Home Prices Are On the Rise Nationwide and in New Albany

National home prices rose in JanuaryCorelogic just released some exciting news from the national housing market: Home prices are back on the rise! And this is certainly a trend we are seeing in the New Albany area as well!

The real estate data provider reported that home prices increased 0.9 percent in January after falling 0.1 percent in December.

And this is indicative of a larger trend, Corelogic reported. After all, over the last 12 months, prices have actually risen a total of 12 percent, which is the biggest year-over-year gain in over eight years!

Home sellers are sure to be encouraged by this recent development because it means that they have a better chance of getting the price they want for their property.

Housing Market Gaining Strength, According to Recent Data

Here’s an overview of recent activity on the national housing market:

  • Although home prices increased, total home sales actually dropped in January. The National Association of Realtors reported that sales dropped to their lowest level in 18 months.
  • However, the total number of available homes for sale remained low, which is why experts believe prices increased, at least in part.
  • The average rate on a 30-year mortgage showed a 1 percent year-over-year increase, which means that home buying costs are a little higher.
  • Meanwhile, builders started working on 16 percent fewer homes in January when compared to December. That marks the second straight month for decline.
  • Despite recent increases, national home prices are still 17 percent lower than when they were at the peak of the housing market bubble in April 2006.
  • In three states (Louisiana, Nebraska and Texas), prices have set highs. Meanwhile, in 19 additional states, prices are within 10 percent of their peaks.
  • Those states with the largest year-over-year price gains in January were: Nevada (up 22.2 percent), California (up 20.3 percent), Oregon (up 14.3 percent), Michigan (up 13.7 percent) and Georgia (up 13.4 percent).
  • Mississippi was the only state to show declines in home prices.

Homes With Negative Equity are Decreasing

Also recently, Core Logic reported that a total of 4 million U.S. homes returned to positive equity in 2013.

This means that the total number of mortgaged residential properties in the country is now at 42.7 million!

Meanwhile, roughly 6.5 million homes (or about 13.3 percent of all mortgaged homes in the country), still had negative equity by the end of 2013.

The decrease in homes with negative equity is another piece of good news for home sellers because it means that home prices throughout the community will be on the rise!  And that is sure to affect the price they can get for their own property.

Your New Albany REALTORS®

Please contact us, Kate & Tony Thomas at 614-939-8945 for valuable resources for buying or selling your home, to schedule a showing, or with any questions you may have about real estate in New Albany, Ohio.

Until next time,

Kate & Tony

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US Homes Selling Quicker and Canadian Home Sales Prices Increasing!

US and Canada Home SalesAs real estate experts, we’re always looking for market indicators to suggest whether the market is favoring sellers or buyers.

We look at a variety of factors, including average list price,  median sales price and price per square footage.

Another indicator we look at is the days that a home spent on the market before it ultimately sold. And if the latest data is any indication, this metric is certainly starting to favor home sellers!

Why Home Sellers in the US Should Be Optimistic

According to the most recent real estate data, properties listed in September 2013 spent an average of 86 days on real estate websites, compared with 116 days last year!

This suggests that homes are selling nearly a month quicker than they did this time last year.

Here’s what else the most recent real estate data reveals:

  • Properties listed in all 30 of the largest metro areas in the country sold quicker in September when compared to last year.
  • Those homes in the San Francisco Bay area were listed for the fewest number of days at 48, followed by Sacramento with 59 days and Dallas with 60 days.
  • Comparatively, in 2010, homes listed were on the market an average of 119 days.

Experts say that a declining inventory of homes for sale has attracted more eager buyers to the market, resulting in fewer days on the market for homes for sale.

Historically low mortgage rates, an improving economic climate and depressed home price values are further encouraging this activity.

The Ultimate Source for Real Estate News

Check back here soon for more updates on how the national real estate markets in the United States are faring!

And for expert help on your own home-buying or home-selling goals, please contact us today!

US Foreclosures Drop to Lowest Levels in 7 Years

US home foreclosures dropsHere’s another sign that the tide has turned on the national real estate market: US homes entering the foreclosure process fell to their lowest levels in 7 years during the 3rd quarter of 2013.

This is tremendous news for interested home sellers because foreclosures have been pulling down median sales prices all across the country for the last few years.

What’s more, the drop in foreclosures signals that fewer homeowners are falling behind on mortgage payments, which is yet another indication that the market is in fact improving.

And that’s good news for everyone!

More National Housing Market Trends

According to a recent Associated Press article, lenders started the foreclosure process on 174,366 homes between July and September, which is the lowest level since the second quarter of 2006.

Here are some more recent trends that experts are seeing on the national real estate market:

  • Foreclosure starts fell 13 percent from the previous quarter
  • What’s more, foreclosure starts were down 39 percent from the third quarter last year.
  • During the third quarter 2013, foreclosure starts saw year-over-year decreases in 38 states, including Colorado, Arizona, California and Illinois.
  • Meanwhile, there were year-over-year increases in foreclosure starts in 11 states, including Maryland, Oregon, New Jersey and Connecticut.
  • Although there were fewer homes entering the foreclosure process, lenders actually increased their home repossessions. Thus, data shows there was actually a quarterly increase in homes lost to foreclosure.
  • Completed foreclosures increased 7 percent between the second and third quarter.
  • Still, completed foreclosures were down 24 percent year-over-year during the third quarter
  • 119,485 homes were taken back by lenders during the third quarter. Experts project that the country will complete about 507,497 foreclosures by the end of the year, which is actually down about 24 percent from 2012′s total.
  • Foreclosures peaked in 2010 with 1.05 million. They have been decreasing since then.
  • The total number of homes taken back by banks increased between the second and third quarter in 26 states, including New York, New Jersey, Illinois and Virginia
  • During the third quarter, it took an average of 551 days between the time a home began the foreclosure process to the time it was completed repossessed. This is an increase from the average number of days this process took in the second quarter, which was 526 days.
  • New York had the longest foreclosure processing time with an average of 1,037 days, or almost three years. Meanwhile, Maine had the shortest foreclosure processing time with 160 days.
  • Florida continues to have the highest rate of foreclosures, with a rate that is more than twice the national average during the third quarter.
  • The other states that made the Top 10 List for Highest Foreclosure Rates in the 3rd Quarter were: Nevada, Maryland, Illinois, Ohio, Connecticut, Delaware, New Jersey, Indiana and South Carolina.

Keeping Our Eyes on Real Estate Trends for You

While we just shared with you a ton of real estate data, the bottom line is that the drop in overall foreclosure starts is an indication that the US housing market is continuing to improve.

This improvement is being aided by steady job growth, more reliable loans and rising home prices.

Check back soon for more updates on US housing market trends!

Your New Albany REALTORS®

Please contact us, Kate & Tony Thomas at 614-939-8945 for valuable resources for buying or selling your home, to schedule a showing, or with any questions you may have about real estate in New Albany, Ohio.

Until next time,

Kate & Tony

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3 Encouraging Signs in the US Real Estate Markets

US, Canada Homes for SaleHome prices in the United States have steadily been increasing over the last several months, according to recent housing market data.

Evidently, CoreLogic Home Price Index recently reported that U.S. home prices have increased in nearly all major cities, and were up 12.4 percent year-over-year in August.

This is encouraging news for anyone hoping to sell their home soon.

U.S. Home Prices Are On the Rise!

Here are three encouraging signs for the US housing market:

  • Home prices increased month-over-month throughout the summer
  • The proportion of distressed homes on local markets has been declining
  • Home values are seeing year-over-year gains

More specifically, here’s a look at recent activity on the U.S. housing market:

  • Home prices increased 1.8 percent between June and July.
  • August saw a 0.9 percent increase in home prices
  • Nevada saw the largest increase in home prices, with a 25.9 percent year-over-year home price increase.
  • Nevada was followed by California, Arizona, Utah and Florida respectively in terms of home price appreciation.
  • For metropolitan areas, San Bernandino and Los Angeles in California saw more than a 20 percent year-over-year increase in August. That makes them some of the highest jumpers in price appreciation.
  • Out of the 100 largest cities, Akron, Ohio, was the only one to see prices decrease.
  • New Mexico had the smallest appreciation, with just a 1.54 percent increase, followed by Vermont, Delaware, West Virginia and Kentucky. Those states had between a 2 and 3 percent increase.
  • All of the above statistics factored in distressed sales. But if you take those out, home prices increased by 11.2 percent year-over-year in August 2013
  • Still, home prices remain 17.1 percent below their peak in April 2006. 
  • Analysts remain optimistic about the future, predicting a 12.7 percent price hike for September.

Your New Albany REALTORS®

Please contact us, Kate & Tony Thomas at 614-939-8945 for valuable resources for buying or selling your home, to schedule a showing, or with any questions you may have about real estate in New Albany, Ohio.

Until next time,

Kate & Tony

3 Indications The Housing Market Is On an Upward Swing

The national housing market continues to show great gains lately, according to recent data from the Standard & Poor’s Case/Shiller home price index and other national sources.

Despite some setbacks like rising mortgage rates, the housing market is on an upward swing.
National home sales

Just Consider These 3 Indicators:

1.) more sellers are listing their homes
2.) more lenders are approving loans
3.) more builders are constructing new developments

This is great news for the entire economy but particularly for interested home sellers!

U.S. Homes for Sale

Here’s an overview of the recent data released by several housing market experts, as originally reported by the New York Times:

  • Home values increased 12.4 percent from July 2012 to July 2013
  • Year-over-year home prices were up in all 20 cities tracked by Case/Shiller, varying from 3.5 percent in New York to 27.5 percent in Las Vegas.
  • Month-to-month home increases were only 0.6 percent, a slowdown from the 1.7 percent increase in April and the 0.9 percent increase in May and June.
  • Fannie Mae and Freddie Mac reported an 8.8 percent gain in home prices year-over-year.
  • Meanwhile, Lennar and KB Home reported plenty of growth and profits in the third quarter, with Lennar seeing a 39 percent increase in 3rd quarter earning year-over-year and KB seeing its profit increase by 7 times year-over-year!
  • The number of mortgage applications for home purchases has increased by 7 percent over the last year, although refinance requests have actually decreased 70 percent since early May.
  • 2.5 million households regained equity in their homes during the second quarter, according to CoreLogic.

Experts credit the improvements on the housing market to an array of reasons, including people rushing to invest in property before prices continue to rise, lenders gradually relaxing their lending standards, an increase in overall housing inventory, a small inventory of foreclosures on the market and mass home purchasing by investors.

The recent activity on the housing market is sure to benefit the entire country, even if residents aren’t planning on buying or selling a house.

That’s because when the housing market improves, people tend to feel wealthier and thus are more likely to spend money.

This in turn bolsters the greater U.S. economy as a whole!

Still, it should be noted that rising mortgage rates may cool off the housing market slightly in the next few months. Rates have increased from 3.4 percent in January for a 30-year fixed-rate mortgage to 4.4 percent in July.

But these rates are well below what they’ve been in recent decades!

National Housing Market News that Affects You

As you can see, our national housing market is getting stronger everyday – which is good news for all of us!

Check back here soon for more updates on the current state of the national housing market and how it may affect your home buying and selling efforts.

Your Dedicated New Albany REALTORS®

Please contact us, Kate & Tony Thomas for valuable home-buying resources, to schedule a showing, or with any questions you may have about buying or selling real estate in New Albany, Ohio.

Until next time,

Kate & Tony

New Albany, Ohio Real Estate Listing of the Week on Yantis Drive

yantis new albanyThere is a magnificent all-brick home that just became available on the New Albany real estate market and it’s sure to attract a lot of attention from home buyers!

Located at 4917 Yantis Drive in New Albany, this home offers prospective home buyers an exceptional location across from New Albany Country Club golf course. It also boasts high quality architectural details and craftsmanship throughout the residence.

If you’re in the market for a Central Ohio home for sale, you may consider checking out this new listing!

Central Ohio Real Estate for Sale

Located in The Crescent, this home sits on 0.426 acres and also features a 3-car garage.

Priced at $860,000, this home is comprised of 5,754 square feet of living space, which includes 5 bedrooms and 5.5 bathrooms.

As soon as one steps inside the home on Yantis Drive, it will be clear just how much care and attention was put into constructing this property.

Buyers will marvel at this Georgian home’s oval-shaped foyer, octagon-shaped monitor skylight, curved walls in the dining room and exposed brick in the great room – not to mention the custom built-ins in the library!

Here are some other features that are sure to catch buyer eyes:

  • Chrome hardware/plumbing fixtures
  • Updated kitchen and light
  • English gardens
  • Paver patio
  • Slate roof
  • Stainless Bosch double ovens in the kitchen
  • Custom chef’s table with stainless top
  • Beautiful white carpet
  • Lovely fireplace
  • Garden tub in master bath

Plus, the current homeowners recently replaced all door, cabinet and bathroom hardware with polished chrome fixtures. They also added two egress windows!

This property is served by the nationally acclaimed New Albany Plain Local School District.

And thanks to its location, this home is just minutes away from such attractions as:

  • Rose Run Park
  • Bevelheymer Park
  • Shopping and dining in Columbus

Your Dedicated New Albany REALTORS®

Yantis New Albany 2If you’re interested in purchasing this lovely home on Yantis Drive, then please contact us, Kate & Tony Thomas, today.

We’ll be happy to assist you by offering you valuable home-buying resources, helping you schedule a showing and answering any questions you may still have.

Until next time,

Kate & Tony

New Albany, Ohio Featured Listing: 7693 Fenway Road

Fenway Albany 1Stately. Beautiful. Inviting.

These are likely the words that New Albany, Ohio home buyers will think of when they first set eyes on the new listing at 7693 Fenway Road.

This property, situated on a generous-sized 0.67-acre lot, features a 5,015-squre foot home with 4 bedrooms and 4 bathrooms. There was also 2 half baths in this home.

Currently, this New Albany home is listed at $899,000.

More Information on this Lovely New Albany Home for Sale

The beautiful brick home on Fenway Road offers residents everything they could possibly need to enjoy a luxurious lifestyle!

For instance, the spacious kitchen downstairs features granite countertops and newer stainless steel appliances.

There’s also a darling window seat in the kitchen!

The kitchen opens to a welcoming family room, which is ideally laid out for entertaining company.

The study features built-in shelves as well as wainscoting. And the dining room offers palladium windows! Meanwhile, you’re sure to enjoy the beautiful views of your treed backyard from the living room!

Here are some other features that interested home buyers are sure to be impressed with:

  • Fireplace in the master bedroom
  • A first-floor master bedroom
  • Tile flooring
  • Two-story foyer
  • Hardwood floors
  • Newer light fixtures

This home is served by the New Albany Plain School District, which is nationally recognized for its academic excellence.

Nearby recreational amenties to this home include:

  • New Albany Country Club
  • Plain Township Park
  • Sharon Woods Metropolitan Park

Plus, shopping and dining attractions in Columbus are just a short drive away!

Purchase This Lovely New Albany Home for Sale Now

If you’re interested in making the home for sale at 7693 Fenway Road your next permanent residence, then please contact us, Kate & Tony Thomas, today.

We’ll be happy to provide you with more information about this listing, schedule a showing for you as well as provide you with access to a free virtual tour of this home!

Until next time,

Kate & Tony

 

Hot Off the Press! First Half Real Estate Recap for New Albany!

As your New Albany real estate advisers, Tony and I thought you might be interested in how our market is faring this year compared to last year. Inventory is down, days on market are declining and prices are heading upward – especially on the 50+ homes sold in June!

Below are the year to date statistics for the communities in New Albany. Without exception, all neighborhoods have seen 2013 prices rise anywhere from $4/square foot to $15/square foot, depending on the community. The average sales price in New Albany school district rose 9% over the same time last year. The number of homes sold through June is flat with last year but I expect that to see this change when the unprecedented 90 homes currently in contract close by summer’s end.

New Albany, OH 2013 Real Estate 1st Half Recap

Neighborhood Active
Listings
In
Contract
Sold
June
 2013
Sold YTD
2013
Sold YTD
2012
Ave
$/Sq Ft
Ave
DOM
The Preserve 3 8 3 20 28 $108 27
Albany Park 4 4 2 8 8 $119 46
Windsor 6 2 3 12 12 $112 37
Hampsted 5 11 12 32 24 $119 29
NA Links 7 11 7 17 22 $117 38
New-CCollege* 8 6 1 8 5 $137 125
NACC < $1M** 37 21 13 39 36 $171 81
NACC > $1M 12 2 3 9 8 $231 69
Tot Plain Local
School District 114 90 51 177 180 $143 64
* Includes Tidewater, Saunton, Enclave and Wentworth
** Includes NACC and The Reserve

 

While we haven’t regained all the ground that was lost in the past 5 years, we are well on our way. Real estate trends vary from town to town and neighborhood to neighborhood, but it’s safe to say that all of Central Ohio is following the same trends we are seeing in New Albany.

If you have any questions or want to discuss selling or buying your New Albany home, please don’t hesitate to contact Tony or me. We are always here to serve you!  Happy July!

Kate & Tony

Why New Albany Golf Courses Are Gaining Attention

New Albany golfingNew Albany Ohio golf courses are setting a new trend that other communities as far away as Seattle are taking note of, according to a recent article I read.

Evidently, golf courses in our area are starting to put a greater emphasis on natural and environmentally-friendly landscaping.

While our Central Ohio golf courses have been recognized for years as being superior courses, this is sure to improve their reputations even more so!

Golfing Community in New Albany, Ohio

The recent Associated Press article I read noted that the New Albany Country Club has begun setting out bird boxes throughout the course.

Country Club officials have also stopped mowing some high grasses around the golf course in an effort to make the landscape a little bit more natural.

Here are some other steps the Country Club has taken to reach its goal:

  • Adding more space to wildlife
  • Cutting back on pesticide use
  • Adding bird boxes

The result of their recent efforts to make the golf course more natural have been quite positive!

For one, the Country Club is saving money on lawn mowing!

Also, the new scenery is attracting new people to the golf course who are interested in seeing local flora and fauna while enjoying a round of golf.

Other Central Ohio golf courses that have taken a similar approach as the New Albany Country Club include:

  • Blacklick Woods in Reynoldsburg
  • Longaberger Golf Club near Nashport

New Albany Country Club’s efforts earned it a certification under an Audubon International program that encourages golf courses to be more environmentally-friendly.

That’s because the higher grass and reduction of pesticides means that fewer pesticides are getting in the water of these courses.

Living in New Albany Ohio’s Golf Communities

The certified sanctuary golf course recognition at the New Albany Country Club has helped foster a sense of pride among golfers who play there, officials said.

If that sounds like the kind of community in which you would like to live permanently, please contact us, Kate & Tony Thomas, today.

We’ll let you know about available New Albany Country Club listings as well as provide you with such valuable resources as:

Until next time,

Kate

Speculative Data Center Coming to New Albany

New Albany data centerA new development is coming to this area and planners hope it will draw even more business to New Albany!

Evidently, Compass Data Centers recently picked our Central Ohio city as the location of its next speculative build.

New Albany Development May Help Boost Local Economy

According to a recent article I read, Compass Data Centers will construct a speculative data center in New Albany soon.

This means that the company has not secured a specific tenant to occupy any of the five data center pods that it plans to build.

While this may seem risky, the Compass CEO said the company is already working with local officials to attract clients, including tax incentives for future tenants.

According to plans, each tenant with receive a partial seven-year property-tax abatement.

The company will not start constructing the building until its secured at least one tenant – although it’s doing the footwork now so that once it signs a tenant, the company will be able to construct the building within six months.

The data center is expected to be between 10,000 and 21,000 square feet.

Company leaders say that they see a lot of promise in New Albany for the data center industry.

After all, there are several Fortune 1000 companies located here, including:

  • Limited Brands
  • Abercrombie & Fitch
  • TJ Maxx

Other businesses located in New Albany include Nationwide Insurance and Discover Financial.

Plus, as company officials noted, New Albany has a great supply of fiber infrastructure as well as available skilled workers – especially given the city’s proximity to Ohio State University.

Search Available New Albany Ohio Homes Now and Relocate Here!

It’s an exciting time for our city, which appears to be on the frontier of establishing itself as an ideal place for data centers.

Even if you’re not in that industry, the creation of this data center will further help diversify the local jobs market and help strengthen the economy.

If you’re interested in buying a New Albany home and living here permanently, please contact us, Kate & Tony Thomas.

When you do, we’ll be happy to provide you with straight-forward advice as well as valuable Central Ohio home buying tools like:

You may even want to start looking at specific New Albany neighborhoods, like:

Until next time,

Kate