Strong banking and business state Pennsylvania continues to experience a rising real estate market, with new investment financing options fueling growth.
What anchors PA’s economy today? What data indicates an optimal time to invest in real estate, and what leverage tools are available to property investors?
Pennsylvania – The Keystone State
As one of the original colonies PA is home to many firsts, and is consequently one of the strongest economies in the US. In fact, if independent it would be the 18th largest in the world.
The state is the 6th most populous in the nation, and the 9th most densely populated. The most populated cities in Pennsylvania are Philadelphia, Pittsburgh, Allentown, Erie and Reading.
PA is the location of the first commercially drilled oil well. It is home to 50 Fortune 500 companies, and in addition to a strong industrial and manufacturing backbone is a top agricultural state, including being ranked 8th for winemaking. As a result Pennsylvania boasted an unemployment rate of just 5.6% in mid-2014.
PA is also home to two firsts in nationally chartered banks which now form a part of Wells Fargo and PNC.
PA Real Estate Stats & Trends
After a lagging start to 2014 the PA real estate market appears to have picked up significantly in both demand and performance.
- According to Realtor.com Philadelphia, PA was sixth in search ranking for both August and September 2014
- Pittsburgh and York, PA also claimed significant places on the list
- The median home price in Philly rose 6.8% to $234,900 in Sept. 2014
- Listing inventory dropped over 12% as of Sept. 2104
- Days on market have declined to an average of 95 days according to Move
PA Realtors appear to be bolstered by ongoing low interest rates, incentives for home buyers and the state’s strong job market.
New PA Investment Property Loans
With its reputation as a long standing, healthy economy and financial system it was only natural for PA to be one of the first states to be embraced by commercial mortgage lenders offering more competitive investment property loans for multifamily apartment buildings and portfolios of single family rental homes.
Rental Home Financing now offers several PA investment mortgage programs to serve those refinancing residential income property portfolios, acquiring new bulk portfolios and financing PA apartment buildings.
PA Real Estate Resources
Landlord & Real Estate Law in PA:
Investment Real Estate for sale by the State of PA
USDA-RD and USDA-FSA Property for Sale.
Government owned Multi Family Housing may be for sale by the USDA-RD and USDA-FSA.
To see if there are any RD/FSA rental properties for sale in PA, CLICK HERE.
Contact us today to help finance your PA investment property portfolio.
More than just a leading U.S. Blanket Mortgage Lender, Rental Home Financing is your partner for long term wealth building and cash flow generation. We’re invested in your long term success.
Contact us today and experience a refreshing new approach to financing investments…