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.
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.
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.
|Housing||Wilkes-Barre, PA||United States|
|Median Home Age||63||27|
|Median Home Cost||$75,000||$217,200|
|Property Tax Rate||$15.52||$13.28|
|OWNER-OCCUPIED HOUSING UNITS BY VALUE|
|Less Than $20,000||3.36%||3.01%|
|$20,000 to $39,999||5.29%||4.37%|
|$40,000 to $59,999||12.68%||5.74%|
|$60,000 to $79,999||20.62%||7.07%|
|$80,000 to $99,999||19.35%||8.41%|
|$100,000 to $149,999||23.01%||19.74%|
|$150,000 to $199,999||7.63%||14.06%|
|$200,000 to $299,999||5.62%||16.59%|
|$300,000 to $399,999||1.53%||8.21%|
|$400,000 to $499,999||0.44%||4.53%|
|$500,000 to $749,999||0.34%||4.75%|
|$1,000,000 or more||0.07%||1.86%|
|HOUSING UNITS BY YEAR STRUCTURE BUILT|
|1999 to October 2005||4.04%||10.15%|
|1995 to 1998||1.28%||6.69%|
|1990 to 1994||2.11%||6.70%|
|1980 to 1989||4.66%||14.75%|
|1970 to 1979||15.52%||17.11%|
|1960 to 1969||8.07%||12.78%|
|1950 to 1959||6.18%||11.64%|
|1940 to 1949||8.75%||6.64%|
|1939 or Earlier||49.39%||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/