Lancaster PA Real Estate Blog

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Here is the Lancaster PA Foreclosure Update for the week ending on December 27.

According to the Multi List System, there are 15 homes in Lancaster County that are listed as foreclosures.

• There is one foreclosure in each of the following districts: Warwick, Solanco, Maheim Township, Lampeter Strasburg, Ephrata Area, and Conestoga Valley. 
• There are two foreclosures in Manheim Central, Lancaster, and Columbia Borough school districts. 
• There are three foreclosures in Hempfield school district.

Here are a few of those listings.  For a complete list of foreclosures in Lancaster PA feel free to contact me.

In Manheim Central School District. 9 West Stiegel Street, Manheim, PA. 4 Bedrooms and 2 Bathrooms offered at $147,900.

In Hempfeild School District. 6045 Pine Street, East Petersburg, PA. 4 Bedrooms 2 Bathrooms offered at $143,000.

 For Lancaster PA homes for saleclick 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!

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Our local association posted the sales figures today for November.  The results are as you might expect given the national market diffculties and the trickle-down into Lancaster County.  If your home is on the market, you're going to have to realize that price is the #1 issue this winter.  Get the price right and everything else falls into place - get that wrong and even the best marketing efforts won't make a miracle happen.  Choose your agent carefully!

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According to a recent report by the Lancaster County Association of Realtors® (LCAR), 281 homes sold in November, a 35.1 percent decrease from the 433 homes that sold in November of 2007. The five-year average of homes sold in November is 441. For the first 11 months of 2008, there have been 4,144 sales, a 23.0 percent decrease from the 5,384 sales during the same period of 2007.

The $169,423 (wow! this is way down) average sale price for November is a 12.2 percent decrease from the November 2007 price tag of $192,900. The five-year average sale price for the month of November is $180,255. In November of 1998, the average sale price of homes in Lancaster County PA was $116,930, a 44.9 percent increase compared to today's price (what was the $ worth back then?).

The median sale price of a Lancaster PA home for November of 2008 is $164,900 versus $176,900 for November of 2007 (half of the properties sold during this period sold above that number, and half sold below). For the first 11 months of 2008, the median sale price is $174,000 compared to $176,000 during the same time period in 2007.

New Lancaster PA residential listings for November decreased 16.8 percent from 564 in 2007 to 469 in 2008. The average number of new listings for the month of November over the last five years is 557. "The numbers show a tough month of November for local home sales," said LCAR president, Jeff Funk. "However, we were not alone. The National Association of Realtors® reported that sales ran into a roadblock in November due to the hit the stock market took, increased unemployment and lower consumer confidence. We'll wait to see what policies lawmakers enact to help the housing market gain momentum in the new year."

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Jeff Funk is finishing out his year as association President this week and I'd like to thank him on behalf of the real estate community - he had a tough year to preside over. 

What will December look like?

 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!

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Selling a home and buying a new one can be a difficult balancing act. A homebuyer can take a liking to a home that is for sale, wants to make an offer to buy it, but is hesitant because they have yet to sell their existing home. In an ideal world, both transactions would occur simultaneously. However, homebuyers and sellers can get "caught in between" real estate transactions. The Jeff Geoghan Realty Group (my team)provides several tips about increasing the chances of coming close to selling and buying at the same time and what to do if a "caught in between" situation arises:

Consider bridge loans: Getting a bridge loan may be an option to move ahead with the purchase of a new home, while still waiting to sell the current home. A bridge loan means borrowing from the current home's equity until the proceeds from its sale is obtained. With some bridge loans, the requirement is to pay just the interest. Other bridge loans require a single payment of interest and principal when the loan needs to be paid back. There are times that bridge loans can be extended but as they can be expensive if protracted, it's best to use them for overlaps of a few days between closings, or at the most, a few months. 

Buy on contingency: An ideal way to insure against getting "caught in between" real estate transactions is to have a prior-sale contingency included in the purchase contract on the new home. It provides the opportunity to withdraw from an offer if the current home does not sell by a certain date.

Consider whether to buy or sell first: There is still a possibility of getting "caught in between" even with a prior-sale contingency in the purchase contract. Homeowners should consider whether it is better to buy or sell first. It is important to note that most people need to sell their current home in order to qualify for a loan to buy their next home, which is usually more expensive.

Coordinate a lease from the buyer:  Many people find themselves in a situation when the sale of the current home has been finalized but the purchase transaction is still not completed for the new home. One way to bridge the gap is to lease the current home from the new buyer until it is time to move into the new property. An attorney should draw up a contract or lease agreement. Coordinating a lease is effective because it alleviates financial concerns and removes the hassle of having to go to a temporary residence before finally moving into the new home. 

Look into renting: The buyer may not always be able or willing to lease back the home, so another option to consider is to rent another property. Although relocating twice in quick succession is not ideal, renting serves a quick fix and can be a necessary option before moving into that dream home.

Review home equity options: If it is necessary to borrow for a longer period than a few months, the best option is to use home equity, particularly if a sizeable equity has been built up. Options include a fixed-rate home equity loan and a home equity line of credit.  Contact Home National's Geg Marco at (717) 538-1606 for more information about bridge and home equity loans.  

 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!

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Here is my spotlight Lancaster County PA home for this week. 

193 NORTHRIDGE , LANDISVILLE, PA 17538.

5 Bedrooms 3.5 Bathrooms in Hempfield School District, offered at $409,900.

This is a sprawling custom built with lots of upgrades! Gorgeous Kitchen with stainless steel appliances, gas range with stone surround, corian countertops & breakfast bar. Also, a large dining room with wide plank hardwood floors & built in window seat. 1000 square foot master retreat with sitting area, cozy wood burning stove, 2 "walk in" closets & master bath featuring a massive soaking tub. Large finished lower level is complete with a 2nd family room, full bath & bedroom.

This home offered as a courtesy through Coldwell Banker Select Professionals.

If you would like to schedule a private showing of this home, feel free to contact me today.  Visit us online For more homes in Lancaster PA.

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What does it take to sell a home in a buyers’ market – a fresh coat of paint or a kitchen overhaul?  Lowering your asking price or offering incentives?  From cosmetic to strategic, smart sellers can take advantage of a few simple tips to get the most out of their properties.  Here are six strategies my sales team and I advocate to securing a “sold” sign:

• Boost your curb appeal.  Though they may be obvious, cosmetic upgrades like painting and planting can truly go a long way to forming a fantastic first impression of your home.  And be sure to clean, clean, clean!

• Make big fixes where you can.  If your budget allows, invest in bigger improvements.  Focus on “make or break” rooms like bathrooms and kitchens, because nothing says “uninviting” like an unattractive cooking space.  If your budget is limited think about smaller home improvements in these areas which could help close the deal.

• Let the Internet work for you.  Free online tools like the Coldwell Banker Home Tracker (www.coldwellbanker.com) or Home Value Estimator can assist you in gauging your property value including home improvements you have made to your home. Using online resources allows you to engage in a dialogue with your real estate broker and can assist you in setting the right price for your home.

• Transparency is golden.  Getting a preliminary professional home inspection and sharing it with potential buyers may help them understand your home’s condition and reinforce your position as a trustworthy and responsible seller.  You should also be clear about recent improvements you have made, and provide estimates on other optional upgrades – especially any for which you would be willing to foot the bill.

• Go the extra mile.  You can have your home pre-inspected and follow up by making necessary repairs.   Allow potential buyers to see the report and receipts for the work.  Offering a home warranty could also sway a buyer to purchase your home over another.  Buying down mortgage rates or pay points on behalf of the buyer is another suggestion.

• Be realistic.  Selling in a buyer’s market takes skill and strategy.  In most markets, increased inventory has given buyers the opportunity to be selective in the home they want and the price they are willing to pay.  Properly priced homes are selling and your sales associate will work with you to determine what that price should be.  Also understand that it normally takes a bit longer to sell a home in buyer’s market than in a seller’s market.

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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 am thrilled to announce one of a couple upcoming green living events in Lancaster County this February...

LIVE Green Lancaster in conjunction with The Lancaster County Conservation District will be providing Lancaster City homeowners with two workshops taking place at the Lancaster Environmental Center.

Watershed specialist Mathew W. Kofroth will present information that will include the nature and impact of urban stormwater pollution - He will also offer design solutions including rain gardens and bio-swales to compliment the installation of rain barrels.  I put together a rain barrel system at my Lancaster County home this past summer to feed our organic garden.

Rain barrels offer multiple impacts and benefits to both the homeowner & municipalities' infrastructure. Using rain barrels will help:

• Divert water from the municipal storm drain system
• Provide oxygenated, un-chlorinated water which is ideal for plants
• Direct overflow water where it will have the most beneficial impact.

Date: Saturday February 28 Or Saturday April 4

Time: 9am - 11am

Workshop Cost: $50
Includes a re-purposed 60
gallon gray rain barrel

Where: Lancaster Environmental Center

 If you are interested in joing our growing online community at called Lancaster County "Green" Living visit the Facebook group today.

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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!

According to the MLS, in Lancaster County PA, there are 15 foreclosures for sale.  There are 3 in Hempfield School Distrtict, 2 in Lancaster School District, 2 in Manheim Central School District, 2 in Columbia Boro School District, and 1 in each of Conestoga Valley, Ephrata Area, Lampeter-Strasburg, Manheim Township, Solanco, and Warwick School Districts.

Here are a few foreclosure listings in Lancaster County:

1534 Princess Anne Drive, Lancaster, listed at $142,500

Conestoga Valley School District

941 Pinetree Way, Lancaster, listed at $249,900

Hempfield School District

2 Jamestown Court, Lancaster, listed at $254,900

Lampeter - Strasburg School District

Contact me today for a complete list of foreclosures in Lancaster, PA.

For most people, buying a home is the most significant investment of their lives.  And in spite of the doubt and confusion clouding both the financial markets and news headlines, 2009 presents many genuine real estate opportunities – especially for first-time buyers. On average, housing inventory is up, prices are stable, rates are insane, and historical data demonstrates that purchasing a home has proven a sound long-term financial investment. However, first-time homebuyers are often understandably anxious when it comes time to making what could be the largest purchase in their life. To this, Coldwell Banker & our Lancaster PA homes team has come up with a simple “do and don’t” list to make the process easier for everyone dreaming of homeownership.

DO:

• DO utilize free online tools to arm you with as much knowledge as possible.  For example, the Home Price Comparison Index available at http://www.coldwellbanker.com offers buyers a way to compare average housing costs in over 400 U.S. markets. 

• DO take time to access and closely review your credit score.  A sound financial track record and solid credit score can help lock in a loan and lower interest rates.  Checking your records with a fine-tooth comb in advance will also ensure that you catch any errors ahead of time, as well as help you better understand how lenders may perceive you.

• DO explore mortgage pre-approval.  Getting this early green light will help others involved with your purchase that you are serious about home ownership – and well-qualified.

• DO line up your “all-star” team of professionals before game day.  A team of experienced professionals will be key to making the home buying process simple and seamless.  Start by interviewing and selecting a sales associate who you “connect” with.  That sales associate should also be able to help you indentify suitable lawyers, mortgage lenders, home inspectors and others who play a role in the process.

• DO anticipate your future needs and buy for lifestyle.  Try to anticipate how long you’ll live in your next home and plan for major lifestyle changes when possible.  What may make a perfect starter home for a couple might not work as well when children come into the picture.  Remember, people move for lifestyle reasons and your first home will likely not be your last.

• DO hone in on your housing priorities.  Your ideal home may have a porch, a pool and five full baths.  But before you start looking, make sure to separate your “must-haves” from your “nice to haves,” so you know where you can compromise to meet your budget.

DON’T:

• DON’T fall in love with the first house or neighborhood you see.  That grand colonial with the picturesque view may win your heart at first glance, but don’t fall in love too fast.  You need to keep an open mind to make sure you find the right fit for all your needs.  At the end of your search, it may turn out that the riverfront ranch that’s closer for your commute is a better bet all-around.

• DON’T buy beyond what you can afford.  It’s easy to fall into that all-you-can-eat attitude when it comes to your first home purchase.  You “want it all” when it comes to size, amenities, location, etc.  But remember that your eyes may have a larger appetite than your wallet.  Make sure that the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign on the dotted line. 

• DON’T treat your home the way you treat your stock portfolio.  It’s unrealistic and unwise to expect your housing investment to appreciate as quickly as you’d hope for your high-risk bonds.  Buying for lifestyle, as opposed to trying to turn a quick profit, will help ensure that you are viewing home purchasing and ownership in the right context.

• DON’T try to time the market.  By the time most consumers sense a major real estate or financial market shift, the tables have typically already turned.  Instead of waiting for a slim and unreliable window of time – and potentially missing out on the perfect home – buyers should focus on their own lifestyles and buy when the time is truly right for them.

• DON’T jump into an exotic or confusing mortgage.  When it comes to downpayments and mortgages, if it sounds too good to be true, it probably is.  Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain.  For instance, what seems like an attractive rate now may balloon exponentially a few years down the road.  So arm yourself with information and don’t be afraid to ask questions.

• DON’T underestimate the value of a trustworthy real estate agent’s on-the-ground expertise.  Zillow is NOT the ultimate source of market data.  While being a savvy buyer and doing one’s homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal. 
  

 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!

As 2008 draws to a close, I decided to go back through my 350+ articles and pull out my favorites dealing with Lancaster PA green building and real estate subjects.  Whew!  There were a lot of them, which is why I guess people call me a "Green Evangelist" for homes in these parts. 

I've had the great fortune to be associated with some great people over the last 3 years, people who are the true "movers and shakers" in the green revolution in Central PA.  In particular, I'd like to thank A. Tamasin Sterner or Pure Energy, Kim Patrick of Lancaster County Career & Technology Center (LCCTC), Dave Sheridan of the Green Building Association of Central PA (of which I've been a member since 2006), and Steve Mellinger of Blue Moon Enterprises.  These folks have allowed me to get to know them and share in their dreams for the industry over the years, and I am grateful to them an many others.

So, without further ado, here's my retrospective.  If you're into green real estate I hope you click through to my website www.yourlancasterhome.com as well for other local links and info.

1. Bamboo Flooring at Costco
2. Green products for sale at Costco
3. Compost Bin Designs
4. Building a Compost Bin Plans
5. Recycling Building Materials
6. Rain Barrels - Rainwater Harvesting Projects
7. Lancaster PA Home Perfomance Contractors
8. Inside a Home Energy Audit - Video
9. Carbon Offsets - Responsibility or Sham?
10. Solar Hot Air Heating Systems
11. Solar Pool Heater Project
12. PA Consumers Are More Interested in Green Building
13. Ten Tough Tips for Saving Energy in PA or Anywhere
14. Water Efficiency - Green Resources
15. Home Insulation - "What's An R Value?"
16. Green Roofs - Lancaster City Project 
17. "Greenwashing" On The Rise As Green Becomes Chic

I did a three-part series on preparing your Lancaster City home for winter (which apply in any cooler urban setting)

1. Energy Efficiency - Fireplaces Can Be Trouble
2. Using the Sun to Heat Your Lancaster City Home
3. Preparing for Winter - City Row Homes

I did some interviews of green building industry players:

1. Kim Patrick - Lancaster Career & Technology Center
2. Rick Martin - Energy Star Wheatland Custom Homes
3. Tom Reilly - Lancaster Insulated Concrete Forms Homes (this post got over 300 comments!)

There were some important local Lancaster green building events I covered for the blog:

1. Lancaster Green Home Tour
2. Mount Joy Green Home Tour LCCTC Event
3. Lancaster Solar Hot Water Heating Open House
4. Home Depot's "Eco Options" Event
5. Lancaster's First Concrete Home - Tour

I also pioneered blogging about Pennsylvania's "Keystone Help" Financing for green home improvements:

1. Using Keystone Help Financing For A New Gas Furnace
2. Reviewing High Efficiency Gas Furnace Installation Using Keystone Help PA
3. Keystone Help Financing Growth

Lastly, I posted an article on Roots Market, where my family loves to shop for locally-grown produce.  "Buy Fresh, Buy Local" is a great green movement that saves fuel and labor at every level.

I'm looking forward to pushing the Lancaster PA "greening" agenda in 2009!  If you're a green vendor and would like to be featured on these pages I'd love to meet with you.

Coldwell Banker held it's first annual holiday gathering last night at its Lancaster Office, with over a hundred employees and agents in attendance, many with guests.  We had a great time!  With four active offices and now serving 5 counties, our company has set the standard for growth in a down market.  Our agent population has more than doubled from the old company levels and nears 100 as 2009 draws to a close.  I couldn't be happier to be part of such a great organization. 

For myself, the formation of the Jeff Geoghan Realty Group has marked a milestone I am pleased to have reached, and I foresee a year of explosive growth for my team, of which I am proud.  If you're an agent looking to find the tools and support needed to take it to the next level, please give me a call - I'd love to talk about your opportunity with my team!

Here are some snaps from last night...

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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!