While many people hope one day to purchase their own home, cultural barriers and shortages in affordable housing are just two of the issues that can prevent these dreams from materializing. Reed Properties is working to keep these dreams alive. This new real estate brokerage will not only define success by the number of units closed and sales volume but also by whether people were helped in the process.
Claudia Reed, owner of Reed Properties, is a professional with over 15 years experience in the Richmond Metro area.
A recent Census Bureau report on the economic status of the nation’s minority groups should noted that all segments surveyed–African American, Hispanic, and Asian-Pacific–registered significant growth in average family income during the past two years. In addition, Fannie Mae, the secondary market mortgage giant, reports that the number of immigrant homeowners, which grew 47 percent between 1980 and 1995, is expected to grow another 45 percent to 6.8 million people over the next ten years. A recent Fannie Mae survey found that immigrants who rent are three times more likely than all other adult renters to consider home buying their # 1 priority. On the whole, immigrants are more likely than any other adult demographic group to buy a home in the next three years.
In Richmond, the Latino community has grown tremendously, but have not been targeted by the city’s real estate professionals. Latino immigrants from 25 to 34 years old made up 27% of new entrants to Richmond’s housing market two years ago. Targeting Latino home buyers is good business. Latinos are expected to make up half of the metro population in 20 years–making them the fastest-growing segment of the city’s housing market.
As the Richmond Metro section revives, Reed Properties will be a major player serving this emerging group of homeowners.
Claudia Reed will offer educational programs, credit repair initiatives and HUD counseling. In addition, she will also host her own radio talk show, “Your New Home,” which focuses on promoting affordable housing.
Currently, there are three low-income housing renovation projects underway in Richmond with a combined total of 1,500 units that will be sold as affordable housing. Claudia was instrumental in helping community organizations in winning the ten million dollar grant for the renovation projects.
- Open the door of home ownership to residents of the Richmond Metro area.
- Build a business that demonstrates that a real estate brokerage can thrive serving the residents of the intercity.
- Capture a significant market share of the new business being generated by the current and future renovation and building projects.
The mission of Reed Properties is to increase minority homeownership in the Richmond Metro area.