Lancaster PA Real Estate Blog

A Pair Of Nice Lancaster PA Rentals

Fri, 06 Feb 2009 15:46:24 -0500

For those looking to live in Lancaster County PA, Real Estate can be something that's still a dream away. In the meantime, here are 2 nice rentals, one in Lancaster City and one Just outside in a townhome community. And both are nice homes for under $1,000 per month rent!

Comfortable Gable Park Woods (Lancaster Township) townhome,

3 bedrooms, 1.5 baths, central air, almost 1400 square feet, hardwood entry, corner fireplace, all appliances including W/D, walk-out basement, garage with remote, French doors, large master bedroom with walk-in closet and vaulted ceiling. No smoking, pets. To schedule a showing, call Brian Schulman at (717) 951-5552. $995 per month.

If you're interested in Lancaster City living and want to rent within walking distance of most of downtown, including Binns Park, Lancaster Central Market, The Fulton Opera House, Lancaster General Hospital, The Belvedere, Building Character, Rachel's Creperie, the Lancaster County Courthouse, Musser Park, The Museum of Art and much more, then be sure to check out this great 2nd floor apartment on the 300 block of north Lime Street! At only $795 this classy location has lots of space and offstreet parking only steps away.

Here are some details: 3 bedroom refurbished, charming, convenient 2nd floor apartment. New kitchen and bathroom floors, new tub and bathroom cabinets, freshly painted, new blinds, and a ceiling fan in living room. No smoking or pets. Includes water, sewer and trash. Central air. Includes dedicated off-street parking.

Contact the Jeff Geoghan Realty Group at info@yourlancasterhome.com for more information.

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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 lancaster pa photography portfolio. Comments are welcome!

"Greening" Your Kitchen - Some Ideas

Mon, 20 Apr 2009 13:28:31 -0400

I love talking about the Kitchen because there’s so much going on there that can be impacted. I break my thoughts into 2 categories: Behavior Changes and remodeling ideas.

Behavior Changes:

Many of the things we take for granted as “typical” kitchen behaviors can be changed to reduce waste: Just a couple of examples would be:

1 - Stop accepting plastic bags at stores (they’re rampant these days). Plastics inevitably make their way into the trash can to be dumped somewhere. Start using a canvas grocery bag or two.

2 - Another idea is to start a compost system. You’d be amazed how much composting can reduce your trash load. My family started this a couple of years ago (here’s a link to my blog article) and it works great.

3 - A quick changeout (not really remodeling) is to replace bulbs with CFLs – kitchen lights seem to be on the most in our house.

4 - Environmentally sensitive cleaners are available everywhere today – replace toxic stuff under the sink and in the dishwasher. This is great for kids, too, who are often exploring under the sink.

Then we get to the really little items that nobody seems to do – like filling the dishwasher all the way before running and running it late at night when the rates are lower, or leaving the blinds open if you get morning light, so the sun can warm the kitchen better than your heating system.

Remodeling:

Replacing all or part of the kitchen should be accompanied by some research into green alternatives to traditional materials. Nearly everything (flooring, cabinets, countertops, lighting, appliances, windows) is now available in several styles and price ranges to meet any taste while reducing environmental hazards and energy bills.

1 – Cabinets – Use products utilizing FSC certified woods or new materials such as wheatboard rather then traditional formaldehyde-laced pressboard. Even better – if you already have serviceable cabinets just get them refaced or refinished with new hardware, etc. Substantially cheaper and old cabinets are reused.

2 – Flooring - New materials such as Recycled rubber and Marmoleum (updated) compete with ceramic tile these days. Cork and Bamboo flooring is hot these days but they can be more soft and less suited to heavy kitchen traffic in my opinion. (I’ve seen bamboo take a beating).

3 – Appliances – everybody knows about energy star appliances, but look closely at the ratings on the mandatory info sheet. There will be differences in performance and savings over time.

4 – Countertops – I’ve seen concrete ones and they’re pretty neat. With all the negative stuff coming out about granite (radon emissions) if you’re looking to remodel you should check out concrete or another surface that’s made of recycled stone materials.

4 – Lighting – the hot new topic in lighting is LED – technology is catching up and these things are cheap to operate! I think the expense is still a bit prohibitive, though. Skylights and “solatubes” are nice too, but take more work (of course they’re free after that).

I’ve been advising home buyers on green remodeling ideas for a couple of years now. I’m formalizing it into a program offering called “smartgreen”

More on that later…press releases are coming!

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Listen to this article as a podcast at:

Lancaster PA Green Roofs - A Visit With Paul Cook Of LiveRoof

Mon, 27 Jul 2009 13:22:16 -0400

I've been interested in vegetated roofing systems for some time, and last weel I had the opportunity to meet Paul Cook, Pennsylvania sales reps for LiveRoof, and visit his growing nursery in Manheim.

Paul took me around the facility and explained how the roof system is grown. More commonly known as "green roof", these systems are designed to be directly mounted on an existing roof with only a thin root and moisture barrier in place. The engineering theory is that the layer of soil and vegetation create a cool zone beneath the roof of the building, allowing for reduced heating and cooling costs. In addition, green roofing absorbs the majority of stormwater before it runs off into municipal drainage arrangements.

LiveRoof, a Michigan-based firm, uses regional growers to provide the vegetation for their roof installations. The plants are selected based on their water retention, heat resistance, growth height and other factors. Plants used fall into the "sedum" category. Paul explained how the plants take approximately 3 months to fully grow once the order for a roof system has been placed. "We don't rush these" he cautioned as we examined a system growing for Drexel University. "Once the system is in place there isn't much maintenance - just a regular pH check and weeding. You CAN mow the roof once a year as the clippings do help with regeneration".

Imagine that - having to mow your ROOF!

Paul is pretty busy right now with jobs coming in from all points in his territory, which covers PA, New Jersey, Maryland, Delaware and New York City. He travels to do "lunch and learn" seminars with industry professionals and raise awareness of green roofs with landscape contractors & architects. One new customer is the School District of Lancaster, which plans to install a system in early 2010.

And what about the cost, you say? Depends...of course. Homeowners CAN install the system themselves, if they watch a "certification" video provided by LiveRoof. That would save roughly half the cost. The system itself runs about $12 per square foot on average for a residential installation. So, if you have a 20x20 roof its 400 square feet or $4,800. In Lancaster, green roofing would work best for city homes with a "bump out" rear rubber roof with would be about 15x20 feet or so. That would allow the vegetation to cool the kitchen and rear spaces typically in the bump out. Residential customers can pick up the interlocking 2 s/f trays right there at the nursery or have them delivered to the site. LiveRoof also sells aluminum "end caps" that slide under the end trays and create a pleasing look at the roof edge.

If you're interested in learning more about LiveRoof give Paul Cook a shout at Creek Hill Nursery, 717-723-0855 or at Paul@CreekHillNursery.com. For more about green building in Lancaster County PA visit my website at www.YourLancasterHome.com.

Another local resource for Lancaster PA green roof options is JV Heidler roofing: http://www.heidler.com/GreenRoofing.aspx

PA Senators Try To Designate Lancaster And York PA As National Heritage Areas

Thu, 29 Jan 2009 14:40:07 -0500

Spotted this on Arlen Specter's Senate Website today - FYI for the good people of Lancaster & York Counties...bring it on home! Oh, by the way, you can follow Arlen Specter on Twitter...

Casey, Specter Reintroduce Bill to Designate York and Lancaster Counties as a National Heritage Area

January 29th 2009 - U.S. Senators Bob Casey (D-PA) and Arlen Specter (R-PA) today reintroduced a bill that would establish York and Lancaster Counties as the Susquehanna Gateway National Heritage Area. The bill would grant national recognition to the Susquehanna Gateway region, an area that has played a key role in the development of our nation’s cultural, political and economic identity.

“For centuries, the Susquehanna River, which forms a natural border between Pennsylvania’s York and Lancaster Counties and represents the heart of the proposed National Heritage Area, has been at the center of agricultural, industrial and recreational activity in the Mid-Atlantic United States,” said Senator Casey. “I am pleased to join my colleague Senator Specter in introducing this important legislation which would help to bring national recognition to the region.”

“The Susquehanna gateway region is rich in natural, cultural and historical significance,” Senator Specter said. “I am pleased to cosponsor this legislation with Senator Casey to distinguish the Lancaster and York area as a National Heritage Area.”

Since 1984, Congress has designated 40 National Heritage Areas around the country which have helped to foster partnerships between the public and private sectors for undertaking preservation, educational and recreational initiatives in diverse regions throughout the country. Through these efforts, National Heritage Areas have helped to protect our nation’s natural and cultural resources while promoting local economic development. Pennsylvania is home to seven National Heritage Areas, including one created earlier this year called the Journey Through Hallowed Ground, which stretches from Gettysburg to Monticello, VA, and includes all of Adams County.

Senators Casey and Specter introduced a virtually identical bill in 2008. This bill was referred to the Senate Committee on Energy and Natural Resources.

Watch a video of Lancaster County PA Scenic Tour Images...

FHA Head Says Housing Market Is On Life Support

Wed, 26 May 2010 10:18:51 -0400

Via John Mulkey, Housing Guru (TheHousingGuru.com):

According to David Stevens, head of FHA, the U. S. housing market is on life support. In an article in Bloomberg Businessweek, Stevens is quoted as saying: “This is a market purely on life support, sustained by the federal government.” He went on to say that the FHA’s monopoly of residential lending is “a sign of a very sick system.”

We should all be concerned by the level of lending from FHA and the potential for disaster should large numbers of the loans default. Earlier this year an article in the Washington Post reported that FHA delinquencies had increased by more than a third in the past year, with more than 9 percent of borrowers at least 90 days behind in their mortgage payments. And while newer data indicates that number to be decreasing, the concerning factor is the tremendous exposure of FHA due to the sheer volume of loans guaranteed. Recent data indicates that FHA’s involvement in home purchase transactions appears to have surpassed that of both Fannie Mae and Freddie Mac.

Stevens has repeatedly tried to downplay the current risk by pointing out that the majority of the “problem” loans were originated in 2007 and 2008 when more lax lending standards were in place. New requirements, he points out, should significantly lower the default rate. But what FHA seems to be ignoring is the risk from continued sluggishness in the economy combined with high unemployment. Lacking a robust recovery, many of the borrowers who may have once been good credit risks may have difficulty remaining current on their mortgages.

The ultimate problem, however, isn’t just one of the FHA; the dramatic increase in loan guarantees puts taxpayers on the hook for 100 percent of any losses the agency incurs.

The Housing Guru: The expert source for all your housing questions

"WALKING AWAY" IS A MAJOR TREND---LET'S NOT PUT OUR HEADS IN THE SAND!

Mon, 10 May 2010 13:37:34 -0400

Via Paula Hathaway (Prudential Douglas Elliman Real Estate):

IF YOU WATCHED 60 MINUTES LAST NIGHT ON CBS, YOU TOO CAN SEE THE WRITING ON THE WALL! Homeowners are considering walking away from "underwater" homes---and they are doing it in great numbers. These are not your "subprime" mortgage foreclosure---they are average homeowners who have been making payments and CAN AFFORD to keep paying! They choose to move on because they do not see a future in their homes!!!

FALLING HOME VALUES. This is still A REAL ISSUE TO CONSIDER......prices are still falling , and may fall further! Let's not put our heads in the sand---we need to act now! With attention on the seriously underwater middle class homeowners, walking away from their obligations, we now have another possible situation that will cut into the already lower home prices.

Falling home values have not stopped--they may have slowed somewhat in certain markets, but prices are still coming down! With foreclosures still a factor and short sales increasing each month, we need to take a long hard look at what we need to do in order to prevent further erosion in the housing market....What we DO have in our favor are BUYERS!...People are looking to buy in this market because of percieved value, Perhaps for the first time in a decade!

There is no way to say how far home values will fall; we can look at prices as closings happen or we can look back on a 3 month time period to try to catch the trend for the next 3 months. None of this information is usable, however, because the actual price where a property trades appears to be based on the homeowners situation, not on any market trend. No longer can we use 1 year or even 6 months as a criteria for pricing homes

So, given the fact that we are not able to price properties based on a trend, it is now essential to know the motivation of the seller in more detail than in the past---How do we measure home values NOW? How do we determine the real price of a property in a market where the homeowner, desperate perhaps, needs to sell fast?

Measuring home values in this market is like measuring a moving target....we can be very wrong very easily and the homeowner who is more vulnerable then ever before, can easily become the victim of a distorted sense of home values if we use our former ways of pricing.

LET'S NOT PUT OUR HEADS IN THE SAND ABOUT VALUES AND LOSE PRECIOUS TIME IN THE PROCESS!

One thing that I have noticed here in the Hamptons is that the "new builds" are selling quite quickly and they are selling at prices that were "set" before the downturn--in other words, at the highs of the market in '07-'08! Builders are more optimistic than I have seen them in a very long time; they are able to buy up properties in ideal locations for 1/2 the price they would have paid in '07-'08 and they are tearing down and building new homes that appeal to a "new" buyer. This new buyer has money and has been waiting to buy a new home in a great location....and the builders are making hay while the sun shines!

MEASURING VALUES IN A VERY DIFFERENT HOUSING MARKET: The challenges that we face going forward in measuring the true value of a home is going to cripple the housing market unless we fully understand the motivation of both the buyer and the seller. I have the sense that if we go about doing the same things we did in the past with prices, we will find ourselves in a very bad, longer term crisis than is now projected.

PROPER PRICING MAY BE THE ONE THING THAT IS PROPPING UP THE HOUSING MARKET!!

IN my opinion, there are 4 definitive categories that we need to focus on when pricing properly in this very precarious time. I have broken them down with pricing strategies by category so you can see the importance of giving each property the best chance to sell quickly:

1."Original" condition homes: those homes that may be coming on the market for the first time in it's history. These homes are usually 25 years old or older and need major work to bring them up to date.

Because the pluming and electric is old, the appliances and fixtures are out of date, this property needs to be priced to allow for replacement of these things---save time and money by pricing this house to motivate buyers to want to buy it...maybe even list the approximate costs of replacement.

These homes need to be priced at the lowest level possible, based upon mostc recent sales and in-contracts of similar homes in a given area. Emotion is a major factor in additon to price when a buyer is looking at this category.

2."Good" condition homes: those homes that have been well maintained and may have been recently renovated but are 10 years or older.

Here, the home has much to offer in terms of less work to do but again, offering the approximate costs of anything that needs to be re-placed will help to motivate the buyer who wants the charm of an "older home".

Proper Pricing is critical in this situation because a buyer knows that he/she will have to do work to make it like their own and is looking to have a good reason to buy it. The price will make the difference here; emotion willl be less of a factor.

3."Prime" condition homes: these are the houses that we may have considered "like new" or "mint" condition and are no more than 10 years old, have been very well maintained and are up brought up to date on appliances and baths.

This category of home is surprisingly easy to sell to the buyer who wants to move in and not have to do any work what-so-ever. Emotion will be a major factor and a good price will be the cherry on the top of a great "buy"

4."New build": is new and has never been lived in....generally no more than a year old.

This is a category that took a big "hit" during the downturn; prices could not go low enough for the buyers of those houses! Motivation to sell became a sheer need to sell; builders were making deals that were hard to say "no" to.

Because the "new builds" of yesterday ('07-'09) were going up in less than prime locations, they sat! What is that old saying: "LOCATION, LOCATION, LOCATION"....well it is still the key to selling a brand new home! Top dollar can be the result when a new home is in a desirable location.

With the additional factor of "walk aways" on top of the lost value through forelosure, we have an obligation to be at the top of our game when it comes to pricing homes in this market.

LET'S NOT MAKE THE SAME OLD MISTAKES WITH PRICES THAT WE HAVE IN THE PAST!!! LET'S NOT PUT OUR HEADS IN THE SAND WHEN IT COMES TO THIS ISSUE--OUR LIVELY-HOODS DEPEND ON IT!
Paula I. Hathaway, LBA, Prudential Douglas Elliman

Top Producer, Diamond , Gold and Chairman's Circle Awards

Solar Hot Water Heaters - Lancaster County Seminar At LCCTC

Tue, 12 Feb 2008 13:05:36 -0500

For those of you interested in learning more about how solar hot water works, there's a great local event coming up right around the corner at Lancaster County Career & Technology Center. Here's the information straight from the Career Center's Green Building Coordinator...see you there!

www.toolbase.org/lcctc
www.nahbrc.org/ greenguidelines

Solar Hot Water Heaters:
Installation Demonstration and Technical Briefing

9AM - 3PM · Wednesday, February 20, 2008

Drop in to see how to harness the sun. Industry representatives will be on hand to show attendees how to install a solar hot water system in new residential construction. There will also be dedicated time for questions about the installation, and solar hot water systems in general. Don't miss this unique opportunity!

For more information, contact Kim Patrick @ the Lancaster County Career & Technology Center: kpatrick@lcctc.org

A Satisfied Lancaster City First-Time Homebuyer Speaks...

Tue, 23 Feb 2010 11:35:50 -0500

I don't often publish the testimonials I receive from clients (perhaps I should) but felt this one was too good to file away...permit me the luxury of promoting myself on my own blog! This is from Brandon in Lancaster City, a first-time buyer who purchased a home on the west end this month:

1)    How did you meet Jeff? Quickly describe how Jeff helped you make your buy/sell decision.
•    After telling a friend I was interested in buying a home in the city, he told me to begin following Jeff on Twitter. I appreciated his blog and tweets so I emailed him to discuss of the idea of finding a home for me in the city. Jeff and I met for coffee and were under an agreement for a home within a week.
•    Jeff understood the type of home I was looking for and suggested areas of the city to look. He listed of the positives and drawbacks of each home, and he also countered by perceived drawback by putting things into perspective.

2)    Was Jeff professional in his efforts on your behalf? Any example you can give?
•    Jeff is a major league real estate agent. The whole office was very professional. The receptionist was especially friendly and helpful. I felt very comfortable dealing with everyone at Coldwell.
•    He was prompt to return emails & phone calls and prompt to arrive at multiple meetings. Jeff knows the city and its history well. He recommended great people to assist me in the buying process (home inspection, termite, etc.)

3)    What was your best memory of Jeff’s service during your search/transaction?
•    My favorite memory is getting a call from Jeff on Saturday morning telling me that the sellers agreed to sell me the house. The negotiation process went very smoothly. Jeff helped me understand what to ask and how to ask it. It was a great experience.

4)    Any constructive comments on how Jeff can improve his service in the future.
•    Educational classes for home buyers might be a great way to inform large groups of people of the city’s history and charm. This was a great learning experience for me. It may help people understand whether they want to live in the city or not.

5)    Can you summarize your Real Estate experience with Jeff in a sentence or two?
•    Jeff’s professional demeanor and knowledgeable expertise gave me the confidence to purchase my first home.

Two Foreclosure Listings Worth Looking At...First Time Buyer Alert!

Mon, 08 Feb 2010 15:08:51 -0500

There are two HUD foreclosures in Lancaster County PA at the moment which are worth checking out if you're a first time buyer:

The first is a townhome in Elizabethtown with a nice lower level plus walk-out to a bug rear yard. It is a good location right near Route 743 and only minutes to 283. At $87,000 it's potentially a great deal. Only owner occupants can bid on this home until next Monday 2/15, at which time investors can bid. I've been in this house - has a good floorplan.

The second home is located in historic Lititz Borough right on Broad Street. Lititz PA foreclosures are relatively rare on The HUD homes website. Despite the fact that this home is only 2 bedrooms, it's a great price at $80,000 in my opinion. Could be an excellent investment property and currently HUD is accepting all bidders, so get yours in soon. This property could sell at any moment.

For more details on how to buy a HUD home in Lancaster County PA visit my website or email me at info@yourlancasterhome.com.

Lancaster Tweeps Gather For First Tweetup Of 2010...

Tue, 19 Jan 2010 16:24:35 -0500

Last Thursday Square One Coffee in Lancaster City, PA was home to the first breakfast Tweetup of the new year as a group of the Twitter faithful descended on the corner of Chestnut & Duke to enjoy hot drinks on a cold morning - 7am, to be exact.

Everyone was in high spirits despite the winter weather and looking forward to the renewal of events after the holiday season hiatus. Athough my co-leader Brenda "@Crazywidow" Boitsen was unable to attend due to illness (isn't THAT going around this year too...) she's already lined up Grand Central Bagel in Centerville for the next event, slated for 1/28. I've booked the Brick House in Manheim for the 2/11 get-together. A new year, new venues!

Here's a list of the attendee's Twitter names:

@mivillephoto
@photole
@karlogesner
@lancasterhomes (yours truly)
@maxpowernow
@Ryanlandgraff
@mkwah
@airport_girl
@neilrhen
@curliemeg
@ryansmoker
@danielklotz
@re_marks
@bbes
@thebestroofer

If I missed anybody let me know, and thanks for coming out! If you have a suggestion for a new venue feel free to let either myself or Brenda know! Here's the Lancaster PA Tweetups Facebook page...

It's Time For Realtors to Stand Firm on Not Doing Open Houses

Mon, 11 Jan 2010 16:53:54 -0500

A strong case for eliminating open houses from the marketing mix once and for all...

Via Lee Morof, Associate Broker/Attorney (RE/MAX Showcase Homes):

Every year I order the results of the National Association of Realtors (NAR) Survey of Home Buyers and Sellers. I am particularly interested in How the Buyer Found His or Her Home in the last year because that determines where my marketing efforts will go to sell the homes that I list. Because the numbers pertaining to open houses are so dismal, it is no longer a category in the survey results. I do understand that open houses were more successful before personal computers and the internet but now, approximately 90 percent of buyers begin their home search on the internet. Thirty six percent will find their home on the internet, another thirty six percent will find their home through the help of a realtor, twelve percent from a yard sign and six percent from a friend, neighbor or a relative. That covers ninety percent. Another five percent, will purchase new construction from a home builder or the builder's agent.

So why do some realtors continue to do open houses? I find that generally two types of realtors continue to do open houses despite the numbers. The first category is the realtor who has not adapted to the internet. He or she refuses to accept that it is here to stay and plans to retire in the next few years, so why bother? The other category is the new and inexperienced realtor. Both categories of realtors have just a few listings and hope to acquire some buyers from the open houses. The reality is that qualified buyers who are looking for a home such as the one listed by the realtor will find it from the top sources listed above and either call the listing agent or have his or her own realtor schedule a showing.

Open houses are also a HUGE security risk for the sellers and the realtor. We all have been notified by our Boards of murders, robberies, rapes, etc. that have occurred at open houses. Let's face it. A realtor has no control over who is coming through the door at an open house. By doing so, you are leaving the door wide open to those who have motives other than buying a house. Besides those who intend to do harm to a realtor, you invite nosy neighbors, people looking for free food or a bathroom, and burglars to see what the seller has inside the home for him to take when no one is home.

At every list appointment that I have, I advise the seller prospects about the facts of open houses. Almost all of them, after being given the facts,, respond with "That's great. We were worried that you would want to do open houses and we are not comfortable with idea." Since I have been doing this in listing appointments, I have never had a seller insist that I do open houses. If I do, I will pass on the listing. A seller who refuses to accept the facts, will probably be difficult when it comes to the many other things that come with selling a home such as pricing, taking care of the home, etc.

I sell approximately 85% of the homes that I list. I am not a "mega" lister. I am interested in the quality of the seller and his or her home they want to sell and its price. When other realtors are doing open houses, I am doing things that are much safer and productive like showing homes to buyers who contact me through the internet or yard signs or just having some me time.
Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640

It's Not About Global Warming

Thu, 10 Dec 2009 14:28:09 -0500

Christa echoes many of my daily talking points with regard to the reasons to go green - even if you're sure that global warming is just the latest hoax...

Via Christa Ross (RE/MAX Select Realty, Ecosociate and RE/MAX Green Specialist):

It seems these days lines are being drawn between those that "believe" in global warming and those that don't. Well guess what, I am not an environmentalist ("tree-hugger" as some might call me) because of global warming, although it is worth mentioning that I do believe the planet is warming, and I do believe that people do have some effect on that process.

Here are the OTHER reasons that I think green practices are important:

Because I think that dependence on foreign oil puts the country in a bad political position.

Because I think that people waste to0 much and that our culture has become over-commercialized.

Because I prefer quality over quantity, especially in houses. (and I don't want to clean a big house)

Because I want to breath clean air and drink clean water.

Because I believe that toxic products should not be applied to our food and that they probably cause a variety of health problems.

Because I believe that eventually we will run out of natural resources if we don't start using more sustainable practices.

Because I want to see more well-paying green energy jobs not overseas junk creation jobs.

Because I believe it is my duty to leave behind the earth in a better condition than I found it.

and yes, this one does have to do with global warming...

Because I love to ski and with the winters we have been having in Western PA I don't know how much longer I will be able to do that here at home.

So you see, being green doesn't just mean choosing a side on the global warming debate. There are a lot more immediate, local reasons to be concerned for our environment.

Live green in Western PA. Call Christa Ross from RE/MAX Select Realty, your certified green agent and RE/MAX green specialist at 724-933-6300 x214 or visit my website at www.greenhomespgh.com.

Election Results for Lancaster County, Pennsylvania...

Wed, 04 Nov 2009 12:57:57 -0500

Here are the reported election results for Lancaster County, PA Offices of Mayor, Councilperson & School Board Director…winners in each election are listed below:

Click here for the Lancaster County Election Results – Borough, City Mayor and Council Winners

Click here for Lancaster County Township Elections – Township Supervisor Winners

Click here for the Lancaster County PA Election Results – School Board Director Winners

Mortgage Delinquencies - The Coming Storm

Wed, 30 Sep 2009 11:22:12 -0400

This is one of those posts where I wish I didn't have to write it, but felt it was so important to my readers that I would be remiss not to at least talk about it.

Everyone out there probably knows somebody who is behind on their mortgage payments, looking for alternatives and likely also just finding out that their home's value has dipped below what their loan amount is. I know some within my own personal circles. It's a tough situation for me to advise them as a professional because it's such a personal challenge to their pride and self-worth, not to mention their plans and dreams for the family. The question we're asking is "when is this going to stop and where are we heading?"

I'm going to put up a few graphs that show the trends nationally with regards to mortgage delinquincies:

This chart is by quarter - Single-family mortgages set a new record delinquency rate in the second quarter of 2009, according to a quarterly survey by the Mortgage Bankers Association. Those of us in the real estate business see the foreclosure process (just visit the local Sheriff Sale docket to see the current numbers) but the looming delinqency-to-foreclosure issue is far, far larger.

The Wall Street Journal on 8/3/09 reported the following quote: “While subprime mortgages sparked the first round of housing problems two years ago, now "troubles are lurking further up the food chain," says Joshua Shapiro, chief U.S. economist at MFR Inc. White-collar job losses have accelerated while more adjustable-rate loans to prime borrowers are resetting to higher payments. ‘You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top,’ he says.”

The first objection someone may have would be to say "yes, but historically those who are delinqent usually get their act together and come current on the mortgage after a while". That WAS true, but not anymore! We call that the "Cure Rate", that is the rate of delinquencies that go back to current. The Wall Street Journal reported on 8/24/09 about a Fitch analysis that found that the Cure Rate from 2000-2006 was 45% (which means about half of people fix their delinquency). However, as of July 2009 the rate had dropped to just 6.6%! That means that over 90% of delinquent customers are going to foreclosure. Take a look again at the above chart...

The next thing someone will say is "well, that's the 'sand states' and not my area". Here's the chart for all 50 states showing the same breakdown of delinquencies and foreclosures. Guess what - most states have a significant problem, especially compared to historical figures.

Now the next thing someone may say is "aren't those loans going to get 'fixed' by a loan modification?" I know several people right now who are applying for a Lancaster County loan modification but are waiting and waiting. I hope it works out for them...

In reality, loan modifications are hardly making a dent. To me, that's a burning question. Why arent banks being more aggressive in giving customers the option to extend their loan and/or reset to a lower rate? Why are they being SO difficult? The people I know don't want to be foreclosed. They CAN make payments. They just need the terms redrawn to allow them to catch & keep up. Loan modifications are not helping us get this crisis under control.

What are the causes of all these delinquencies? Here's a chart that is enlightening:

We hear a lot about adjustable rate mortgages being the culprit, but the reality is that it's the loss of jobs and the tanking real estate market that's the perfect storm. See my previous post on unemployment in the nation, the state and Lancaster County.

Keep in mind, this post is not intended to give us "good news". You may be experiencing good things in your market and that's great. My intent is to get us thinking about the challenges that aren't going away and how we're going to address them as homeowners, agents and professionals. I'd love to hear your ideas!

The Spectre of "Shadow Inventory" Hovers Over Housing...

Tue, 06 Oct 2009 20:47:23 -0400

One of the buzzwords crisscrossing the business internet this year is "Shadow Inventory". I'd like to take the opportunity to explain what this is and how its going to affect you as a real estate pro or homeowner in the coming year.

Actually there are two definitions of Shadow Inventory being used today - but don't let that be confusing. Here they are:

1) The amount of homeowners who are likely to put their homes on the market once they perceive that things are sufficiently improved so that their property will sell in a reasonable time for a reasonable price.

2) The amount of properties that have entered mortgage delinquency, are at some stage along the foreclosure process and will carry through to ultimate resale in the market.

As you can immediately see, the first definition of "Shadow Inventory" is more emotional and harder to estimate - but we who are in the industry probably all know somebody who's "holding off" making a move until things appear better. I recently received this email from a client who has been hesitant to put his home on the market:

"At this time, I do not think we are considering a move. I see too many "for sale" signs that have been on lawns for more than a year. I know some of the prices the homeowners are asking and I think they are reasonable......and they are still not selling. It seems most of the home sales are under $200,000 and I am sure not going that low with my home. I guess I will wait out the economy problems."

According to Zillow.com's Second Quarter 2009 Homeowner Confidence Survey: "...many homeowners could be waiting on the sidelines to sell. When asked about future plans to sell, 29 percent of homeowners said they would be at least 'somewhat likely' to put their homes on the market in the next 12 months if they saw signs of a real estate market turnaround, creating 'shadow inventory' that could slow a recovery." Estimates range from 11 to 30 million homes waiting on the sidelines depending on who you read - either way a staggering number. Reuters quoted Zillow's Chief Economist Stan Humphries as saying "The number of homes listed officially on the market, while still at historically high levels, might be only the tip of the iceberg".

The second form of "Shadow Inventory" in housing is attributed to homes going through delinquency and foreclosure. Laurie Goodman of Amherst Securities and her team of analysts have done a bulk of work on this subject - watch a recent interview on just this subject:

They have been using the term "Housing Overhang" to describe what is happening. The Amherst team used, among other sources, the data from the Mortgage Bankers Association Delinquency Survey for the second quarter 2009. To quote the MBA press release, "The combined percentage of loans in foreclosure and at least one payment past due was 13.16 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey".

By the way, the numbers estimated 7 out the 56 million estimated homes in the U.S are heading for public sale...almost a year and half of real estate sales (135% to be more exact). Can you say "lots of new inventory"? The Amherst Study concludes "...housing overhang is the single largest impediment to a recovery in the housing market" (quoted from a Forbes article on the study).

So the "Shadow Inventory" of 7 million foreclosures being forecasted to hit the real estate market, in addition to the "Shadow Inventory" of milllions of other homeowners just itching to get their home sold, will be an imposing challenge to home prices (and appraisals, in the case of all those foreclosures).

If you're a homeowner and your market is relatively stable at the moment, you might want to consider putting your house on the market sooner than later, or sidestep the sale altogether if you don't really need to move.

If you're a Real Estate pro, you should watch local and state statistics closely and be informed about the changes in inventory going on. Another good idea is to get in tune with sheriff sales in your county (mine is Lancaster County, PA) so as to be able to explain what's really happening to your clients and the public.

Hopefully this article has helping enlighten us to what's being referred to when we hear "Shadow Inventory" used with regard to the homes market.

Don't forget to check out my recent article examining the coming storm of Mortgage Delinquencies.

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