Your Best Choice For Lancaster Real Estate GENE O'BRIEN REALTOR CENTURY 21 PARK ROAD LTD.
 

What's UP in Real Estate?

Tax Incentives to Spur Energy Savings and Green Jobs

This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings

This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing

This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance

This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.  It's called a 203(k) and I have more information about it.  Just give me a call.

As always, if you have any questions about your specific situation or would like to discuss how you may benefit from this program, please call or email me. I’ll be happy to sit down with you.

LCAR recently released their recap of the area’s real estate market activity. The market continues a steady trend upward with strong gains in settled units and new listings.

Year-To-Date:
• Settled units are up 9 percent over the first six months of last year.
• Home sales in all but the $40,000-49,999 price range are above thoseof last year.
• The average sale price increased 1.9 percent over the first six months of last year to $185,561.

• Overall, 55 percent of the homes and condos that sold in the first six months of 2010 were on the market 60 days or fewer, and 37 percent sold within 30 days.

Second Quarter:

• New listings increased 11.5 percent over second quarter 2009.

• Settled units increased 14.1 percent over the same period last year.

• The average sale price for Q2 was $184,675, down slightly (1.3 percent) from 2009.

June:

• The average sale price for June was $192,485, down slightly (1.7 percent) from 2009.

• Pending sales were down 29 percent, reflecting the rush to buy during the federal tax credit period that ended April 30th. However, settled units were up 18 percent for the month.

• 60 percent of the homes and condos that sold in June were on the market for 60 days or fewer.

Bob Rose, LCAR president adds, “We’re still seeing the effects of the federal tax credit in this month’s market. I think buyers are taking their time to look around for just the right house.

Call me for more information  

********************

NEW LISTINGS!

404 Woodcrest Ave in Lititz.  Great 1900's 5 bedroom farmhouse updated with 2.5 baths, has bedroom on first floor with full bath, powder room on first floor and laundry room on first floor.  Check out the visual tour above left under my listings, and feel free to call for 24/7 info at 1.800.819.5510 ID 1709
###########

65 Devonshire Place.  1-800-819-5510 ID 2507 will give you more information on this fabulous 4 bedroom 2.5 bath home situated on nearly 1/2 acre cul-de-sac street in a newer neighborhood called Norwood Estates South.  This home has a finished lower level, gas fireplace in the living room, and was built in 2002.  Priced to sell at only $195,000###############

INVESTMENT PROPERTY IN THE CITY.  Currently leased at $1,100/mo. Great Return on investment! 5 BEDROOMS 2 BATHS WITH OFF STREET PARKING.  465 FREMONT STREET ONLY $74,900  CALL 1.800.819.5510 ID 2405
++++++++++

3 BEDROOM 2.5 BATH CONDO WITH NEW FLOORING AND CONVENIENT LOCATION AT 26 TOLL GATE STATION.  ONLY $150,000.  Can be used as a rental.   MORE INFO 24/7 1.800.819.5510  ID 1605
It's a great Condo in Manheim Township.  it has 3 nice bedrooms and 2.5 baths.  A master bedroom with bath.  Brand new vinyl flooring installed 4/7/10.  New carpet and fresh paint.  One car garage and the condo fees pay for snow removal, lawn care, & water.  Call me on this one!

***********
Looking for a retail business location?  Check out the flowershop that I have listed in Hellam (between Wrightsville and York).  Huge traffic count, large building with greenhouse, retail space, many uses possible.  Under $180,000.  Call for your private showing.
**************

 ************

Never too early for a  Home Value Audit on your home, or a Comparative Market Analysis on a home you're thinking about.

THE MARKET IS CHANGING AGAIN!!!  Let me explain it to you--call me at 1-800-819-5510 Extension 0

***************

 ********************************

Here's a GREAT BUY!  A neat Hempfield Property  -raised ranch on a large corner lot.  New Roof (warranty included), 3 br 2 ba with possible in-law-quarters--You MUST see this one!  The owners keep it up, with new plumbing, new thermostat, newer windows  and more.  There are pictures above in the listings.  201 Cornell, in a mature neighborhood that is convenient to everything.  Price has been adjusted to ONLY $184,500.

****** 55+ Communities?Recently, I was asked about this trend and where to look at "nice" ones.  Mt. Joy and East Hempfield and up near Myerstown-- each have developing communities that are worth looking at.  They start in the $180,000 range and go up to $350,000 or more.  Community centers (club houses) and nice locations convenient to 283, Harrisburg, Lancaster of course, and shopping at the Outlets (Lancaster and Reading).  Let me show you or at least tell you more.

Building Lots!   If you know of anyone who has any, please call me, I have builders and buyers!***************************

I have lenders that will talk to you to arrange programs that suit you perfectly. There is never an obligation or a fee to talk to us or any of the experts that are available to you. Call me for a list of lenders and you may select any of your choice.

*********************

Some Realtors feel that the home buying/selling cycle slows --but that just isn't true for my team. We're doing CMA's and educational programs for ourselves and our clients. This year we are planning two more buyer's seminars (First one was a fantastic success!  We had 14 people with many questions and we had a feast sponsored by Casey Jones and the Urban Economic Development Group--call or write for details on the next one and sign up for our new seller's seminars. 

I've been doing FREE comparative Market analyses for folks for years.  Now if you're thinking of selling this year or in the coming years ask about my exclusive Home Value Audit. That's the way to do it--find out the way to properly stage your home for sale, make improvements that will positively affect your bottom line (selling price) and improve the value of your home. let me give you written  suggestions to perk up your home for sale and give you free information on my exclusive and copywritten 28 point marketing system. Some Realtors are charging as much as $395 for this marketing service. I don't charge anything as long as you list your home with me.

If you're thinking of buying--drop me a line or call me so I can put you in my email notifications for properties that meet your criteria that'll be on the market soon.  I'll also send you my "10 Hottest Buys".  As your exclusive Buyer's Agent, I work for you, not the seller. 

I will continue to listen and meet your needs. If you don't find what you want, please email me and I'll personally send you a copy of what you need.

When I think of meeting your needs, I know that you want up-to-date information on homes. I try to update this website daily--it's my own personal BLOG. I add comments in the large article below. I'm also adding new listings and telling you the ones that went under agreement. Check out "The Listings" (second link from the top in the first column).

Let me put my knowledge, experience, and dedication to work for you. I've lived in this area for almost 30 years and throughout that time I've helped people from all walks of life realize their real estate dreams. Give me a call today, and I will immediately get to work for you! Ask for my top 10 best buys in your price range. Call me or email me for a FREE no obligation market analysis of your home and a free report on what your should know about buying or selling real estate (Like how my Proquest Marketing system gets 7 times the activity and sells your home!)- satisfying ALL your real estate needs.******
 

I got a call recently from a client as we're putting the final touches on their negotiation for a new home--Her comment to me was: " Gene you're wonderful, you're always there for us! " I just met a great couple and their wonderful "watchdogs" who enjoyed sleeping on my foot.  As I was walking with them to look at the property, we were talking and they informed me that they had read about me on this site, realized that I was the person they wanted to represent them in their Real Estate needs--"I like this guy!"  he said. What a way to start the day!

I'll meet your needs, too! If you're looking to buy a new home --one acre lots are scarce. There are homes being built in Morganshire (Just off old exit 21) by Landmark Builders starting in the upper $300's (I recently helped new clients and friends purchase a home there!)  A newly constructed home will take 4-5 months-- we need to start now for a Spring 2011 closing! .

Have you used the Tips Vault yet?

Directly below this paragraph you'll see that there is a link for you to go onto the "Tips Vault"--this is without a doubt the handiest resource for purchasing or selling a home that you'll ever use! More about the stuff in the tips vault--you'll find short, easy-to-read explanations on how to select a home, a realtor, a lender, and settlement. As a homeowner, you'll find tips on listing, pricing, selling, showing, your home. It's Great! I hope you enjoy it!

Featured Properties


Did you know??

You can look at the current issue of

HOMES AND LAND of LANCASTER magazine right here on my website?  No more searching the grocery stores for the last copy.  Check out my ad on page 12.  Here it is with my compliments: 

 

 http://www.lancastercountyhomesforsale.net/flippy

 

Gene's Editorial Comment

(I was reviewing this article to update it, and it is still so pertinent and timely, that if you re-read this, I'm sure you'll find it as informative and correct as when I wrote it last month!)
Well, as former president Ronald Reagan would say, here we go again!  BP oil catastophe covers what is happening in the legislative branch, more so the executive branch. (This administration continues to divert attention to the oil spill to prevent us from finding out what is being done behind closed doors.  I believe the incumbents are scurrying to abandon ship to distance themselves, and the President is talking about how we've "turned the corner and gotten on the right track to cure the impending recession --depression--.  Schools have gotten their bailout for this year--what about next year?  The definition of insanity: "repeating the same action and expecting different results".  How much is the bailout to the States going to be in 2012?  How about an increase to social security--none for three years!)-Read on---

 The recession isn't over--in fact, I don't believe it has really started!  We have a long way to go for economic recovery, for homesale recovery, for the real estate market to come full circle.  I think it is the tip of the iceberg on foreclosures.  Record numbers are happening in 2010. I don't see an end to it in 2011.   What does that mean to the housing industry?  I predict 10 years of the same, minor blips due to government intervention, more foreclosures and more folks taking advantage of them.  Lending policies won't change, interest rates won't go up much probably around 7 to 7.5%, (Maybe the Feds will keep it at 4%--it doesn't seem to be doing much good as lending institutions have tightened up lending)and 'stimulus money' for buyers will flow during this administration.  Unfortunately, this may lead to a steeper spiral to pull out of later. 

Having said all of that, those folks with good credit, marketable skills, and a good work history will be able to purchase homes at never before prices, although these will be going up slightly in 2010.  Housing starts will be slow, but incentives to purchase will be high.  It could be a great time for many individuals.  Investors with cash will see rental units becoming scarce and will be able to find a great return on investment.  Talk to me about your opportunities.

Take care and God Bless.

Over 15,750 guests visit this website each year!
2010 is turning out to be even better than previous years! You are joined with  863 other folks last month in visiting this site. During the past 10  months there were 10,870 visits!  Over One Million hits. That's 1,000,000!!  AND in the past 5 years over 75,000 Visitors! Wow!     We're getting our message out there!  We are the premiere website and our award-winning ways are continuing.   
New innovations in marketing to be announced! Here's some more of what we're doing now!

Visual Tours has had 18,654 specific visits since September 13, 2008 and other links to the world wide web will make this site a continual favorite for anyone looking for Real Estate help.--Anywhere!

PROQUEST is my free 24 hour 800 number and that generates an average of 68 calls per week.  That's specific calls on specific properties.  If you'd like to hear my introduction, just call 1-800-819-5510 and listen to the greeting. 

Thank YOU!!! If you'd like to take the time to send me an email with comments about this website, or my marketing innovations,  I'll send you a little gift--just include your mailing address.

**************
Gene O'Brien
Realtor®

More Improvments!

Having over 150 professional Realtors working with me at Century 21 Park Road Ltd. and our sister office in Reading PA (Recently ranked #1 in the State!) and over 8700 Century 21 offices throughout the world will promote you and your real estate needs.  You are my number 1 priority!

This is truly a "win-win" situation for my clients/friends and for the Gene O'Brien Realtor Team! More Service, More Personal Attention, and Continued Professionalism! All for you!
WE have a passion to meet your needs.
@@@@@@@@@

American Cancer Society

 

 Dianna

2010 allows me the priviledge of donating to the ACS for the seventh straight year.  Each home that I sell or list will provide an opportunity for me to donate a portion of my commission to this wonderful organization.  2008's special cause was in the memory of Dianna Waters, a wonderful friend and former co-worker exemplifying faith and courage as she battled this disease.  You can help me in my fight to cure this disease by referring your friends to me or any member of my team for your real estate needs.  I'll be continuing my ACS donations in memory of my family and friends who are battling this disease and those who have fought the good fight and have passed on.

Once again, Year #4, I participated in the "Tee Off for Tom" cancer golf tournament.  See my picture with the Philadelphia Eagles Cheerleaders on www.c4life.com
##############

In Memory of Scott

Scott Lupold joined the team and brought
experience and expertise along with him.  His 30 years of Real Estate made him the "go to" guy for our questions.  We all enjoyed his Lancaster County ways.  His quiet demeanor and ability to tell great stories of his fishing expeditions, treasure hunting, garage sales bargains, toy purchases, and little gambling excursions were always interesting.  His smile would broaden and his eyes would twinkle whenever he spoke of his wife Sherry and their beautiful daugher Emily. 

Scott was not only a team member, he was a friend. I will miss him greatly. 
##############

I continue to devote my career to serving the needs and the real estate needs of the people of Lancaster, York, Adams and Lebanon County and now I'm able to offer you access all the listings and do market analyses throughout the Harrisburg area--Dauphin County, York, Berks, Adams, Washington, Lancaster, and York Counties. I can also network with other offices throughout the entire State of Pennsylvania. I've reciprocal agreements to enable me to help you sell your home in Maryland or Delaware or Ohio or anywhere in the US through the Century 21 Network.  This has enabled me to help my neighbor sell his mom's home in New Port Richey, FL and will enable you to relocate into Pennsylvania without worrying about the sale of your home wherever you live!

Whether you're a first-time homebuyer or an experienced investor, I have the CONDO, TOWNHOUSE, NEW CONSTRUCTION, FARMHOUSE, OR 'FIXER-UPPER' JUST FOR YOU!
************** 

What are your real estate needs? Are you looking for an experienced real estate professional who knows the Lancaster Pennsylvania City, Commercial, and Country properties and the surrounding Pennsylvania Counties' Real Estate markets and can get the results you desire? 
**************

*******************

If you'd like to see homes that are selling--check out my newest link above--OPEN HOUSES.  This link shows you every open house, how to get there, details of the homes, and who has it open this week.  It's a link sponsored by Lancaster Association of Realtors and is updated daily.  Easy to use, just click on "OPEN HOUSES" in the  box above. 

AND.....of course, call me to see any of the homes, mention me at the Open House (Don't get 'snookered' into being represented by someone you don't know!), and call me for more information--I'll help you buy at the right price.

^^^^^^^^^^^^^^^

Would you like to read this webpage in a language that is more familiar to you?  You can select a language below and get all of this information in Spanish, French, Chinese, or a whole host of different languages. Just go to the drop down menu at the bottom of this article and my entire webpage (except for the top banner) will convert to the language you select. Even the MLS listings will now be the language you select!

This is truly amazing!! try it!  



Your browser does not have a FLASH Player

Weekly Mortgage Rates
Freddie Mac National Averages
 30 Yr Fixed  4.36%
 15 Yr Fixed  3.86%
 5 Yr Fixed  3.56%
 1 Yr Fixed  3.52%


Gene O'Brien Realtor's #1 Priority is YOU!

2010--How will it end?

  For every real estate professional, the new year starts out with uncertainty and no small amount of anxiety. We do not pull a bi-monthly paycheck, or have an annual salary upon which to base our budgets. I don't care how experienced or successful, no one in real estate sales knows exactly what the year ahead will bring. Which is why so many of us like to plan and analyze and look to industry experts for forecasts and predictions.   

2009 was much stronger for real estate sales than many of us had anticipated (or hoped for). But if there's one thing the last few years have taught me it's that nothing in real estate is "ordinary" any more

While  NAR, tells us that pending homes sales have increased for the tenth straight month (longest streak since 2001), I know that in the Susquehanna Valley, a large portion of these sales are because of first time homebuyers. Folks who have watched prices come down and who took advantage of the $8000 tax credit for first time buyers or the $6,500 for folks that have been in their homes for 5 years or more.  

There is debate back and forth amongst Economists and "experts" but there's no doubt in my mind the credit has helped to stimulate home sales in Lancaster County, and more specifically my community of East Hempfield. On a Nationwide scale, the numbers speak for themselves.

In years past I would have told my clients that at the end of October we can expect to see a Seasonal/Holiday slowdown....and this year will be no different. However, the slowdown will start now!

Interest rates,and  tax credits, unemployment numbers and consumer price indexes....they are all things beyond my control which may or may not dramatically affect sales in my area.

I have no idea what lies ahead, I believe that interest rates are going to rise, house pricing is going to marginally rise, the upper end market will start to feel the results of the market (Bargain shoppers for folks with good continuing incomes will cause a spirt in 'value-buying' of bargain priced executive homes--above $300K) but I do know that I'm going to keep taking it one day at a time, keeping a keen eye on market trends and law revisions, embracing new technologies and marketing strategies and always remaining grateful for the clients and friends I've met along the way, for the referrals, and for my fellow Associates who like me, are survivors.

I attended a seminar in Philadelphia on how to use your IRA in a tax sheltered way to purchase Real Estate instead of stocks or bonds.  Yes, you can use the reliable real estate market for you IRA retirement plan.  There are restrictions, and you must not use the property yourself.  Check out Patrick W. Rice's book "IRA Wealth".  You'll find it fascinating!    As Will Rogers said, "if you want to make money, buy land--they ain't making any more of it!"  Call me today for more information!

******

Clients for Life  The Summer  "What's Happening in Lancaster" has been sent.   All of my clients and friends should have received my latest "clients for life" mailing.   If you're not on the mailing list, or would like to have your copy sent to you email, just send me your email address and I'll get you a copy as soon as it is "hot off the press"!  ********************

NOW, The rest of the Team!

**************

Gary Hewes 

Gary 's here to assist me and you in all your Real Estate needs.  Gary and I have worked together for almost 10. years.

Call him on his cell:  717-203-1124 or call him at the office at 509-8577.

********************

Rebecca Lynn Lovett

Of course you are all aware that Rebecca is on the team as well.  She is specializing in town homes, first time home buyers, and large acreages.  Yes, we have this Gettysburg native "back on the farm", searching for that perfect setting for many of her professional clients.  She can be found nearly every Sunday afternoon at an Open House.  If you go to visit her, please mention that you saw her on the web on this award winning website. AND feel free to call her direct on her cell:  717-371-9925
*******************

Wayne Beiler

Wayne's rich Lancaster County heritage adds to the team's diversity in sales.  We sell new homes, old homes, estates, townhouses, single homes, semi-detached homes, and condominiums.  Wayne is extremely familiar with Lancaster County's southern end and brings home construction and renovation experience to the team.  Please call Wayne at his cell 717.725.1689 or email him at wayneckcl@aol.com

 

****************
Thank YOU!

It continues to be a wonderful year of meeting new friends and continuing the relationships of the many friends that have bought and sold properties in the past.  The many cards that we've received from all over the country tells us how our influence has grown.  When you talk to someone about real estate, please mention me--your referrals are the basis of my business.
**********************
Here's an actual testimonial I just received:

"Purchasing a home for the first time can be a little scary as well as exciting.  You made our dreams of home ownership a reality.   You took the time to really listen to what our needs and wants were.  You were truly professional as well as personable.  We recommend you to all of our friends and neighbors.  We can't wait until we are ready to purchase our next home in the future.  You will be the first person we call.  Thanks for all your hard work."  Chris, Cathy, Brooke and Nathan.
THAT JUST MAKES MY DAY!!

Another new client asked me: " Do you have someone I can talk to in order to see how much home I can afford?  My credit isn't so good, are there companies that can help me?"

The answer is "YES!"  I know of Lenders that will talk to you for FREE!  No obligation!  I'll give you a list of them, you can select one or all of them and sit and talk to them.  They're the experts.  Lenders have a formula to determine how much of a person's income should be spent on a home purchase.  This is a  percentage amount and may vary with different lenders. 

That is why at our home buyer's seminar, I always have a lender present to explain how the system works.  There is never an obligation to use that particular lender.  We are all there as resources for you.  It is truly an informational seminar on Home buying.  If you'd like to come to my next seminar just email me and I'll give you information on my upcoming seminar locations. 

This is just one of many extra services that you can get from my team.  I believe that is why so many of my clients return with their business, their family's business, and their recommendations so that their friends come to me as well.  It is truly fulfilling--and my continuing passion to serve you in all your real estate needs. 

  Some of you may not be aware that I work the entire State of Pennsylvania.  ' 

A client of mine just asked me if I specialized in any particular field of Real Estate. This was such an interesting question and required me to measure my response. Yes, I specialize-- in meeting the real estate needs of my clients. A particular client may be buying a home, may have a home to sell, may have a parent's home to sell, may have an investment home to sell, may be wanting to buy a "repo" or "fixer-upper", may not have money to put down, may have less than stellar credit, may be young, old, in-between, may not be able to speak english very well, may be a number of things but all have one thing in common--they need housing and a Realtor they can trust. Also, commercial or multi-units are the needs of some buyers and sellers--I'm working with a mentor and we can get that done for you as well.  How about developers--land with houses to build--you bet!  I'd love to show you my marketing!  I know you'll find none better!  And--quite honestly, it's my contention that I lead the "pack"!

Whether you're an experienced buyer or seller or this is the first time, you have special real estate needs. I listen and meet those needs. When you want to sell your home call 1-800-819-5510 Ext. 2324 hrs, for a recorded message and a FREE copy of an informative report.

I have other free reports that I'll send you--Just call me and I'll meet your needs.

I had a client of mine recently state that they were interested in a home and when I asked about their lender, they mentioned that they had gotten one through the internet. I mentioned that a local lender is often better as we have someone to get "face-to-face" with and can get results when we need them. They were promised a great rate, and low closing costs. When it came to settlement, the funds were not there, settlement was delayed for 10 days, the rates were higher, and the closing costs were not as they had been depicted. We contacted a local lender on the day of settlement, got the information processed, and closed the transaction in 3 days! Seven full days ahead of the internet lenders revised date--saving my buyer a lot of money, aggravation, and stress. I am not allowed by law to direct my clients to any particular lender, but I do have a list of those I know will get you to the settlement table on time. I'll provide you with that list during our first substantial meeting when I go over the legally mandated Consumer Report and we discuss the Business Relationship form.
***********************

Office Information

Gene J. O'Brien, Realtor® License # RS217937L
717-578-4663 Email

Rebecca Lynn Lovett, Realtor®
717-371-9925 Email

Wayne Beiler, Realtor®
717-725-1689 Email

Gary Hewes, Realtor
Email

Century 21 Park Road Ltd.

1825 Oregon Pike
Lancaster, PA 17601
Phone: (717)509-8577 Extension 3135
Fax: (717) 509-8575
Toll-Free: 1-800-819-5510
View Map


Serving the Lancaster Pennsylvania Real Estate Market


 Have you seen my ads in Relocating in Pennsylvania Magazine, Homes and Land, Real Estate Book, or the Merchandisers, Couriers, or Penny Savers or the Lancaster Newspapers?  How about the  Potter Leader Enterprise in Potter County?  Or the York Dispatch? or the Cecil Whig, or the Chester County Daily News? Comments have been very favorable. I'm also not only on my own website but on 26 other websites.  My message is OUT THERE!

NASCAR FANS --The NASCAR season  is off and running!   Jimmy Johnson looks unbeatable again this year.  Last year my man, Mark Martin, proved once again that a little gray (or in my case, a super wide part!!!) on top doesn't stop us!   "DRIVERS--START YOUR ENGINES!".  As "DW" says:  BOOGITY BOOGITY BOOOGITY   IF YOU'D LIKE TO GET ON MY MAILING LIST FOR Nascar Magnet schedules, just email me.

NFL-  In years past, I've given magnets with the schedules of Steelers, Eagles, Vikings, Penn State and Pitt.  I haven't gotten much response from these little handouts, so I didn't do them this year.  If you think you'd like to have a schedule next year, just email me.

Outlook for 2010 and beyond 

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. The question we're asking is "when is this going to stop and where are we heading?"  Recent reports state that 1 in 6 homes is either in foreclosure or starting foreclosure proceedings.

I've found some graphs that show the trends nationally with regards to mortgage delinquincies:

Lancaster PA foreclosures, Lancaster County Mortgage, Delinquencies

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 (The Sheriff Sale's in Lancaster have more than 200 homes each month) but the looming delinqency-to-foreclosure issue is far, far larger.

The Wall Street Journal on recently 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 not the Lancaster PA 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.

Lancaster PA foreclosures, Lancaster County Mortgage, Delinquencies

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

In reality, loan modifications are hardly making a dent.  Why don't banks be 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.

Lancaster PA foreclosures, Lancaster County Mortgage, Delinquencies

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

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. Thanks to an article by Jeff Goeghan for these charts. 

By now you've read the reports of the media and their take on the real estate market.  Some people are talking that the real estate market is rebounding. That the bottom has been hit.  I, too, believe that the market has changed. I think that the sellers' market that we enjoyed  has come full circle and that the buyers-- with guidance from knowledgeable Realtors-- will be able to find some real bargains out there.   Overpriced homes will back down 5-10-15% and more.  Appraisers will make certain of that!  But the market is not fully recovered. 

There are many qualified buyers and there are many homesellers.  Check out the mortgage rates in the table above--they're still fantastic.  This, I predict, will remain for the next year.  FHA has taken over the subprime market.   This will once again allow those folks with less than stellar credit scores (also called FICO scores) to purchase homes. The higher the score the lower the interest rate on the mortgage.   Everyone will need some money down though--no more buying without some cash--at least 3.5% of the sales price.  But that cash can come from a 'gift' from parents or relatives--maybe even friends--we'll have to follow that one. USDA loans don't have the 3.5% requirement but homes must qualify by location.  I know of some lenders for you to call to find out more.  NO CHARGE!

For now, we'll see many less Realtors, Less For Sale by Owners as they turn their property over to a Realtor as the cost of advertising for an individual is too expensive, Longer market times for homes, and a truer picture of home values. If you would like to have your home evaluated for current market trends, I'll give you a free market evaluation (provided you list with me) of your home and as always with my team there are NEVER any "hidden charges".

For Sale By Owners will be turning their properties to Realtors, because they cannot compete with new home builders that are providing  $5K-80,000 cash incentives to buyers, reduced pricing, free stuff--just to name a few.  That's why you need an experienced Realtor to get through the selling process quickly and correctly. This still is a strong market, Lancaster doesn't experience the real high "highs" or the real low "lows".  Like the rest of the country--at least not in the 30 years I've been here.  But beware!  Times are changing!

If you are thinking of buying, and you have a home to sell--let's get your home sold FIRST.  Looking around before your home is listed is the wrong way to do it. 

When you're ready to buy, call me or email and I'll send you a list of great local lenders that are competive in prices and concerned about you getting the best mortgage. As always, the Gene O'Brien Realtor Team is here to meet all of your real estate needs.

In this market, old techniques don't work. A Realtor has to be ahead of the curve. New methods of getting listings, finding homes, and satisfying the needs of the clients must be constantly and consistently applied. We promise to stay ahead of that curve and do just that for you. Like the investment of the Pro-quest marketing system, Toll FREE recorded informaton, innovative local advertising, EZ Tours, Visual Tours, illuminated "Open House" signs--"Clients for Life", "Satisfaction Guaranteed", Home Warranty programs, Home Value Audit,   and more!  Just call us and put us to work for you!

If you know of anyone that has some vacant land--let me know! I have buyers! Also, if you know of a builder or developer that could use a marketing plan designed especially for their developing neighborhood, please have them contact me or give me their names-- I have a marketing system that is a proven success . Try one of them out right now if you'd like. Just dial 1-800-819-5510 and after the introduction enter 2189 and you'll here a message. Or, if you'd like me to explain more of my marketing to you, just enter 0 (zero) anytime during the messages and the system will page me.

Thank you for visiting my web site! This web site is designed to be your complete Lancaster County Pennsylvania Area Real Estate resource . The links will guide you to information that will help answer your questions concerning available Lancaster, Berks, Dauphin, York, Adams and Lebanon (I also have sold in POTTER, MONTGOMERY, and CUMBERLAND counties!)  County Real Estate and community issues. I'm proud of this website and I appreciate all the comments you have given to me about the friendliness of the site and the ease of use. Please feel free to provide any additional feedback.

This website is a useful tool but I invite you to call me for personal, one-on-one help with what some say is the biggest decision you will make in your life. If you have any questions, please don't hesitate to call me. 800-819-5510 Extension 0 ( zero) That is my 24/7 voicemail service. Email me by clicking the "Email" link at the upper right of this page. Also, I've added a convenient Login link on the left column for all returning visitors. I'll continue to make this site your favorite and most convenient.

PS. I have a new program for you--just let me know what you're searching for in a home and I'll automatically email you daily of any new listings or any properties that meet your criteria. AND--you'll be the first to know of any properties that are soon to be on the market--often days before the rest of the folks get the information.


  • Buying a Home? I'll take the time to listen to your needs and desires, and find your dream home. 
  • Your total satisfaction is my number one priority. Call or email for my FREE report on "Eliminating Mistakes in Homebuying".
  • Selling a Home? I have more buyers than I have listings! If you want your home listed with the Number 1 Home Marketer in the Area, contact me! I will listen to your needs and get your home sold for top dollar and in a timely manner. My online and offline marketing programs will give you the edge you need to sell your home.
    This website has gotten over 2,887,000 hits! and HAS A 6 YEAR total VISITS of 76,650!-- and my 24-hour toll-free number gives you 7 times the action of a yard sign or typical marketing. My newest innovation in 2008 is the Visual Tours link that I purchased.  Your home (to sell or buy) is now on over 30 websites.  It's proving to be a fantastic tool.  In this down market, I was able to list and sell a home using my marketing within one month!  I don't want to just list your home, I want to market it and sell it! Fast! 
    I offer a " SATISFACTION GUARANTEE ". I have so much confidence in my marketing that if you're not satisfied--I'll waive my commission! Call or email for more information now!   How about a lesson in "staging"?  Ask about my newest service--"Home Value Audit".   These pointers could make you thousands on resale.
  • PS. Ever notice that when you get ready to sell-- things start to break??? Ask about a Seller Warranty--I'll  give you one FREE with your 6 month listing.  Protection for all your mechanicals while your house is listed.  You simply pay a $60 call out fee for the service call and the problem is fixed or replaced!  Does that take the stress out of your listing?  You bet it does! Did you know that a Home Warranty  may increase the selling price of your home as much as $2,000.00???  You may want to buy one at $435 for your buyers as an incentive.

  • Relocating to the Lancaster Pennsylvania Area? If you are moving to my area, I can assist you in collecting the information you need, and make your transition as smooth as possible. Feel free to contact me for FREE home finding assistance and area information.  Century 21 offers Nationwide (worldwide too) service to our Clients. 
I have built a reputation for client satisfaction, I have a "Clients for Life Club" and I am devoted to making your move as easy as possible. You will have the added benefit of working with an agent who understands your needs when buying, selling, or relocating in the Lancaster Pennsylvania area. Finding the right home is only the beginning. I will assist you every step of the way to ensure a smooth, stress-free completion of your real estate transaction. Many of my clients have stated that their home buying experience was actually "FUN"!

Thank you for visiting my site. Please mark it as one of your Favorites , and visit it often. I look forward to hearing from you. If you'd prefer to call me, once again, my 24-hour information line that'll connect you to me in seconds is 1-800-819-5510. Simply enter "0" to page me--if I'm with another client or not immediately available, please leave a voicemail.

Sincerely,

Gene O'Brien, Realtor®
License: RS217937L

Century 21 Park Road Ltd.  1825 Oregon Pike, Lancaster PA 17601
717-509-8577 Extension 3135

800-819-5510

    Equal Housing Opportunity
Website by IMAGEPRO   Privacy Policy   Bookmark Website
 
  
 " target="_blank">Check out the Open Houses scheduled for this week  Gene's Monthly Newsletter