Archives: October 2008

Sometimes Even the Best Homes Don't Sell

New Albany Ohio real estate sold-sign

We all love our homes, and when it’s on the market we wonder why the buyers don’t love it as much.  They should be lining up and walking through admiring every detail as you do, yes?  There’s a reason that some homes sell quickly while others languish on the market, sometimes never selling.  There are a number of factors why your home hasn’t sold – some are impacted by you and others are impacted by market factors beyond your control. 

Three Dynamics at Work in Selling Your New Albany Home

In today’s buyer’s market, there are three important dynamics to address.   First, you need a drama price!  You must be a market leader, not a follower.  We recommend pricing with very little cushion…you want an offer;  if it’s a poor one, you don’t have to accept it but without one you have nothing.  Don’t waste time “testing the market” at a higher price than the market analysis indicates.  What you “need” out of the house unfortunately has no relationship to value from a Buyer’s perspective.   You need to be the best value of all of your competition.  Buyers are savvy and know the competing properties. 

We’ve talked about the 2nd dynamic  in our April 2008 e-Newsletter.   Your home needs to win not only the pricing game but also the Beauty Pageant.  Everything from staging, colors, updates, furnishings, clutter (or lack of) are part of the equation.  The buyer is savvy; they have lots to choose from; and they know the competition. 

The 3rd dynamic that will impact whether your home sells or not is the Realtor who is marketing it.  You want a Realtor with a proven track record, who has an aggressive marketing plan, and can give it maximum exposure to the widest possible range of buyers and their agents. 

Stay Ahead of Changing Market Conditions

The best advice we can offer in a changing market is to get your home sold as quickly as possible once you commit to selling it.  The longer it takes to sell, the more costly it is to the seller – home values are still declining.  You are likely to be paid more today than you will be paid 6 months from now.  Homes that languish on the market are perceived as tired, market-worn and overpriced.  This almost always invites a low offer.  Don’t let it happen to you.   Get it priced dramatically, stage it to win the beauty contest, and if you are in New Albany Ohio, choose a Realtor such as Kate & Tony Thomas, who specialize in the area.

Columbus, Ohio Makes Forbes Top 10 for Value

Your Dollar Goes Further in Columbus, Ohio 

An article caught my eye in a recent e-newsletter that I received from the National Association of Realtors.  On October 10th, Forbes magazine published a list of 10 cities where residents get the most for their money.  When I saw the headline I decided to read the entire article to see if by chance Columbus was listed.  Surprise, surprise…it was!  Several sources were used to make the determination including comparison of a city’s median home price and its median household income.  Projected job growth was also a consideration. 

Money goes further in some places in the United States than it does in others and New Albany, OH is no exception.  Housing remains more affordable in the Midwest and the South which helps to explain the cities that made the list.  Here is the list of 10 cities Forbes found that offer the best value. 

Cities Where Residents Get the Most for Their Money

  1. Austin, Texas
  2. San Antonio, Texas
  3. Indianapolis, Ind.
  4. Houston, Texas
  5. Charlotte, N.C.
  6. Columbus, Ohio
  7. Dallas
  8. Minneapolis/St. Paul
  9. Denver
  10. Portland, Ore.

New Albany Real Estate Market Update

September is the first month this year that we have seen the unit sales figures slip in New Albany over the same time in ’07.  During September ’08, there were 14 homes that closed versus 21 homes that closed during September ’07.  It’s far too soon to determine whether September represents a change in our market or was just an anomaly.   We also don’t want to lose site of the fact that there are 41 homes in contract waiting to close (the time from contract to closing is averages 45 days or so) so the October numbers should be positively impacted by these homes in contract.

The uncertainty in the financial markets has surely sidelined a number of buyers who might otherwise have purchased a home.  The impact of the $700 billion dollar bailout of the financial markets by the federal government should do much to soothe the nerves of would-be buyers.  Let’s hope so!!!  There are some terrific homes available at sharp prices which represents good opportunities for today’s buyers. 

Contact us when you have any questions about what’s happening in your neighborhood or when you need the assistance of New Albany’s Real Estate Experts, Kate & Tony Thomas.

YTD September 2008 Market Update:

Neighborhood

Active
Listings

In
Contract

Sold
Sep 08

Sold YTD
Sept 08

Sold YTD
Sept 07

Average
$/Sq.Ft

Ave.
DOM

The Preserve

21

4

2

21

31

$ 109

153

Albany Park

10

0

0

7

10

$ 116

164

Windsor

7

5

1

8

8

$ 113

123

Hampsted Village

27

10

3

38

21

$ 121

140

New Albany Links

44

6

2

22

22

$ 118

164

Tidewater/Enclave *

9

0

1

5

4

$ 157

243

NACC < $1 million

73

4

1

46

48

$ 155

200

NACC > $1 million

34

5

1

15

16

$ 228

273

Total Plain Local
School District

296

41

14

220

213

$ 133

164

 

*Includes Tidewater, Saunton, Enclave, & Wentworth