Looking to invest in PA? Look to Wilkes-Barre!

By
Real Estate Broker/Owner with ADT Real Estate

I recently visited a group of real estate investors from the Real Estate Riches group. I really had no idea what this group was all about, but with so many real estate investors pouring into the Wilkes-Barre area, I thought it'd be great to check it out. I learned a few things, but the thing that stuck out the most for me was the amount of people with available cash who wanted to invest in our area. These aren't flippers, for the most part. These are people who want to buy real estate in the Wilkes-Barre area and rent the properties out.

We could use the much needed cash from these investors.I love the idea, as long as the investor is conscientious about renovating the properties they own. We don't need any more slum lords in Wilkes-Barre, folks!! This is why Wilkes-Barre has started a policy that the owner has to register the property and their property manager (if they live out of town) with the city before it's rented. I like this idea, not just because we have a Property Management company now, but because I love the Wilkes-Barre area and we need a cash infusion to help revitalize the area.

 

These investors are renovating our area, one home at a time.I can truly see the potential of this area and am so happy to be a part of the revitalization of the area that I call home. My research of the area has shown that this is an ideal area for this type of investor. Check out the attached chart, which I pulled from BestPlaces.net. This is a great site to check out data for the city that you live in. The chart below shows that the houses in Wilkes-Barre are much older than the national average. Buildable land isn't that prevalent here, so new homes aren't being built in great numbers. This means that we need this investor cash and renovation to update the old "coal homes" in our area. Look at the Median Home Cost vs the national median. This is a great indication of the value that an investor can expect to find when they look to buy a home in our area. You can't get it much cheaper than this!

I'm also quite pleased to show that we have outpaced the national average for home appreciation through the tumultuous last few months. Now, look at the Homes Rented column. We have a much higher rental rate than the national median as well, by a great margin. This is influenced by the fact that we have three colleges local to the Wilkes-Barre area, but this is a great area to own a rental property. We have a constant influx of people moving into our area from the NY and NJ markets and, with an average rental rate for a 3 bedroom house of $670/mo, it doesn't take much to realize a positive return on your investment.

If you are an investor or a Realtor with investors, you need to take a serious look at the Wilkes-Barre area. Contact me today so I can explain further how you can be a part of this opportunity.

HousingWilkes-Barre, PAUnited States
Median Home Age6327
Median Home Cost$75,000$217,200
Home Appreciation10.29%9.80%
Homes Owned53.02%64.07%
Housing Vacant11.00%14.48%
Homes Rented35.68%21.45%
Property Tax Rate$15.52$13.28
OWNER-OCCUPIED HOUSING UNITS BY VALUE
Less Than $20,0003.36%3.01%
$20,000 to $39,9995.29%4.37%
$40,000 to $59,99912.68%5.74%
$60,000 to $79,99920.62%7.07%
$80,000 to $99,99919.35%8.41%
$100,000 to $149,99923.01%19.74%
$150,000 to $199,9997.63%14.06%
$200,000 to $299,9995.62%16.59%
$300,000 to $399,9991.53%8.21%
$400,000 to $499,9990.44%4.53%
$500,000 to $749,9990.34%4.75%
$1,000,000 or more0.07%1.86%
HOUSING UNITS BY YEAR STRUCTURE BUILT
1999 to October 20054.04%10.15%
1995 to 19981.28%6.69%
1990 to 19942.11%6.70%
1980 to 19894.66%14.75%
1970 to 197915.52%17.11%
1960 to 19698.07%12.78%
1950 to 19596.18%11.64%
1940 to 19498.75%6.64%
1939 or Earlier49.39%13.55%

 

My name is Andrew Trevino. I am a Realtor, working in the Wilkes-Barre, PA area, and I'm affiliated with Realty World, Rubbico Real Estate. Thanks for investing your time in reading my blog. If you're interested in contacting me, please visit my website at http://www.wilkesbarrehomesales.com/

                                                        Realty World, Rubbico Real Estate


Comments (4)

Jason Crouch
Austin Texas Homes, LLC - Austin, TX
Broker - Austin Texas Real Estate (512-796-7653)
Andrew - You weren't kidding.  It looks ridiculously affordable there.  I hope this post brings you lots of business.
Nov 16, 2007 06:52 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Jason,

Some people just need to see the facts in black and white. That's what I hope they are able to see here. As for affordable, Wilkes-Barre is currently rated the 31st most affordable city in the US because of our incredibly low housing costs. Those are facts you can't deny.
As for the business, I can always use more of that. Thanks for the comment and the well wishes.  

Nov 16, 2007 06:58 AM
Adam Waldman
Westcott Group Real Estate Company - Hauppauge, NY
Realtor - Long Island

ANDREW:  I'm going to keep you and Wilkes-Barre in mind if I have any investors that are looking to buy and hold property.  This area is too expensive and the rents almost never justify the purchase price.  Thanks for the great info.

Nov 16, 2007 10:33 AM
Andrew Trevino
ADT Real Estate - Wilkes Barre, PA
Wilkes-Barre Homes For Sale

Adam,

Thanks very much. I already get quite a few from your area, but all are welcome. I have one for you, if you'd like to contact me.

Nov 16, 2007 01:00 PM