LANCASTER, Pa. (WHTM) — With limited properties on the market and more people interested, renting across Lancaster currently seems like the best option. But even that is getting increasingly expensive as well.
“The housing market for homeowners is so hot and people understand that they’re going to have to pay much more right now to buy that home so they’re opting to rent for a year or two hoping the housing prices go down a little bit and then they make their move to buy,” Lisa Delgado, VP of Asset Management at Boyd Wilson, said.
Prospective buyers are now looking at places like Stadium Row. It is one of the first rental properties to be built in Lancaster in close to 50 years.
For now, the city is planning to add more retail and residential space. Two historic buildings downtown including the John F. Reed Company Cigar Factory on 227 North Prince Street and the J.R. Bitner Tobacco Warehouse on 223 North Prince Street are set for remodeling thanks to a state credit granted to 27 buildings statewide. It is welcoming news for an industry trying to meet demand.
“We’re getting a lot of buyers from New York, Philadelphia, and Baltimore. The big cities are emptying out and are coming to small communities like Lancaster because it has the services people are looking for,” John Spidaliere, Broker and Owner at LancLiving Realty, said.
Further motivated by record low-interest rates, many have set their sights on their dream home. As far as what buyers are looking for in a home, a home office is still at the top of the list.
Realtor John Spidaliere believes this is just the beginning.
“I don’t think we will be seeing an end to new housing developments coming into Lancaster. The only limit would be space. We are running out of space in the city, but I do think we’ll start seeing larger housing developments,” Spidaliere added.