Archives: August 2013

Home Prices in New Albany, Nation on the Rise

New Albany home salesNational home prices are beginning to climb in the majority of U.S. cities. And that positive trend is being felt right here on the New Albany, Ohio real estate market!

According to a recent article I was reading, prices for single-family homes increased in 87 percent of U.S. cities during the second quarter of 2013.

Experts are crediting the improvements to the fortification of the housing recovery as well as the competition for a limited number of available properties for sale.

New Albany and National Real Estate Trends

Here’s what else I learned from this recent news article:

  • The median transaction price showed year-over-year increases in 142 of 163 metropolitan areas.
  • A year earlier, 75 percent of regions had gains.
  • At the end of the second quarter, 2.19 million previously owned homes were available for sale, which is 7.6 percent fewer than a year before.
  • The median home sales price for an existing single-family home was $203,500 nationally during the second quarter, up 12 percent from a year before.
  • That was considered the biggest gain since the fourth quarter of 2005.
  • Nationally speaking, the best performing areas were Sacramento and Atlanta, which both saw 39 percent increases in sales prices year-over-year.
  • The housing recovery has been aided by the drop in the unemployment rate, which decreased to 7.4 percent in July from 7.6 percent.
  • Meanwhile, mortgage rates for 30-year loans increased from 3.35 percent in May to 4.4 percent in July.

While rising mortgage rates may cool off the housing market slightly, the majority of the recent activity seems to be encouraging even more home sales and high home prices, including in New Albany. 

This will undoubtedly be welcome news for anyone interested in listing their property on the New Albany real estate market.

List Your New Albany Home with Us Today!

If you’re interested in selling your current New Albany home for sale, then please contact us, Kate & Tony Thomas, today.

We’ll be happy to assist you by offering you valuable home selling advice as well as providing you with a free home evaluation and neighborhood sold report.

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

 

Luxury Home Flipping On the Rise

New Albany home renovationsThere’s a new trend on the national housing market that may even be impacting activity on the New Albany, Ohio real estate market.

Evidently, a recent Reuters article reported that more people are flipping luxury housing.

House flipping entails buying a home, refurbishing it, and selling it at a profit. In the past, this activity has mostly been relegated to the lower priced market but now, it looks like it’s happening on the luxury home market as well.

New Albany Real Estate Trends

According to the recent article was reading, more investors are lending money to flippers on high-end properties.

The article told one man’s story who purchased a California home in December 2012 for $1.5 million. The man invested $600,000 in renovations and now will list the property for $3.295 million.

This is not strictly a California phenomenon either.

According to national statistics, house flipping in the $1 million and up price range rose nearly 40 percent between 2011 and 2013.

Here’s what else the data reveal:

  • Between 2011 and 2012, high-end flipping increased 456 percent in Phoenix (from 27 to 150 properties ); 867 percent in Orlando (from 3 to 29 homes); and 630 percent (from 10 to 73 homes) in Las Vegas.

To be considered a house flip, a home has to be bought and sold within six months.

Experts say that the improved economy is encouraging house flippers to enter the market once more.

That’s because house flipping at such a high price range is more risky than the standard hour flip. Thus, these individuals are looking for more reasons to feel confident than the typical flipper.

Your New Albany Ohio REALTOR

It will be interesting to see just how much this luxury home flipping trend grows and what kind of impact, if any,  it will have on New Albany.

After all, our community is well known for its luxury properties in such communities as:

If you’re interested in investing in a luxury New Albany home anytime soon, please contact us, Kate & Tony Thomas, today.

We’ll be happy to assist you by offering you valuable home buying advice, telling you about available home listingsand providing you with such resources as:

Until next time,

Kate & Tony