National and Columbus Average Home Prices Drop 2nd Quarter 2011
The National Association of REALTORS® just announced that prices for existing homes fell an average of 2.8% nationally 2nd Quarter this year vs. the same period last year, with the average home selling for $172,000. The Columbus Board of REALTORS® indicate that average homes prices in the Greater Columbus market fell 3.6% for the same period.
New Albany Ohio Prices Up Over 2011
New Albany, Ohio (Plain Local School District) average home sale prices increased 1.6% in the 2nd Quarter 2011, with the average home price at $443,000. Visit www.NewAlbanyOhio.com to check out the latest market conditions in your neighborhood or contact Kate & Tony Thomas directly at info@NewAlbanyOhio.com.
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Check your mail for your new home valuation!
We know property values have fallen since the last county-wide appraisals were done in 2005 but just how much? You’ll know soon. The Franklin County Auditor’s office is mailing the new valuations today! It’s unprecedented and will be interesting to see what they look like. While the auditor reports that Franklin County property values are down 6.7% from 2005, I expect to see a deeper decline in the New Albany valuations.
What if you don’t agree with the new valuation?
If you disagree with the new value established by the Franklin County auditor, you can present your case directly to county appraisers at informal value reviews held around the county beginning August 31st. For a complete list of dates and locations for these meetings, visit the Franklin County Auditor site. The New Albany community meeting will be held on September 8th at the Church of the Resurrection Ministry Center at 6300 E Dublin Granville Road in New Albany from 11 a.m. to 7 p.m.
Contact Kate or Tony if you have any real estate questions would like us to provide local market information to help you prepare for your meeting. Good luck!
Visit www.NewAlbanyOhio.com to search the MLS and get up-to-date New Albany and Franklin County real estate information.
The Thomas Team had a great luncheon meeting with our lender partner, Scott Miller of Met Life Home Mortgage, and his team yesterday at their new corporate digs. The focus of the meeting was for our team to get a complete understanding of the new world of home loans and the process from application to funding. To quote an old song from my youth “It Don’t Come Easy” . There are lots of new of steps and lots of different hand offs, gates and gate keepers. “Rushing” any deal these days is all but impossible as the banking industry is still reeling from the sub prime mess.
Mac & Mae
At the end of the day, 90% of all loans come through the federal entities Freddy Mac and Fannie Mae. So even if you are going to get your loan through Acme Savings & Loan or Ginormous National Bank, at the end of the day the money and the thumbs up or down are tied to Mac and Mae. That’s because Acme and Ginormous sell their loans to Freddy and Fannie, and while they once took in any ‘ole kinda loan like a lost puppy, they are now very picky.
We learned that all loan apps go through an automated desktop underwriting system. Using this system, the loan officer can make a determination if the loan has a chance of meeting the guidelines issues by Freddie and Fannie. The answer can be had in as little as 60 seconds. Now this is true IF the borrower has provided the loan officer all the info necessary, and that’s often a big IF.
Knowledge is Powerful Stuff
The Thomas Team now knows the ins and outs (okay, we now have a better understanding) of the new world of loan application, process and approval. We can better advise our Buyers and Sellers as to what they can expect and we can assist our lending partner in meeting and exceeding client’s expectations. At the end of the day, it’s really about doing business with people of integrity and expertise who value you and your clients. We highly recommend Scott Miller (email@example.com) and his team at Met Life (Snoopy).