months and years, suggesting a stable market.
When it comes to investment potential, buying a house in Chesapeake City is seen as a good long-term investment.
Currently, the median home price is $280,208, and is expected to go up to $288,639 by 2028. Investing $100,000 today may result in a gain of $103,010 by 2028.
However, short-term investment in Chesapeake City is not recommended.
All in all, the Chesapeake property market has opportunities for both flipping houses and long-term investment, despite some worries about future outlook.
Home Values
The average home value in Chesapeake is currently at $374,172, with a one-year value shift of +5.0%. This indicates a positive market growth and suggests that the real estate market in Chesapeake is increasing in home values.
As of September 30, 2023, the median sale price was $356,000, which further ratifies the idea of an expanding market. These figures mirror the general strength and stability of the real estate market in Chesapeake.
Going forward, it is essential to look at the market overview to get a more comprehensive understanding of the present real estate trends and dynamics in Chesapeake.
Market Overview
Based on the market overview, the median list price in Chesapeake City as of October 31, 2023, is $376,665, indicating a strong demand for properties in the area. It appears that potential buyers are willing to pay a good amount for homes in Chesapeake City.
To understand the current real estate trends in the area further, consider the following data:
– Percent of sales over list price: 50.6% (September 30, 2023)
– Percent of sales under list price: 18.7% (September 30, 2023)
– Median days to pending: 23 (October 31, 2023)
– Market coverage and data availability influence metrics
These stats show a highly competitive market, as a majority of sales are happening above the listed price. Properties are also being purchased quickly, with a median of 23 days to pending.
Housing Market Statistics
The Chesapeake housing market is demonstrating an abundance of demand and competition, with a majority of sales occurring at or above the listed price. This is evident in the 50.6% of sales that occurred for a price greater than the listed amount, versus the 18.7% of sales below list price.
This strong demand implies that buyers are willing to pay more than the listed price for homes, suggesting a seller’s market. Properties are also selling relatively quickly, with the median days to pending set at 23.
This data indicates that there is a limited supply of homes compared to the demand, resulting in increased competition among buyers. Potential buyers should be prepared to make competitive offers to secure a property in the Chesapeake housing market.
Sellers, too, can take advantage of the current market conditions, as they have a higher likelihood of selling their properties at or above the listed price.
Sources
https://www.realtor.com/realestateandhomes-search/Chesapeake_VA/overview
https://walletinvestor.com/real-estate-forecast/va/chesapeake-city/chesapeake-housing-market#google_vignette
https://www.zillow.com/home-values/44564/chesapeake-va/
All About Chesapeake
If you love nature or outdoor activities, Chesapeake, Virginia is the ideal spot. There is a vast array of activities and places to explore.
Northwest River Park has fishing and hiking along the banks of the Northwest River.
Oak Grove Lake Park offers a fantastic lake view plus walking trails.
The Chesapeake Arboretum is a 48-acre botanical garden for those looking for environmental education and horticulture.
For a fun day out for the family, Chesapeake City Park has playgrounds, picnic areas, and recreational facilities.
Art lovers should check out Portlock Galleries at Sono, which displays a variety of art and offers classes and workshops.
Get ready to experience the beauty and adventure that Chesapeake has to offer.
Outdoor Activities
Are you ready to explore Chesapeake’s great outdoors? Whether you’re a nature lover or an outdoor enthusiast, the area has plenty of activities to offer.
Northwest River Park is a prime spot for fishing, with excellent trout and bass opportunities. You can also take advantage of the park’s many hiking and biking trails to get a real feel of the natural beauty of the area.
If you’re looking for something a little more serene, Oak Grove Lake Park is the place for you. This 65-acre park boasts hardwood forests, wetlands, and open spaces, making it an ideal spot for a peaceful day out. You can find tables, benches, and free picnic areas with a stunning view of the lake. It’s the perfect spot for a picnic lunch or a leisurely stroll.
Chesapeake offers a range of activities for all types of outdoor lovers. So grab your fishing gear, hiking boots, and picnic blanket, and get ready to experience the beauty of the great outdoors.
Scenic Lake View
Imagine yourself perched on a bench, taking in the peaceful and scenic lake view at Oak Grove Lake Park. This 65-acre reserve is a hidden gem in Chesapeake, offering a peaceful break from the daily grind. You can take in the beauty of the hardwood forests, wetlands, and open spaces, and feel a sense of calmness and serenity come over you.
The park provides tons of chances to sit back and relax. You can find tables and benches throughout the park, great for a picnic with family or friends. The free picnic areas have an incredible view of the lake, making it a perfect spot to relish a meal while surrounded by nature’s beauty.
If you’re looking for some outdoor activities, Oak Grove Lake Park has got you. Fishing platforms are offered for those wanting to try their luck at fishing. There’s also a play area for the kids, walking trails for explorers, and outdoor fitness stations for those wanting to stay active.
As you wrap up your time at Oak Grove Lake Park, you can move into exploring Chesapeake Arboretum. This 48-acre botanical garden and arboretum offers a totally different experience, immersing you in the world of plants and nature.
Exploring Chesapeake Arboretum
Take a peaceful stroll through the Chesapeake Arboretum and soak in the beauty of its gardens, trails, and botanical wonders. Spanning 48 acres, this botanical garden and arboretum provides a tranquil haven for nature lovers and horticulture fans.
As you meander through the well-maintained gardens, you will be mesmerized by the vibrant colors and fragrant aromas of the flowers and plants. The arboretum also includes trails that weave through the lush greenery, granting an escape from the hustle and bustle of life.
Moreover, the Chesapeake Arboretum encourages environmental awareness and offers educational programs for all ages. From classes on gardening and sustainable practices to tours that explore the history and importance of the arboretum, you can expand your knowledge of the natural world. The arboretum also holds special events throughout the year, allowing you to connect with the public and appreciate the wonders of nature together.
When you leave the tranquil environment of the arboretum, you can further your exploration of Chesapeake by visiting the nearby Chesapeake City Park. Here, you will find a range of recreational options and amenities that appeal to all ages.
Family Day at City Park
Head on over to Chesapeake City Park for some family fun. This park is packed with playgrounds, picnic areas, and outdoor fitness areas that everyone can enjoy.
The playgrounds are well-maintained and offer a wide range of equipment for kids of all ages. Let your little ones run, climb, slide, and swing to their hearts’ content.
If you’re looking to kick back and relax, the picnic areas are a great spot to enjoy a delicious meal with nature as your backdrop.
The outdoor fitness areas are great for getting a workout while taking in some fresh air. Try your luck at a game of volleyball or basketball, or challenge your friends and family to a game of horseshoes.
As you explore the park, take in the beauty and the lively atmosphere.
When you’re done, continue your exploration of Chesapeake’s offerings with a visit to the local art galleries.
Art in Portlock Galleries
When strolling through Portlock Galleries, you’ll be captivated by the colorful and diverse artwork on display. This gallery, based in Chesapeake, features a special selection of paintings, sculptures, glasswork, and pottery from both local and national artists.
Whether you’re an art aficionado or simply wanting to try something new, this gallery has something for everyone.
Portlock Galleries also offers art classes and workshops for everyone from the novice to the expert. These classes offer a chance to learn unique techniques and express your creativity. Admission to the gallery is free, making it a fun and inexpensive outing for kids and adults.
But Portlock Galleries isn’t just a place to view art; it’s also a lively community hub. It regularly holds events and exhibitions that provide an engaging atmosphere and a great opportunity to connect with other art lovers and support local talent.
Overall, Portlock Galleries provides a fun and enriching art experience in Chesapeake. From the eye-catching artwork to the educational opportunities, there’s something for everyone. So, take some time to explore this hidden gem and be inspired by the artwork.