Lancaster PA Real Estate Blog

Motivational Speaker Steve Harney is coming to Lancaster on February 6th at the Eden hotel.  Here's the advertisement from Ken Pederson's "On The Money" blog:

FAIRWAY and Allied Appraisal Services are sponsoring Steve Harney on Wednesday, February 6th from 9:30am to 11:30am and you are invited. And it's FREE. Steve has spoken all over the country and is a member of The National Speakers Association and The Brokers Agents Speakers Bureau. He recently taught an advanced Realtor class at the Realtors Triple Play event in Atlantic City and spoke to a group of the top Realtors on Long Island.

What's going on across the US in the Real Estate and Mortgage market and locally and what's coming in 08 and 09? What does it take to succeed in today's market and more. If you are into Real Estate, in any manner, you will enjoy this informative and motivational presentation.

Where: Eden Resort Inn, Lancaster.Doors open at 9am for coffee, snacks and talk with other local professionals and the presentation starts at 9:30am.
RSVP by calling Cheyenne at 717-431-9299 or email at cheyennem@fairwaymc.com . Limited seating and we're filling up so RSVP today.

For those of you who have followed Starbuck's meteoric rise over the last decade, this post is for you.  Seems as if the chain is rolling out a $1 cup of coffee - yes, you heard it right!  I saw a blurb about this in our local Sunday paper and used the big G to search for a full article on the coffee company's move. 

Here's a good one:

http://www.businessweek.com/ap/financialnews/D8UBS3G80.htm

As a confirmed coffee realtor I'm paying $1.96 right now for my grande decaf...$1.00 sounds pretty good to me!

Just some life news for you...

Keeping a watch on the ever-changing real estate market in Lancaster County, PA and surrounding areas is part of my weekly routine.  I thought I would update my readers on the latest inventory trend for Lancaster PA homes for sale and the other adjoining areas that make up our local MLS network.

An important measurement of the status of the real estate market is called "inventory", which is the projected number of months it would take to sell through all the current home listings out there. The two components of this measurement would be the total active listings and the rate of sales per month.  If the sales rate is down and the total listings are high, the inventory climbs...make sense?  Each year we see an upside-down curve happen where the inventory is higher in the early months (winter) and drops through the summer months, only to climb again into the fall.

Here's the chart for 2006-2007:

Looking back to 2006 we see that the inventory started in January at 7.11 months and dropped to 4.27 months in mid-year, bouncing back up to the high sixes in the final months.  2007 started off at 8.19 months in January - not a good number.  This indicated the beginning of the slow market for homes in Lancaster PA.

2007's inventory curve bottomed out at 5.35 months of inventory in August 2007.  Not too bad of a number.  Unfortunately, the curve climbed precipitously into the fall and Stood at a phenomenal 9.76 months of inventory in December of 2007.  That's almost a whole year at the current sales rate!  January won't be much lower, I expect.

Note that the rate of sales throughout 2006 and 2007 hasn't changed appreciably - that's the dark blue line.  What's changing is the number of active listings - the green line up top.  More folks are listing more the number of sales for month isn't climbing accordingly.  Why?  I'd suggest that the list prices are too high and buyers are sitting things out right now.  If you're an agent in this market I'm sure you've experienced this firsthand... 

What's in store for 2008?  Only time will tell if this spring season drags the inventory back down.  We need a better sales rate to get the inventory under control in Lancaster County, and that means intelligent pricing and the willingness to negotiate on the part of sellers.  It also means that buyers need to go for it, and not wait out the market for something else to happen.  The time is now...

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For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs. Jeff is also a photographer - view some of his portfolio. Comments are welcome!

Affordable Comfort, Inc. is a great organization advancing the greener home agenda here in the United States.  Happily, they're also based out of Pennsylvania (Pittsburgh to be exact).  Home energy contractors and auditors are all familiar with their work and leadership.

On their homepage today is a great downloadable paper on tips for saving energy - but it's not just the easy stuff we've all heard before and that is now even being reprinted in mainstream periodicals, etc. These tips dig into the heart of your home and ask some tough questions!  Here's my summary.  The complete paper can be downloaded here.

1. You've got to identify your priorities for your home.  Are your bills too high?  Do you have environmental issues like mold or drafts?  Set out a rough list of goals you want to achieve with your projects.  Then tabulate your energy costs for the past year.  Call the utilities (or log on to your account like I do) and get back copies of your bills.  It will be an eye-opener, I assure you.  Lastly, do a little research on energy-saving by surfing some websites (like my blog) or the Energy Star site.
2. If the energy issues seem considerable then perhaps you should hire an auditor to evaluate your home more thoroughly.  A local resource would be Tamasin Sterner.  Such audits aren't cheap so be prepared to do something with the information you get back!
3. Look at your insulation, particularly in the attic.  Chances are good that your home will benefit from an upgrade.  Another attic issue is poor air sealing.  Look into new insulation techniques which are gaining acceptance.
4. Find a local contractor and have your heating system tested for efficiency.  Be sure it's clean and tuned up as well.  The heat system (boiler, heatpump, furnace) is the heart of your home and a poor-performing system is like an unbound wound that continues to bleed (my analogy).  I went through this last year...
5. Replacing a poor-performing heat system can be a tough decision, but is often a wise decision if the system is old, inefficient or breaking down (or all three, as I experienced in 2007.  Read about that story here).  The payback time is getting shorter theses days with the rising costs of fuel.  Do it!
6. Take a critical look at your appliances.  Old fridges and electric hot water heaters are notorious energy eaters.  Try to avoid buying new appliances which are bigger than you really need.  Of course, choose Energy Star-rated units unless you've got a compelling reason to do otherwise.  My wife and I are doing this right now...
7. Inspect your plumbing system and correct any defects, like dripping faucets (inside and out) and crying leaks (I'm assuming you don't have any major leaks ongoing).  Turn the water temperature down to 120 degrees.
8. Buy a front-loading Energy-Star clothes washer if you do heavy amounts of laundry or have water challenges in your area.
9. Turn off and unplug anything you're not using.  Most appliances have constant use of power even when turned off.  Use power strips or switched adapters to easily disconnect power from being passed through.  If you're really anal here, go out and buy a watt-meter and keep tabs on the energy being used by the various units running in your house. (That would be a good post right there!)
10. Change your behaviors to reflect your concern for saving energy.  My wife and I pay close attention to the thermostat (especially when my son started pushing buttons on it this week and messed the whole system up!  Did you know there's a "lock" button on most digital thermstats?  I know that now).  Wear warm clothes in the house (in winter).  Change the thermostat to reflect when you're not home or don't need the place at 70 degrees...).

For those of you who are waiting for a grand old city home to come on the market on a great block - this new listing is for you!

This 3,867 square foot home has many of the original architectural details remaining, and the victorian era design looks stunning!  Front porch with spindles, multiple gables, prominent chimney, fascia-board and many more Queen Anne-style features abound!  $300,000

5 bedrooms, 3.5 baths, 5 fireplaces, high ceilings, a 2-car garage and much more just waiting to be beautified by a lucky buyer.  If you're interested in seeing this 1885 historic home give me a call at 717-799-0851 today or drop me an email.

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For Lancaster PA homes for sale click here. Jeff Geoghan is a top real estate expert in Lancaster County, PA, and an involved community member. Jeff's work has been featured in the Lancaster Newspapers, WGAL Channel 8, PA Business Journal and Wall Street Journal. Jeff's blog on Lancaster County and its homes is nationally-featured. Contact Jeff for more help with your Lancaster PA Real Estate needs. Jeff is also a photographer - view some of his portfolio. Comments are welcome!

I wanted to bring your attention to a nice new listing of an East Petersburg townhome - perfect location in a great development for someone wanting a good home at a resonable price!

3 Bedroom, 1.5 bath with 1,240 square feet.  Nice floorplan and exterior.  This townhome has a large backyard and is fairly private - fencing is allowed too!  Only $140,000.

This home won't last long given recent sales in Constitution Square.  This neighborhood is HOT right now since the prices are reasonable, the town is awesome, and the location within the county is just about perfect.  If you're interested in a townhome like this don't delay (seriously).  Call me today at 717-799-0851 to get in to see it.

I was in our monthly council work session last night for East Petersburg, and the talk was all about "TNDs". Traditional Neighborhood Design is the buzzword for the new year in Lancaster County, PA as East Hempfield Township rejected an proposed ordinance to allow such high-density developments to go forward.  At issue is the huge tract of land at State Road & Harrisburg Pike owned by Charter Homes, which is the site of a proposer 3,400 unit TND entitled "Independence".  Charter has visions of grandeur by creating an entirely new town within a short drive of Lancaster City, including a train station along the adjoining rail line.   They say that they are going to develop it anyway, and why not use the TND model to do "smart growth" rather than "urban sprawl"-style homes?  Seems like an offer residents can't refuse.

The residents in the area did refuse, however, and lobbied the township officials to reject the ordinance crafted by Charter Homes last Wednesday.  People are coming down on both sides of this issue, with some (those employed by Lancaster Newspapers, interestingly) advancing that "democracy won out over common sense" with the vote, and others saying that the TND model is untested and grandiose in it's conception, with local impacts on traffic and schools, etc. unknown.

I think everyone agrees that they want to see precious Lancaster County farmland preserved.  I think the folks with the county agencies charged with planning for "smart growth" have done their homework.  I even think that the TND model holds a lot of promise.  

What the paid planners have not done, however, is translate their work into language & venues that the public can understand.  I think the dialogue has to be county-wide, not on a case-by-case basis.  And certainly the builder has to deliberately take a back seat during the discussion, or common folk will "smell a rat".

Let's all commit to keep talking about this. 

I was searching homes on the MLS today in Lancaster City PA today on behalf of a customer.  I came across a listing that made me wince - so of course I'll share it with you!

Here are the photos - these are all the interior shots plus the main photo for your review...

Call the city!  The top of the house is on fire! 

Whoa - I'm gettng dizzy!  Help me find the stairs!

Nice kitchen (I think)! Does the fridge door come with it?

Very romantic-looking windows, don't you think?  

Watch out for the light!  Don't go into the light!

Um, OK, Looks like a hallway?  

That's IT!  I WANT this house!  I'm shopping on the web where 95% of homebuyers start today and these compelling MLS photos have won me over...not!

The sad truth is that most buyers will skip right past this otherwise decent home and move to homes with light, bright mls photos that SELL the house to them.  

If you're looking to sell your home, please remember that there is a difference between real estate professionals.  "Choose Wisely..."

Have a great weekend!

I was having a great breakfast this morning (at the Lyndon Diner, if you must know) talking with a good friend who is an investor in the business realm - he spends his days evaluating businesses for future growth and potential.  We were observing how much his profession has in common with my expertise in investment properties here in Lancaster County (and all of PA where the markets are similar).

As a real estate professional who has a specialty in procuring residential investment properties for my clients, I need to have what amounts to a running "ticker" in my head for each area, neighborhood and even block (or half-block, for that matter).  This "curve" consists of two graph lines: acquisition cost and resale potential.  

When I'm researching homes for an investor, or answering questions about potential opportunities, I need to know to a high degree of detail what the resale price range will be for a given address and home type (detached, townhouse, etc) as well as the property details (3-story vs. 2, parking, etc).

Then, I need to know what acquisition price would put the property into the "buy" category - what are the comps, what's happening in that neighborhood, an assessment of condition and repairs/upgrades needed.

I do this by keeping completely abreast of the changing price points and sold prices (there's a difference), watching the news and networking with other active agents, and remaining current on financing options for my clients. 

Putting it all together, my mind runs this "curve" graph all the time - even when I want to turn it off!  I'm always looking at the spread between buy and sell price.  Seriously, this is what my clients pay me for (among other things).  When they find a property they call me with a "what do you think?" query right away.  When I send them something new to consider they take me very seriously.   It's all part of making myself the best representative I can be for you.

Give me a call or drop me an email to get started investing in Lancaster County PA Real Estate!  In particular, I'm bullish on Lancaster City real estate as a great investment vehicle and can help you with getting started there.