Essential Tips on Buying a Home in Henrico County, VA

It can be quite a challenge getting into the real estate scene for the first time, knowing that there’s a lot to prepare and processes to follow. However, it always pays to have a set of guides to help first-time home buyers like you, especially if you’re considering purchasing real estate in Henrico County, Virginia.

There’s simply everything to love about Henrico County, a historically rich and dynamic region that beautifully combines urban and suburban lifestyles. It rests just north of the city of Richmond, the state’s capital, and offers a diverse range of homes for sale and lasting experiences.

Below is your handy guide to everything a first-time home buyer like you needs to know about Henrico County, VA, the houses for sale in the area, and the most efficient ways and tips to succeed in your home-buying journey in the heart of Virginia.

DISCOVER HENRICO COUNTY, VA

With a history dating back to the early colonial era, Henrico County played a significant role in shaping America’s story. Richmond was still part of the county during the time of the American Revolution and it was here in St. John’s Church where American patriot Patrick Henry uttered the famous line, “Give me liberty or give me death!” This line fanned the flames of the Revolution and became a battle cry among the colonists who took a stand against the British flag.

From its glorious past, Henrico County has transformed into a thriving region that moves forward to a bright and prosperous future while still preserving its rich historical heritage. What’s so interesting about this area is that, unlike other counties, it’s not made up of incorporated towns and cities. Instead, you’ll find a cluster of unincorporated communities, each with its own charm and appeal. Together, they form the fifth most populous county in the Old Dominion with a population of almost 334,000, according to July 2022 estimates of the U.S. Census.

The most notable unincorporated areas of Henrico County include:

• Glen Allen
• Laurel
• Highland Springs
• Tuckahoe
• Varina

Meanwhile, other parts of Henrico County are not incorporated but take on the designation of “town” or “city” and are recognized as such by the U.S. Postal Service. These areas include:

• Henrico
• Regency
• Ridge

The local economy is robust thanks to big-name employers in various sectors like Virginia Commonwealth University, Capital One, and Anthem. Due to the investor-friendly nature of Henrico County, it’s not difficult to start a career in these parts.

The area is also known for its outstanding academic system and top-rated schools. It’s served by Henrico County Public Schools which fosters a nurturing academic environment for its students. Some standout learning institutions include Shady Grove Elementary School, Deep Run Middle School, and Douglas S. Freeman High School. Students from Henrico County seeking college education need not go far as nearby Richmond has Virginia Commonwealth University.

There’s also no shortage of things to do in Henrico County as the area is home to venues for sports and outdoor recreation, as well as exciting hubs for retail, dining, and nightlife. Moreover, as the area almost surrounds the city of Richmond, residents have full access to everything the state capital has to offer, from employment opportunities to more places for shopping, dining, and entertainment.

HENRICO COUNTY REAL ESTATE OVERVIEW

The real estate scene in Henrico County, VA is full of activity, and homes for sale in the area don’t stay long on the market. Home values here have been steadily rising over the years, offering generous returns in the long term. Moreover, living in Henrico County ensures an excellent quality of life amid surroundings blessed with Mother Nature’s gifts and a rich historical backdrop.

Single-family homes dominate the Henrico County real estate market, accounting for more than half of the housing inventory. These are followed by townhomes and condos, with some vacant lots scattered throughout the county.

Architectural styles of homes for sale in Henrico County, VA, meanwhile, are diverse. Many of the older homes in the area sport traditional designs like Colonial Revival, Greek Revival, Tudor Revival, and American Foursquare. Newer builds have Ranch, Mid-century Modern, Neoclassical, or Contemporary design influences.

Homes for sale in Henrico County, VA were sold at a median price of $375,000 in November, up from the previous month ($369,500) and year ($355,000). The housing inventory continues to be scarce in relation to the high demand, resulting in a market heavily favoring sellers. They are also getting their asking price and selling their homes within a month of landing on the market.

In these market conditions, buyers should be prepared for bidding wars to secure available real estate. The competition may be fierce but still winnable, especially if you have a reliable real estate agent to help you come up with an offer that sellers won’t be able to resist.

WHY IT PAYS TO LEARN ABOUT THE HOME-BUYING PROCESS IN HENRICO COUNTY, VA

Learning the steps of the home-buying process is crucial, especially to you as a first-time buyer. Here’s why.

More knowledge of the market

Understanding the factors that drive the real estate market of Henrico County (trends, property values, market conditions, etc.) allows you to formulate better strategies and make smart decisions in your home-buying journey. This knowledge will also be useful in giving you a good estimate of the budget to prepare for this endeavor.

Financial preparedness

Familiarizing yourself with the process of buying a home in Henrico County will help you understand the financial requirements involved. Financial preparedness will boost your ability to navigate the home-buying transaction smoothly and efficiently.

Guidance from the experts

When you know what you need, you’ll also know who to approach to help you with your goals. One of them would be an experienced and reputable real estate agent who can help you navigate the home-buying process. Your real estate agent may also be able to recommend trustworthy professionals from affiliated sectors like mortgage lenders, inspectors, lawyers, service providers, and more to make your home-buying journey less stressful.

A helping (financial) hand

Acquiring the financial resources to buy one of the houses for sale in Henrico County, VA is probably one of the most daunting parts of the process. However, as you proceed with the preparations for your home-buying endeavor, you will come across various financial programs that can take you several steps closer to achieving your real estate goal. Henrico County itself has great financing options for first-time home buyers like Housing Opportunities Made Equal of Virginia (HOME Inc.) and Southside Community Development and Housing Corporation. Learn more about these tools for home financing here.

Avoiding costly mistakes

Mistakes are a no-no in buying a home as these could result in delays, more money out of your wallet, or even buyer remorse. But if you know what steps to take and the best ways to execute these steps, you can avoid these mishaps and lessen the stress from this real estate transaction.

Better command of the legalities

There are many legal requirements for buying a home. But if you understand the nuances of the home-buying process in Henrico County with the help of a local Realtor, these legal challenges can easily be overcome and you can comply with local regulations and requirements.

Find exactly what you want

Knowing what is out there allows you to be aware of your real estate options so that you can narrow down your search to the homes that will fit your preferences, lifestyle, and future plans.

THE HOME-BUYING PROCESS

Here’s the guide you need to buy your first home in Henrico County.

Financing

Start by assessing your current financial situation, including credit score, savings, and debt. When you know where you stand, you can determine how much you can afford to spend.

Once you have an idea of your financial standing, come up with a file of documents that you can share with your potential mortgage lender and Realtor. This file should contain:

• Bank account information
• Investment portfolio
• Credit card account information
• Loan information
• Tax returns
• Pay stubs and employment financial records

These documents are also necessary in seeking a mortgage pre-approval. This letter from a mortgage lender gives you an edge over the competition in seller-dominated markets like Henrico County. That’s because it tells the seller that you’re a serious buyer with good money to pay for your purchase.

If you have decided to get a loan to buy a home in Henrico County, it helps to know the various financing programs available to you. There are conventional loans provided by private lending institutions like banks and mortgage companies but there are also government-sponsored loans like the FHA, VA, and USDA mortgages. Taking advantage of these loans can give you the purchasing power and confidence you need for this endeavor.

Choosing the right community

Henrico County’s communities offer various amenities and each has its own charm. To know which of these areas is right for you, it pays to look at your present and future needs and your lifestyle. Consider factors like:

• Employment and proximity to work
• Schools in the area
• Neighborhood safety
• Community amenities
• Development plans

Determining the type of home you want

You must have an idea of what you want your ideal home in Henrico County to look like and the features it should have. From this, you can come up with two lists of “must-haves” and “nice-to-haves.” Your “must-have” list should contain features you absolutely require (e.g., three smaller bedrooms and one master bedroom if you plan to start a family). Meanwhile, your “nice-to-have” list should include amenities that you’d like to see in your new home but could do without (e.g., a walk-in pantry or a pool).

Here are some factors that will dictate your choices for your ideal home.

• Size and layout of the property
• Number of bedrooms and bathrooms
• Amenities and features
• Maintenance level

Understanding the market

The technicalities of the real estate market may sound foreign to you but understanding these allows you to make informed decisions in your home-buying journey. A good Realtor can help you by explaining the technical concepts to you in layman’s terms. Some concepts of the local real estate market to look out for include trends, property values, and factors affecting the movement of these trends and values.

You also need to be well-informed on comps or the comparative analysis of recently sold homes in your preferred area. The knowledge you gain from comps will help you determine the budget and the price range for your home-buying journey.

Working with a reputable local Realtor

Going through the home-buying process as a first-timer can be done but it’s not without its pitfalls. As mentioned earlier, making mistakes anywhere in the process could have costly consequences and the best way to keep yourself from falling into that trap is by getting a real estate professional on board to help you in this transaction.

Here are some things to consider when hiring your Realtor.

• Choose one with hyperlocal expertise. You’ve been hearing about going “hyperlocal” and a Realtor with this characteristic is one who not only knows the market but also the people, places, things, and events in their concerned area. A hyperlocal Henrico County Realtor could be a native of the area or a long-time resident who knows every nook and cranny of the region and understands the things that make it tick. This kind of on-the-ground knowledge is valuable in selecting the community and property that’s right for you. Plus, they have trusted local resources and providers that they could recommend to you for things like HVAC maintenance or legal and accounting needs.

• Look at their specialization and capabilities. Consider the following:
1. Credentials and education
2. Previous experience completing transactions similar to yours
3. Amount of time the agent could allot for you
4. Testimonials from previous clients

Escrows, inspections, appraisals, and closing

This segment of the home-buying process brings you and your Realtor working closely together and engaging with potential buyers and other real estate affiliates. Negotiations ensue until an agreement is set. The following steps are required under this segment.

• Submit your offer and secure a contract. Your Realtor can help you write a compelling offer that will help you secure the contract. Talk to your agent to work out all contingencies and concessions so you can present a strong offer.

• Inspections and repairs. This could commence once your offer is accepted. While not required, the home inspection is a recommended move to determine the extent of a house’s defects and flaws. This will determine whether you can further negotiate for repairs or simply walk away from the deal if the repairs are just too extensive and costly to handle.

• Clearing the appraisal. The final appraisal will determine the true value of the property. Lenders require this to ensure that the property is worth the money it is loaning you.

• Final loan approval. Once the appraisal is done, approval could take anywhere from one to three business days. You will then be given a clearance to move to the final step in the home-buying process.

• Closing. With your Realtor’s help, all the important paperwork should be completed and signed by this stage. Then, you can receive the keys to your new home.

TIPS ON BUYING A HOME IN ANY MARKET

Seller’s market

A seller’s market can be tricky for home buyers but with the right strategies, success is within reach. Here’s how to buy a home in a seller’s market.

• Get pre-approved. In a competitive market, having a mortgage pre-approval provides a significant advantage. It signals how serious you are and that you are a qualified buyer.

• Act quickly and decisively. Homes sell quickly in a seller’s market. That said, you need to act fast the moment you find a property on the market that meets your requirements or lose out to the competition.

• Be flexible. While the purchase price is crucial, sellers might also prioritize other things like a quick transaction, willingness to cover specific closing costs, and fewer contingencies. If you have an idea of the seller’s needs, you have a better shot.

• Get ready for bidding wars. Bidding wars are to be expected in this market. Set a clear budget ceiling and be strategic. Avoid overextending yourself financially but be prepared to be aggressive.

Buyer’s market

A buyer’s market gives you the upper hand in negotiations but you can’t be too cocky or else, you could still end up with buyer’s remorse. Here’s what you can do in a buyer’s market.

• Take your time. With less competition, you can take more time to go over everything and evaluate properties before making a decision.

• Practice due diligence. Due diligence still matters even in a buyer’s market. Schedule all inspections and review property histories to be sure the home you plan to buy won’t give you headaches in the long run.

• Consider long-term value. Focus on properties that best align with your long-term goals. These properties should have a high potential for appreciation and near community amenities that are vital to you.

• Negotiate effectively. With more inventory available, you have more room to negotiate. Sellers may be more willing to entertain offers below the listing price or include contingencies. Work closely with your agent to develop a negotiation strategy with results that are amenable to all concerned parties.

Balanced market

Strategy is important in a market where buyers and sellers are on equal ground. You need to strike a balance between flexibility and firmness in engaging with the seller. Below are tips on how to do this.

• Research the market. Stay informed about market conditions. That way, you can see if these said conditions will also have a positive effect on your home-buying plans.

• Get a mortgage pre-approval. Even in a balanced market, having this will strengthen your position as a serious buyer.

• Know that timing is crucial. Even in real estate transactions, timing is everything. Getting into the market at the proper time can spell the difference between a quick purchase with future gains and a lost opportunity. Market conditions can shift and some seasons may have better opportunities than others.

• Find the balance in your negotiating stance. As mentioned, striking a balance between firmness and flexibility during negotiations is a challenge as you’ll want to keep some contingencies intact (like pricing) but compromise with others (like moving-out dates).

THE ADVANTAGES OF BUYING A HOME IN HENRICO COUNTY WITH A REALTOR

A skilled real estate agent can provide valuable insight and guidance in every type of market. Here are some of the advantages of buying a home in Henrico County with a real estate agent.

• Provide a selection of homes for sale that answer your budget and lifestyle requirements
• Ensure that you get the best deals in negotiations
• Explain technical real estate concepts and terms in the most comprehensive way
• Keep you grounded when negotiations become too emotionally charged
• Give you access to their network of industry colleagues and affiliates for anything from offline listings to finding reputable home inspectors
• Update you with developments in your home-buying endeavor, market trends, and happenings in your preferred area
• Help with the paperwork

FIND YOUR DREAM HOME IN HENRICO COUNTY TODAY

Ready to find the perfect home in Henrico County, VA? Make your home-buying experience here a successful and stress-free one by taking on the services of The Carroll & Garrison Team. Our team, led by Christy Carroll and Nancy Garrison, has been in the industry for more than 25 years, thanks to the trust of generations of clients who recommend us as the go-to real estate professionals in the Old Dominion.

You, too, can experience our white-glove services in your home-buying journey in Henrico County, Richmond, and other nearby areas. Contact us at 804.307.6162, 804.402.8280, or 804.567.9250, or send us a message here.