Lancaster PA Real Estate - Lancaster County Foreclosure Prices Climbing

By
Real Estate Agent with Coldwell Banker Residential Brokerage

Lancaster PA Foreclosures, Sheriff Sales, Lancaster PA real estate investorsWith foreclosures on the rise nationally, Lancaster County was bound to be hit with increases in defaults as well.  Foreclosure listings have indeed increased over last year, 22% based on MLS data.  The trend, though, is not clear as the number dropped a few percentage points in 2006 over the year prior.

What is interesting, though, is the rise of the average price of these Lancaster County foreclosures.  In 2006 the average price jumped from $59,552 to $80,046, a 34% change!  This trend has continued into 2007 with another 23% leap, leaving the current average (as of Sept 2007) at $98,306.

What does this mean?  Lancaster PA Foreclosure properties are increasingly becoming suburban residential listings, with less flip potential and margin on resale.  City homes and townhomes with better flip potential are getting harder to find.

Lancaster PA Foreclosures, Sheriff Sales, Lancaster PA real estate investorsIf you're looking for an investment property (or two) you'll need to do a better job of keeping your ear to the ground.  Homes with a good margin outlook come & go quick, with lots of "highest & best" scenarios that mean you need to keep your pencil sharp!  

Your best weapon as an investor in the foreclosure wars is a knowledgable agent who is looking out for properties for you, even when you're on vacation.  I am in touch with the investment market and can help you find, purchase and flip foreclosure properties for a profit.  Pick up the phone and call me today at 717-799-0851 to get started.

 

 

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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!

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Ambassador
1,091,863
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE
Interesting to see the differences in states and nationwide on the market.
Sep 25, 2007 06:58 AM #1
Rainer
201,409
Mana Tulberg
805 County Real Estate - Camarillo, CA
Real Estate Agent - Camarillo CA
Jeff, I have to agree with you. Some of my clients still think of a home up for foreclosure as a run down and a fixer. Foreclosure homes in my area now a days are newer homes some even up in the millions.
Sep 25, 2007 08:12 AM #2
Rainmaker
334,694
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
Sally, thanks for stopping by.  I'd be curious to see how the FC market has changed in other areas too.
Sep 27, 2007 05:44 AM #3
Rainmaker
334,694
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
Mana, no doubt you've got some high-priced FCs in your market.  I wonder what the avg. price would be out in Camarillo?
Sep 27, 2007 05:45 AM #4
Ambassador
2,745,550
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
Jeff-  very good info for consumers in your area. Buying a foreclosure is not a cake walk! We have people walking away from 1 and 2 million dollar homes that are being foreclosed on. In our market area where for most of the country these homes would be considered luxury estates are the norm here, and there are tons of foreclosures because of wanna be investors flipping multi million dollar estates! Katerina
Sep 27, 2007 06:12 AM #5
Ambassador
606,358
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552
You're right, the trend in foreclosures has shifted from the feeding frenzy of oversold flip properties, to higher priced homes where buyers got caught in adjustable rate squeezes.
Sep 28, 2007 01:03 PM #6
Rainmaker
334,694
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
Katerina - thanks for your comment!  Appreciated as always...
Sep 29, 2007 05:33 PM #7
Rainmaker
334,694
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
Brian - "adjustable rate squeezes" - I like that.
Sep 29, 2007 05:34 PM #8
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Rainmaker
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Jeff R. Geoghan

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