Category Archives: New Albany Ohio real estate

Will 2017 Be a Buyer’s or Seller’s Market?

Buyers Road and Sellers Lane signsA common question as we enter the new year is “Will next year be a buyer’s or seller’s market?” Most economists agree that 2017 will likely remain a seller’s market. In some of our neighborhoods, the answer is obvious — we have been playing “catch up” on inventory all year. I expect the New Albany market to continue to skew toward sellers well into 2017, even with an uptick in mortgage interest rates. There are several pockets where inventory levels remain higher, primarily the +$1M market, that might be classified as a buyer’s market.

The National Association of REALTORS® defines a seller’s market as one with less than a 6-month supply of homes for sale. A balanced market will have a 6- to 7-months’ supply of homes for sale, and a buyer’s market generally has an 8-month supply or more. Supply varies from community to community as seen in the table below (based on inventory/trailing year sales as of 12/20/16):

Neighborhood Months’ Supply of Homes for Sale

CommunityMonths of Supply
New Albany Country Club (under $1M)4
New Albany Country Club (over $1M)12
Hampsted Communities2
New Albany Links Communities1
Windsor3
Preserve Communities1
Albany Park0

Where Will Mortgage Rates Go?

The consensus seems to be that mortgage rates will rise from the historically low interest rates we’ve enjoyed for the past eight years. In fact, we’ve already started to see an increase. When the Federal Reserve raises its rate, it inevitably puts pressure on rates that lenders charge for mortgage interest. We don’t believe the rates will increase to levels where affordability will be substantially impacted.

Key Takeaway for Sellers: If you are planning to sell your home in the next two years, 2017 is likely to be the better year in which to do so. Call us for more info: 614-939-8944.

New Albany, Ohio dream home

Different Types of Mortgages for New Albany Home Buyers

Last week we spoke about important financial costs to consider when buying a home in New Albany, and we talked briefly about mortgages.

This week we want to explore the topic of mortgages in depth, and we specifically want to focus on the different types of mortgages available for home buyers.

Discussion with a real estate agent at the officeFixed-Rate Mortgages

This type of loan keeps the interest rate consistent throughout the life of the loan, which may be 10, 15, 20, or 30 years. Fixed monthly mortgage payments make budgeting easier for homeowners.

Adjustable-Rate Mortgages (ARMs)

While the initial interest rates tend to be lower than fixed-rate mortgages, the interest rate fluctuates, with low rates that gradually increase each year. You can learn more about adjustable-rate mortgages in this handbook from the Consumer Financial Protection Bureau.

Federal Housing Administration (FHA) Loans

These type of loans typically only require a 5% down payment as opposed to the conventional 20%. However, FHA loans require mortgage insurance.

Veterans Administration (VA) Loans

All military veterans are eligible for this type of loan, which requires no down payment or mortgage insurance. There is a borrowing limit, however. In Licking and Franklin Counties, where New Albany is located, the borrowing limit is currently $417,000 for a one-unit property.

Two-Step Mortgages

These are 30-year loans that have a fixed rate for either 5 or 7 years before they are changed into a convertible loan (fixed-rate) or nonconvertible (adjustable-rate) loan. These loans are also known as 5/25s or 7/23s.

Balloon Mortgages

These type of loans tend to have lower interest rates, but require that you pay the entire loan in full at the end of the loan period.

Bi-Weekly Mortgage Payments

You can significantly reduce the amount of time you have a loan, and decrease the interest you have to pay, by making two mortgage payments a month.

home buyer receiving key to new homeWhich Mortgage is Right for You?

The right mortgage depends on your individual needs: your monthly income, future expected income, and current debts.

If you need help choosing the best mortgage or would like to speak with a recommended lender, we can provide any information you need to help make your transaction go smoothly so you can receive the keys to your New Albany home in no time. We would be happy to talk with you at any time; just call us at 614.939.1234.

Don’t Rely on Zestimates to Determine a Home’s Value

beautiful living room at 3540 Eyre Hall Pass in New Albany

The spring real estate market is in sight and a popular question is “Are Zestimates accurate?” Many potential sellers rely on Zillow to provide a “Zestimate” of their home’s value. Zillow CEO Spencer Rascoff is quoted as saying that the Zestimates are “a good starting point,” but that nationwide Zestimates have a “median error rate” of about 8%. In our opinion, 8% is a big variance. It equals $40,000 on a $500,000 home!

In a non-scientific study of local New Albany home prices vs. their Zillow Zestimates, we found that homes priced under $500,000 had, on average, a 10% variance from their actual sales price, while the New Albany homes that sold above $500,000 had an astonishing 20% discrepency (on average) from their actual sales price.* Those numbers are troubling, and are one of the reasons we don’t ever recommend using Zillow to price your home or to determine a fair price to pay for a home.

The LA Times recently published an article about Zillow Zestimates. You can read the entire article here. http://www.latimes.com/business/realestate/la-fi-harney-20150208-story.html

To summarize, Zillow can be a decent place to start when determining a home’s value, but homeowners and home buyers should look to a qualified Realtor for a more accurate valuation. Kate & Tony and Thomas & Company have specialized in residential home sales in New Albany for 19 years. We are happy to assist you with determining a home’s true value as you consider possible moves in 2016! Reach out to us anytime at 614-939-1234 or www.NewAlbanyOhio.com.

Are You Making These Home Staging Mistakes?

properly staged kitchen in New Albany house free of clutterNow that you are selling your New Albany home, you’re making sure that you’re doing whatever is necessary to make it presentable to potential home buyers. You’ve given your floors a vacuuming, dusted the ceiling fans, scrubbed the kitchen counters clean, and even painted your front door a different color.

That’s it, right?

5 Mistakes to Avoid When Staging Your New Albany Home

If you want to sell your home for top dollar, home staging is absolutely essential, especially in the competitive New Albany real estate market. Since over 75% of all home buyers use the Internet to search for a home and rely on images to see what your home looks like, decluttering and depersonalizing are key to getting buyers to want to see your home in person.

Are they going to want to live in your home or want to see someone else’s? Here are five mistakes to avoid when staging your home to sell.

1. Not Creating Any Curb Appeal

First impressions are everything when you are selling your New Albany home. If buyers are not impressed with the outside of your home, they will not even make it to the front door.

New Albany Fenway home with great curb appealMake your home look its best by:

  • powerwashing the driveway
  • cleaning the gutters
  • trimming the bushes
  • polishing the front doorknob

Make sure you take a look at our article “Creating Curb Appeal” on our website for more helpful tips.

2. Keeping Your Personal Photos on the Walls

Buyers want to envision themselves living in your home. They don’t want to feel like intruders. Remove any personal items, including family photos, from your rooms while your home is for sale so that buyers can easily picture themselves living in your home.

3. Ignoring the Minor Repairs

Finger-smudged light switches, weeds in the flower beds, and small nail holes in the walls might not seem like issues to you, but they can be huge turn-offs for a home buyer. Give your home the best first impression by taking care of all the little things. Ask a friend to act like a potential buyer and inspect your home for any minor cosmetic issues, and then fix them.

4. Not Paying Attention to the Carpets

Years of stains and treading on your carpets can cause them to look worn. You can either replace your old carpets or have them professionally deep cleaned, and this will instantly improve the look of your home during staging.

5. Not Relying On Experienced Professionals

Your Realtor should be your primary resource when you are staging your home so that you can attract buyers into your home and eventually sell your home to one. Work with them to see how you can make your home look its best on the market, or ask them for recommendations for professional home stagers.

Rely on Thomas & Company to Sell Your New Albany Home

a New Albany house exterior with "SOLD!" on the imageWe hope you found these home staging tips helpful! Make sure you read our articles about common mistakes to avoid when selling and ways to prepare your home for sale.

If you are planning to sell your New Albany home soon and are looking for helpful tips or even the right real estate agents, our team can give you all the resources you need to sell your home for top dollar and in a short time. Give us a call today at 614.939.1234 and let’s talk about your home selling goals.

Stately New Albany Home Can Be Yours for $849K

katelistingAs soon ask you pull up to our new listing at 13 Wiveliscombe, you’re sure to be impressed by its regal looking entrance.

This all-brick, two-story home features two chimneys, a darling brick pathway leading up to the front door and a covered front door stoop.

Of course, this home offers so much more than a picture-perfect exterior. Inside this stately home, interested buyers will find everything they’ve been looking for in a New Albany property and more. Continue reading to see for yourself!

Why You’ll Fall in Love With This New Albany Listing!

katelisting2Our new listing on Wiveliscombe, which is currently listed at $849,000, boasts a total of 5 bedrooms and 4.2 bathrooms.

This 5,858-square-foot home was clearly built with excellence in mind, as evident by all of the incredible amenities found throughout.

Some of the interior features that are sure to catch your eye as a buyer include:

  • Hardwood floors
  • Gourmet kitchen
  • Striking divided staircase
  • Lovely fireplace
  • Two-story living room
  • Beautifully painted rooms
  • Stainless steel appliances
  • Two-story windows
  • Walk-in closets
  • Upgraded bathrooms
  • Molding throughout
  • 2-car garage

Plus, this property’s half-acre lot has been professionally landscaped, giving you the perfect blend of shaded and flowering trees.

This brick classic also has the distinction of being located in a beautiful and quiet cul-de-sac in the New Albany Country Club. This will give you and your loved ones all the privacy and serenity you crave.

You’ll also enjoy access to all of the shared amenities in this community, including

  • Bike/Walk Path
  • Community Clubhouse
  • Fitness Facility
  • Golf Club, Pool
  • Tennis Court

Plus, because of this home’s location within the fine New Albany Country Club, you’ll enjoy easy access to Market Street as well as New Albany High School. Now that’s convenient!

Is This Your Next New Albany Home?

katelisting4If this sounds like everything you’ve been looking for in a property and more, then please take a moment now to connect with us, Kate & Tony Thomas, your dedicated real estate experts.

We would love to assist you by answering any questions you might have as well as helping you schedule a showing of this property.

And in the meantime, we invite you to check out our free visual tour of this property. This way, you can tour this incredible home from the comfort of your own computer before you ever arrive for your in-person tour!

Until next time,

Kate & Tony Thomas

 

This Fantastic New Albany Home Can Be Yours for Just $629,900!

New Albany OhioWe recently listed a property on the New Albany Ohio real estate market that we’re sure prospective home buyers are going to love!

Located at 4585 Neiswander Square, this darling two-story brick property has plenty to offer the next residents who live here.

From its spacious rooms to its intricate designs, its great neighborhood location to its placement within the community of New Albany, this recent home listing could just be the home you want to own! Continue reading to learn more!

What to Expect When You Tour This New Albany Home

New Albany Ohio 2This lovely property, which is currently listed for $629,900, features 4 bedrooms and 3.5 bathrooms. In all, this home offers 3,520 square feet of living space.

This wonderful brick home, which is located in the highly sought after North of Woods neighborhood, sits on a low traffic street that is close to Market Street, Healthy New Albany and NACC.

Now that’s a fantastic location!

Take a tour of this home and you’re likely to be impressed by all of the fantastic amenities inside. In fact, some of the interior features that we absolutely adore in this home include:

  • Hardwood floors
  • Updated kitchens
  • Spacious bedrooms
  • Granite counter tops
  • Large windows
  • Beautifully painted rooms
  • Finished lower level
  • Attached two-car garage
  • Brick terrace

Another great feature of this home is that the formal dining room is connected to the kitchen via butler’s pantry and planning center. Now that’s convenient!

We also love how this home has tremendous storage capacity including built-ins throughout.

plus finished lower level, attached 2 car garage, brick terrace and a private wooded backyard.

Situated on a wooded lot of 0.24 acres, you can also feel like you’re enjoying plenty of peace and privacy when you live here.

Is This The Right New Albany Home for You?

New Albany Ohio 3If so, please don’t hesitate to connect with us, Kate & Tony Thomas, today!

We’re your dedicated New Albany real estate experts and we would love the opportunity to assist you by answering any questions you might have as well as providing you with some valuable insight on this home.

We’ll even help you schedule a showing of this property!

In the meantime, before we make that appointment, we invite you to take a virtual tour of this home, which is a great way to check out the home extensively – and all from the comfort of your own computer!

Until next time,

Kate & Tony

 

Top 5 Reasons Why Buyers Will Love This New Albany Estate Home at The Reserve!

calverton homeWhen buyers pull up to the curb of 7832 Calverton Square in New Albany, they immediately realize that they’ve happened upon an incredible piece of real estate.

This home at The Reserve in the New Albany Country Club area is even more impressive when buyers step inside, with expansive rooms, incredible detailing and impressive upgrades.

Given all that this home has to offer, we believe that it’s one of the most coveted pieces of New Albany real estate currently on the market. Continue reading to learn more!

Why Buyers Fall In Love With This New Albany Property

calverton home 2Here are the top five reasons that buyers most often cite to us about what they love about this home:

  • It’s in an enviable residential community
  • It has a gourmet kitchen with all the latest and greatest appliances
  • It has breathtakingly beautiful oak floors and hickory woodwork throughout
  • It has lush vegetation that promises plenty of privacy and tranquility
  • It has stunning upgrades throughout, including a gorgeous fireplace, granite countertops and a three car garage!

Of course, those really are just a few of the many reasons why people love this property.

This home, which boasts 4,842 square feet of living space, offers buyers an impressive 5 bedrooms and 5.1 bathrooms.

Inside this majestic home, buyers discover such incredible features as:

  • Molding throughout
  • Granite counter tops
  • Garden tub
  • Built-in shelves
  • Second-floor catwalk
  • Spacious laundry room
  • 2-story great room
  • Stainless steel appliances
  • Sunny breakfast area
  • Marble-tiled bathrooms
  • Walk-in closet
  • Huge windows
  • And more!

Meanwhile, the upstairs area boasts three private suites while the lower level features a rec/media area, a second kitchen with eating space and a fifth bedroom, complete with full bath and walk-in closet.

Step outside on the gorgeous brick patio in the back and you’ll discover your own private landscaped backyard with mature trees and a huge side yard.

This phenomenal home sits on a generous sized lot that boasts an excellent location within the neighborhood.

Currently, this home is listed at $759,900, which truly is a deal when you consider all that this home comes with.

Interested in Making This Your Next New Albany Home?

calverton home 3We don’t blame you! With all of its amazing features and its even more impressive price, we understand how desirable this home truly is on the local housing market.

Contact us, Kate & Tony Thomas, today to ask any lingering questions you might have as well as to request further information on the property.

If you’re ready to take that next step, you might also consider requesting a showing of this home or checking out our free virtual tour of this New Albany property.

Until next time,

Kate & Tony

A Brand New and Elegant Home in Stylish Ackerly Park

New Albany Country Club offers stunning properties with impressive features, and the home at 4519 Ackerly Farm Road is such a house. Discover this new construction home by reading further.

Stylish and Fresh

Large white house in New Albany Country Club

A pristine driveway leads your eye from the curb to the backyard, where a 3-car garage is nestled against the back of the house. A beautifully manicured lawn and sparkling brick patio rest beside the garage, offering a comfortable enclosure for you to enjoy within Ackerly Park.

Elegant, Not Gaudy

Yore Fine Homes constructed this masterpiece with tremendous attention-to-detail, which is reflected in this property’s interior rooms. This property is elegant rather than flashy, and the interior is tastefully decorated.

Spacious empty home living room in New Albany OH

 

The dimensions of these individual rooms give the home a spacious feeling throughout, and the contrast between dark hardwood floors and white cabinets and trim were designed to impress.

You Design Your Lifestyle

Finished lower level New Albany home4519 Ackerly Farm is a new construction home, so it’s flexible to adjust to your ideal style of living in Ackerly Park.

The home features available include:

  • gourmet kitchen
  • white granite countertops
  • white cabinetry
  • stainless steel appliances
  • casual dining area
  • upper level master suite
  • walk-in pantry
  • beverage center
  • main floor laundry room
  • grand foyer
  • mud room
  • finished lower level
  • lower level 5th bedroom

Experience This Impressive Home for Yourself

If you’re thinking of purchasing this home to begin or maintain your ideal lifestyle, contact us at Thomas & Company to schedule a showing. Homes in New Albany Country Club are highly desirable — seize this golden opportunity as soon as you can.

Until next time,

Thomas & Company

A Striking House in the Wiveliscombe Neighborhood

An eye-catching property resides at 13 Wiveliscombe in New Albany Country Club. With striking visual appeal and opulent home features, this Wiveliscombe neighborhood can be the foundation for your luxurious New Albany, Ohio lifestyle.

An Extravagant Exterior

Brick home at 13 Wiveliscombe in New Albany OH

The covered front door entryway is flanked by columns, making a statement to onlookers from the curb.

The half-acre property is professionally landscaped, and the home lot is abundant with blooming trees, a shaded lawn, and a beautiful brick patio in the backyard.

Plus, there is plenty of space in the garage. The home has not one, but two 2-car garages!

Make a Grand Entrance Inside

Split staircase inside 13 Wiveliscombe in New Albany OH

The foyer entryway offers a dramatic setting to complement this impressive home. The divided staircase inside is flanked on the right by a den and half bath, and on the left by a formal dining room.

On the main level, the master suite has an elegant private bath along with dual walk-in closets.

Other stunning home features in this New Albany property include:

  • upper level loft library with built-in shelving
  • private bedroom suite
  • large finished family room on lower level
  • 5th bedroom and full bath on lower level
  • spacious storage area on lower level
  • 5,858 square feet of living space
  • 4 full baths and 2 half baths

The Stylish Kitchen

entrance to luxurious home kitchen at New Albany home

Enjoy the latest home features in this elegant kitchen, such as:

  • granite countertops
  • stainless steel appliances
  • sunny breakfast area

View more stunning visuals of this Wiveliscombe house on the home listing.

Enjoy this Awe-Inspiring Home as Its Resident

If this New Albany property impresses you, consider investing in this home for yourself. Contact us at Thomas & Company to schedule your personal showing of this spectacular Wiveliscombe home for sale.

Until next time,

Thomas & Company

This Lambton Park Home Offers Luxury and Flexibility

Living at 7217 Biddick Court in New Albany Country Club, you can appreciate an active lifestyle while living in a luxurious home. Find out more about this home’s desirable features.

Spacious Outdoor Lawn

Brick patio in front of large green lawn in Lambton Park

This Lambton Park home truly uses its outdoor space. Set on a half acre of land, the property’s lawn is beautifully maintained and ideal for outdoor activities. A spacious brick patio overlooks the open backyard. You can tailor the space to suit your need for the great outdoors — host gatherings with friends, play games on the lawn, you name it.

Flexible Rooms and Large Living Areas

Transform the luxurious lower level of this property with a flexible family/rec room, 6th bedroom and full bath, and storage area.

Move to the main floor and you’ll find a formal dining room, cozy wood-paneled din, and other home features like:

  • wet bar
  • marble fireplace
  • mud room off the garage
  • foyer entry and half bathroom

The upper floor features 4 bedroom suites with private bathrooms and walk-in closets. This nearly 7,500-square-foot home has space for everyone and for a variety of activities.

Luxurious Kitchen

Luxurious Lambton Park home kitchen

 

The Lambton Park home’s kitchen is one of the finer focal points of the house. The gourmet kitchen is furnished with granite countertops, an island, stainless steel appliances, and a well-lit breakfast room.

Choose Luxury with This Lambton Park Home

Generously sized rooms, luxurious home features, and a spacious outdoor area make this property in New Albany Country Club ideal for your elegant lifestyle. If you’re interested in this property at 7217 Biddick Court, contact us to request a showing of this highly desirable home.

Until next time,

Thomas & Company