Category Archives: Real Estate

Real Estate Terms….What They Really Mean!

Real estate has a language all of its own! While realtors can read between the lines, many home buyers are confused by the unfamiliar phrases they see on property descriptions. Understanding what these real estate terms really mean will help you know what to expect before walking through the front door.  Here are a few of the most frequently used real estate terms you might come across:

 

Sold As-Is – The seller won’t do any repairs; what you see is what you get.

Cozy or Charming – Think very small; the home may be cute or have character, but it is not spacious.

Hidden Gem – A diamond in the rough; a great opportunity for a buyer willing to do minor updating or repairs before moving in.

Investor Special – The property needs extensive repairs and updates in order to be livable.

Lives Large – The actual square footage may be small but the floorplan maximizes the space and makes it feel larger than it is.

Location, Location, Location – Home is within a desirable neighborhood, likely in close proximity to popular amenities, major roadways, parks, or schools.

Lovingly maintained – This usually means the home has a long time owner who kept the home in good condition, although it probably needs updated.

Mature Landscaping – Shrubs and trees need pruning or possibly replaced.

Motivated Seller – Signals that the owner wants to sell their house quickly or has received no offers and may be flexible on their list price.

Move-In Ready – Neutral décor, updated, no additional work is necessary for the house to be habitable.

Open Plan – Typically means that the great room and kitchen are adjacent and not separated by any walls.

Priced to Sell – Seller has initially priced the house low and is likely not willing to negotiate much off their list price.

  

Hope this helps you to decipher the language of real estate!  If you want to see a home after reading the description, reach out to me or any of the other great agents on our Thomas & Company team! 

 

Until next time,

 

  

       

What Is Home Equity?

Home equity seems to be a very simple calculation — the total amount of mortgages owed subtracted from the current market value of a home. Here is a simple example:

  • A New Albany home with equityCurrent Home Market Value: $325,000
  • Existing Mortgage: $225,000
  • Homeowner Equity: $100,000

One side of the equation is well defined, and it is found on the monthly mortgage statement, the loan balance. The other side is less obvious — the current market value of the property.

As a homeowner, your down payment purchases your initial equity, and your monthly (or additional) principal payments increase your equity. In strong real estate markets and in-demand locations, equity can increase quite rapidly as the property value increases, but the inverse can also happen — too much available inventory and market down-cycles can lead to falling home values and a reduction in homeowner equity.

It can be difficult to put an accurate value on something that you have emotional and monetary vesting in. It is safe to say that most people think their home is worth more than it is.

Homeowners can make savvy assessments about their home’s current market value by following the sales of similar properties in the neighborhood, but should stay away from websites such as Zillow and Trulia, which provide inaccurate and outdated estimates. The most accurate measurement requires a comparative market analysis from a real estate professional or having the home professionally appraised. But, the bottom line — your home is worth as much as someone is willing to pay for it.

Creating Value is in Your Hands

Maintaining the condition of a home is vitally important to retaining and increasing value. Homes are judged against their peers: how they compare to similar homes in the neighborhood. Another way to retain value is to not over upgrade, since it is rare to ever recoup the money spent if you exceed neighborhood value. Keep up the landscaping and do the little things to add curb appeal.

Putting Home Equity to Work

Discussion with a real estate agent at the officeHome equity represents the largest single asset of millions of people, and because it represents so much of an individual’s net worth, it must be treated with respect. Home equity is not a liquid asset until a property is sold, or it is borrowed against.

There are two types of loans that tap into homeowner equity as collateral.

Home Equity Loans

Many home equity plans set a fixed period during which the person can borrow money, such as 10 years. At the end of this “draw period,” the person may be allowed to renew the credit line. If the plan does not allow renewals, the homeowner will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period, for example, of 10 years.

A home equity loan, sometimes called a second mortgage, usually has a fixed rate and a set time to pay it back, generally with equal monthly payments.

Home Equity Line of Credit

A home equity line of credit is similar to a credit card. The lender sets a maximum amount you can borrow, and you can draw money as you need it, though many home equity lines of credit require an initial draw. The interest rate varies daily, and is usually prime plus a set number, but the required payment is usually interest only. Once the loan has been paid down, the payment is reduced, and it can be paid off and initiated as many times as a homeowner requires.

How Much Equity can be Accessed?

Since the financial institution is lending money and using a home as collateral, they will not lend 100% of the home’s equity. The bank does not want to take the risk that if the house price drops, they would be carrying a loan for more than its market value. Therefore, most banks will allow a qualified homeowner to borrow approximately 80% of their equity.

It’s Important to Use Your Home Equity Wisely

contractor making improvements to a homeBecause it is likely the biggest asset most people have, losing your home equity is hard to overcome. It must be used in prudent ways, and the payments against the loan must be affordable. Using equity money to make the loan payment is only acceptable for a short-term solution.

There are number of good reasons to use money from a home equity loan… and some really bad ones. First, let’s cover smart uses.

1. Invest in Your Home

The best way to use the money is create more equity in the home. Among the very best returns on your investment (ROI) include kitchen and bathroom remodels, adding square footage or an extra bath, enhancing curb appeal and repairing/keeping the existing structure sound. Making prudent investments in your home is a wonderful win-win: you enjoy the upgrades and the repairs can add value to the home.

2. Invest in your Children’s Education

Using your home equity to finance a child’s higher education may be the greatest payoff of all. Not only is the rate much lower than a student loan, it is an investment in the child’s future.

3. Supplement Retirement Needs

Older homeowners spent their working lives paying down their mortgage. At retirement, when monthly income is reduced, a home equity loan could pay for a dream vacation or an unexpected major expense.

4. Augment the Impending Sale of a Home

If you’re planning to sell soon, a home equity line of credit may be the best way to finance improvements, and you can pay it off entirely when you sell. Investing wisely on upgrades and repairs may even reap a profit on your investment.

Here are some examples of some not very wise choices.

  • Adding luxury amenities like a swimming pool, a hot spa, lavish landscaping, expensive appliances and exotic counter tops and flooring rarely pay off.
  • Purchasing a car or boat or most any personal luxury items is a poor use of the funds, since these items quickly depreciate in value.
  • Also stay away from using money on risk-heavy investments. Financing stock purchases, start-up businesses and paying routine bills is not financially smart. If you cannot afford to purchase those items with available funds, using equity from your home means they should not be in your budget.

You should treat a home equity loan as an investment and not as extra cash when making financial decisions. If your intended use of the money doesn’t pay you back in some way, it’s not the best use of your valuable equity.

We Are Happy to Assist You

If you would like an assessment of the market value of your home and the current equity you can access, give us a call for a comparative market analysis.

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

 

3 Reasons You Should Invest in This Magnificent New Albany Home for Sale

alpathTalk about a gorgeous property on the New Albany OH real estate market right now!

Our new listing at 7589 Alpath Road is already attracting a lot of home buyer attention and it’s easy to see why. From its grandiose entrance to its exquisite amenities on the inside, this is a dream home for many here in New Albany.

We invite you to continue reading to learn more about what kind of quality of life this property can provide to you and your family!

Top Reasons To Fall In Love With This New Albany Property

alpath 2Our recent home listing on the local housing market is simply outstanding! This 4,130-square-foot home features 5 bedrooms and 4.5 bathrooms and is located in the sought-after North of Woods.

This means that you as a resident will be able to walk to such popular amenities and attractions as Market Street, the Library and the Fitness Center.

Here are the top three reasons we believe home buyers are falling in love with this property each time they visit:
It boasts a sophisticated, modern kitchen with all the bells and whistles
It features and incredible master suite bathroom complete with garden tub
It offers a completely finished lower level that includes a rec room, bar, fifth bedroom and fourth bath.

Incredible, right?

Of course, those aren’t the only reasons buyers love this property, which is situated on a 0.18 plot of land. Some of the other interior home features that are appealing to would-be buyers include:

  • A three car garage
  • Hardwood floors
  • Large windows
  • Lovely fireplace
  • Lush carpeting
  • New brick tile in the service hall
  • Paver patio
  • Tankless hot water heater
  • Three-car garage

What’s more, this community is zoned for some outstanding public schools within the New Albany Plain Local School District, ensuring that any school-age children you have in the home will be more than adequately prepared for college, careers and beyond!

We’re Your Dedicated New Albany OH REALTORS

alpath 3Here’s the best part of all about our recent listing on Alpath: All of these dream amenities that come with this home can be yours for $589,900! That’s really a great deal given all of the perks of living here!

Thus, if you’re ready to take that next step toward making this property your next home, be sure to connect with us, Kate & Tony Thomas, today.

We’re your dedicated New Albany real estate experts and we would love to assist you by answering any questions you might have and maybe even scheduling a showing of this property for you.

We also invite you to check out our free virtual tour of this property, which makes it convenient to check out this home from the comfort of your 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

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

 

 

3 Reasons You’ll Love With This Lambton Park Home Listing in New Albany, OH

Stannage New Albany 1Are you looking for a gorgeous and stately home that commands respect the second you pull up to the driveway? Do you want to live in a residential neighborhood that boasts a strong sense of community – not to mention a great location near public schools?

If so, then we encourage you to check out our new home listing at 3994 Stannage Pass in New Albany.

Located in the Lambton Park neighborhood, which is located close to the New Albany Country Club, this home truly has it all!

Continue reading to discover the top three reasons why you’re sure to fall in love with this property.

Why New Albany Home Buyers Will Love This Property

Stannage New Albany 2This gorgeous, all-brick 10,825-square-foot estate home is sure to go under contract soon. After all, consider all that it has to offer!

Here are the top three features buyers will love about this home:

  • This home sits on 0.96 acres, giving residents plenty of privacy and tranquility.
  • It’s living room is perfect for entertaining, complete with built-in shelves and a gas fireplace.
  • The finished lower level offers media room, full kitchen, 1200 bottle wine room, gym, 5th bedroom suite and huge storage area.

More than that, however, this home also boasts deluxe bathrooms, a four-car garage and gorgeous backyard views.
Other amenities that will impress residents include:

  • Hardwood floors
  • Gourmet kitchen
  • Expansive bedrooms
  • Subzero/Wolf appliances
  • Fully-stocked butler’s pantry
  • Coffered ceilings
  • Private deck off master suite
  • Spacious walk-in closets

What’s more, this home is served by the New Albany Plain Local Schools District, which is award-winning and nationally ranked.

Is This The New Albany Home You Want to Own?

Stannage New Albany 3This home truly one of New Albany Country Club’s most remarkable homes!

If you’re ready to take that next step toward making it your own, please make sure to connect with us, Thomas & Company.

We’re your dedicated New Albany, Ohio, real estate experts and we would be happy to help you at every stage of the home buying process.

Until next time,

Thomas & Company

Your New Albany Real Estate Report for February

Home Buying 14The month of January was a bit of a mixed bag for the New Albany real estate market, according to the most recent real estate data.

Evidently, according to market data, the median home sales price as well as the total number of home sales decreased, although the average price per square foot as well as the average listing price increased.

If you’re thinking about entering the housing market anytime soon as a buyer or seller, we recommend
That you continue reading to learn more about the current state of the housing market.

What New Albany Buyers and Sellers Should Know

  • Here’s an overview of recent market activity, based on the most recent market data:
  • Currently there are 175 homes for sale on the market, including 35 in some stage of the foreclosure process.
  • Between November and February, the average price per square foot for New Albany homes was $134, down 20.7 percent compared to the same period last year.
  • Also, the median home sales price was $309,950 based on 54 home sales.
  • Compared to a year ago, the median home sales price has decreased 0.3 percent, or $850.
  • And the number of home sales decreased 8.5 percent.
  • During the week ending on Feb. 11, the average listing price was $637,324, up 4.1 percent from the week before.
  • During that previous week, the average listing price was $611,000.
  • Broken down further, the median sales price for a 2-bedroom home was $147,500
  • The median sales price for a 3-bedroom home was $269,000.
  • And the median sales price for a 4-bedroom home was $361,000

We’ll Help You With Your New Albany Real Estate Needs!

Hopefully you found the above information insightful as a potential New Albany home buyer or seller. It’s important to be up to date on recent market activity because it will help inform your decisions as you navigate the market.

For additional insight on what these numbers mean to you as a buyer or seller – or to enlist our help with ensuring a successful outcome on the market, please don’t hesitate to contact us, Kate & Tony Thomas.

We would love the opportunity to assist you with all of your real estate needs in New Albany!

Until next time,

Kate & Tony

Fall in Love With This Recent New Albany OH Listing!

New Albany HomeSome homes just exemplify luxury from the moment you walk inside and our new listing at 7090 Dean Farm Road is certainly one of those properties!

Listed at $515,000, this home is a steal of a deal when you consider all of the incredible amenities and resources it offers.

Continue reading to learn more!

Why Buyers Fall In Love With This Home!

New Albany Home 2Our home on Dean Farm Road celebrates comfort and style at every turn.

This property, which features 4 bedrooms and 3.2 bathrooms, spans across 2,414 square feet, giving you and your family plenty of room to grow.

When buyers step inside this home, they’ll immediately appreciate the open space, natural lighting and modern decore in this Upper Clarenton home.

Here are some of the other attributes that New Albany buyers can’t seem to get enough of:

  • Large landscaped lot
  • Great outdoor entertaining space
  • Hardwood floors
  • Large kitchen with breakfast area
  • 2-story vaulted ceilings
  • Windows overlooking the backyard and woods

This home also boasts a mezzanine-level master bedroom suite offers a 2-sided fireplace, seating/dressing area, full bath with luxurious soaking tub and double walk-in closets.

Meanwhile, the upper level has a 2nd private bedroom suite, plus the 3rd and 4th bedrooms, which share a full bath.

The finished lower level family room, meanwhile, boasts a trendy wet bar and access to a 2nd lower level with a great workout room and large unfinished storage/utility area. It’s simply incredible!

Oh – and outside, residents will appreciate a 3-stall garage with epoxied floors and handy workbench.

As an added bonus, this home is just minutes to shopping and dining as well as excellent schools within the New Albany Plain Local School District.

Doesn’t This New Albany Home Sound Like a Dream?

New Albany Home 3If you agree, then please contact us, Kate & Tony Thomas, today.

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 property for sale. We’ll even help schedule a home showing for you.

Until next time,

Kate & Tony