With 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.
If 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.
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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