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Mid-Atlantic Real Estate Investment Market Report: October 2020

hard money loan scams done through a computer

Beware: How to Avoid Hard Money Lender Scams

 

For many real estate investors, private lending can be a very useful tool. Hard money lending makes it possible for investors to quickly and efficiently fund deals when they need creative financing solutions or conventional lending is not an option.

While there are many reputable hard money lenders in the industry with years of experience and excellent reputations, unfortunately, there are also malicious players offering deals in the space. If you’re in the market for a hard money lender, it’s important to know how to differentiate legitimate lenders from scams. Below are a few standard hard money loan scams—and tips on how to avoid them.

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Market Activity

Richmond, VA
Market Overview

In the third quarter, many businesses were able to reopen and have employees return to the office. Richmond is still in the early stages of recovery as the Federal Government debates a second stimulus package. Despite the pandemic, Richmond remains a target market for company headquarters and relocations. Kroger announced its Mid-Atlantic division will be relocating to Richmond from Roanoke by early 2021. The relocation will bring over 70 jobs to the area.

711
Homes Sold
$275,870
Avg. Home Price
$1,300
Median Rent
Vacancy Rates Graph
U.S Census Bureau: second quarter 2020
4.4%
Rental Vacancy Rate
0.4%
Homeowner Vacancy Rate
6.2%
State Unemployment Rate
Metro Area Unemployment
Blacksburg-Christiansburg-Radford, VA
5.5%
Charlottesville, VA
5.6%
Harrisonburg, VA
4.9%
Kingsport-Bristol-Bristol, TN-VA
7.2%
Lynchburg, VA
5.9%
Richmond, VA
7.0%
Roanoke, VA
6.0%
Staunton-Waynesboro, VA
4.9%
Virginia Beach-Newport News, VA-NC
7.4%
Washington-Alexandria, DC-VA-MD
6.9%
Winchester, VA-WV
4.9%

Market Activity

Philadelphia, PA
Market Overview

Since the pandemic shutdowns began in March 2020, Philadelphia has lost 234,600 jobs – 38.6 percent of which were in the leisure and hospitality industry. During the third quarter, office-occupying sectors outperformed the overall economy, with their jobs dropping by 4.0 percent, according to Cushman and Wakefield. Finance jobs decreased by 2.7 percent – the least out of any sector in the region during the third quarter.

1,768
Homes Sold
$240,000
Avg. Home Price
$1,941
Median Rent
Vacancy Rates Graph
U.S Census Bureau: second quarter 2020
7.1%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
8.1%
State Unemployment Rate
Metro Area Unemployment
Allentown-Bethlehem-Easton, PA-NJ
10.5%
Altoona, PA
9.2%
Bloomsburg-Berwick, PA
7.8%
Chambersburg-Waynesboro, PA
8.8%
East Stroudsburg, PA
12.8%
Erie, PA
11.1%
Gettysburg, PA
7.3%
Harrisburg-Carlisle, PA
8.7%
Johnstown, PA
10.5%
Lancaster, PA
8.0%
Lebanon, PA
9.0%
New York-Jersey City, NY-NJ-PA
13.0%
Philadelphia-Wilmington, PA-NJ-DE-MD
10.9%
Pittsburgh, PA
10.8%
Reading, PA
10.2%
Scranton-Hazleton, PA
11.7%
State College, PA
6.1%
Williamsport, PA
10.0%
York-Hanover, PA
8.9%
Youngstown-Warren-Boardman, OH-PA
11.2%

Market Activity

Washington D.C.
Market Overview

Overall office vacancy for Washington D.C. increased to 15.2 percent, during the third quarter, with nearly 450,000 square feet returning to the market. This is the ninth straight quarter that vacancy for the District has increased, and the first time in over 20 years that it’s been above 15 percent, according to Colliers International. Sublet space has hit the market more quickly, accelerating the bump in overall vacancy.

947
Homes Sold
$645,000
Avg. Home Price
$2,204
Median Rent
Vacancy Rates Graph
U.S Census Bureau: second quarter 2020
6.8%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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