Archives: May 2013

Calling All New Albany, Ohio Home Sellers

New Albany home salesAs more and more home buyers have flocked to the New Albany real estate market in search of their next dream home, available homes for sale have become more and more in demand.

Now, real estate experts all over Central Ohio are calling upon would-be home sellers to list their properties now to capitalize on all of the pent-up demand from home buyers.

At least, that’s the gist of a recent article we read.

New Albany, Ohio Real Estate for Sale

A strange thing is happening on the New Albany real estate market – as well as other markets around the country.

While home sales are up, home listings are actually at their lowest level since 2002.

Thus, real estate analysts everywhere are encouraging home owners to list their property in order to meet a rising demand for properties for sale.

Here’s a breakdown of the current housing market situation in Central Ohio:

  • A little more than 9,000 Central Ohio homes are listed right now, which equates to about a 4.7 month home inventory.
  • Generally speaking, a six-month supply is considered a balanced – and therefore healthy – market.
  • Worthington has a 1.8-month supply
  • Upper Arlington has a 2.2-month supply
  • Beechwold/Clintonville has a 2.7-month supply
  • Grandview Heights has a 2.3-month supply
  • Powell has a 2.6-month supply
  • New Albany has a 4.6 month supply

It’s similar in other markets throughout Central Ohio.

So what exactly is causing the low inventory of available homes for sale?

Experts credit it to a number of reasons:

  •  A sharp increase in home sales has outpaced the number of homes being listed on the market.
  • A large drop in home owners listing their property because they’re wary of not getting a good price for their home. For instance, in the first two months of 2013 – 5,473 central Ohioans listed their home, compared with 8,195 homes that went on the market during the same period in 2006.
  • Home sellers who would have wanted to move up to a bigger home are finding it harder to secure a mortgage because of tighter lending restrictions, so they’re staying put.

But as experts are telling home sellers everywhere, there are some great benefits to be had for those home sellers who enter the market now.

After all, because inventory is so low, home sellers stand to get a great price for their home – perhaps even multiple offers!

Sell Your New Albany, Ohio area home today!

If you would like to list your New Albany home on the market today, please contact us, Kate & Tony Thomas.

As your Central Ohio real estate experts, we’ll be able to get you the results you want on the local housing market by offering unbiased advice and such helpful resources as:

Until next time,

Kate & Tony

 

Firm: New Albany Has Plenty to Offer To Developers

New Albany developmentA firm that has been studying our community of New Albany recently released a report that said we have a lot to offer – but we need to do a better job of marketing.

Evidently, planners from MKSK, a central Ohio planning and design firm, told residents in late January that New Albany should expand by constructing more homes and businesses in the village center.

They also suggested aggressively marketing such additions to the surrounding area.

Growth Opportunities in New Albany, Ohio

Consultants working with MKSK also suggested that the community should add more road extensions and leisure path connections.

A group of 30 stakeholders – including those from the New Albany Planning Commission and the New Albany City Council – are expected to thoroughly review the suggestions over the next several months.

The city council will make a final decision on whether to follow the suggestions of the draft.

The city paid $150,000 for the most recent report.

Here are some other highlights from the initial report:

  • Current zoning in New Albany allows the city to grow to 18,530 residents.
  • As of the 2010 Census, the city’s population was 7,724.
  • Although most residents like the size of New Albany right now, many also said they want to see more restaurants and retail businesses.
  • Planners suggested the city market its attractions to neighboring communities like Columbus and Licking County.
  • They also suggested marketing retail amenities to the more than 10,500 people working in the New Albany business parks, especially given that retail usually follows people.
  • In terms of roads, the consultants recommended widening state Route 161 to three lanes (which must be approved by the state of Ohio) as well as providing more connections to Route 161 in the city’s business parks in Licking County.
  • They also suggested connecting Smith’s Mill Road north to Jug Street as well as Smith’s Mill and Jug Street to Beech Road.
  • The consultants also suggested that the city work with neighboring jurisdictions in order to implement the best and most cost-effective bicycle and leisure trail connections, especially the Ohio to Erie Trail.

Improvements Coming to New Albany

What do you think of the proposals that the consultants recently made to New Albany Ohio stakeholders? We would love to hear your thoughts on how you think New Albany should expand!

And if you’re considering listing your property anytime soon on the local housing market, please contact us, Kate & Tony Thomas, today!

We’ll help you determine the best listing price for your property as well as offer you such helpful home-selling resources as:

Until next time,

Kate & Tony Thomas