Tag Archives: sales

Now is a Great Time to Be a New Albany Home Seller!

Home SellingIf you’ve been thinking lately about entering the market anytime soon as a home seller in New Albany, I am here to tell you that recent market activity suggests that now is a great time to do so!

According to a recent article I was reading, home sales decreased 2.1 percent in central Ohio in 2014 compared with 2013.

While this might seem like bad news if you’re a seller, the overall market appeared to favor home sellers.

Continue reading to learn more!

A Closer Look at New Albany Area Home Sales Activity in 2014

Here’s an overview of real estate activity in Central Ohio in the last year, according to the Columbus Realtors trade group:

  • In central Ohio, 26,655 homes were bought/sold, which is 2.1 percent below 2013’s total.
  • Despite the drop, central Ohio’s median sales price increased 5.4 percent to a record $152,900.
  • Meanwhile, homes sold in an average of 67 days on the market, which is the fastest pace on record.
  • Home buyers benefited from continued low mortgage interest, which in turn created more home sales activity on the market.
  • At the end of the year, 7,170 homes were listed for sale in central Ohio, 18 percent below a year earlier.
  • At the current sales pace, that translates to a 3.1-month supply of homes, which is below the six-month supply considered a balanced market.

Meanwhile, here’s an overview of national and statewide real estate trends:

  • Statewide, home sales decreased 1.4 percent from 2013.
  • Still, statewide home prices increased 5 percent.
  • Nationally, home sales decreased 3.1 percent, but prices rose 5.8 percent to the highest level since 2007.
  • First-time buyers accounted for 29 percent of U.S. home sales in 2014, the same as in 2013.
  • The National Association of Realtors forecasts that sales will increase 8 percent in 2015

How Can We Help You With Your New Albany Home Selling Needs?

Please contact us, Kate & Tony Thomas, to further discuss how we can assist you with your home selling goals on the local housing market.

We would love to help you by answering any questions you might have as well as helping to determine the true value of your property.

Until next time,

Kate& Tony

Report: Central Ohio Home Sales Dropped, Prices Rose in Late 2014

Home Buying 15The end of 2014 certainly seemed to be a bit of a mixed bag in terms of real estate sales activity in New Albany, according to the latest real estate market report.

Evidently, according to the recent story I was reading, Central Ohio home sales decreased in November even as the price of those homes increased.

This is certainly going to impact both home buyers and home sellers differently so we recommend taking a moment to learn more about these recent trends.

A Brief Overview of the End of Year Sales Activity in New Albany Area

Here are the highlights of the recent report on end-of-year sales activity in the Central Ohio area:

  • During the month, 1,682 Columbus-area homes were sold, which is down 10.9 percent from November 2013, according to the Columbus Realtors trade group.
  • Central Ohio sales in 2014 were down 3 percent from last year’s total, which was the second highest on record.
  • The median sales price of a Central Ohio home was $148,000 in November, 7.1 percent higher than a year earlier.
  • Meanwhile, the median sales price is 5.5 percent higher in the Columbus area.
  • Statewide, home sales decreased 5.1 percent in November when compared to a year earlier.
  • But prices were up 5.7 percent statewide.
  • Real estate experts say that although sales were down when compared to last year, they actually are relatively healthy when compared to historic averages.
  • In fact, demand for homes in Central Ohio is strong, especially given how quickly those homes are selling and how high the list-to-sales ratio is.
  • Homes sold in 2014 in Central Ohio have been listed an average of 67 days, which is much fewer than the 90 to 100 considered normal.
  • What’s more, homes have sold this year for 96.8 percent of their final asking price, which is above the typical 92 to 94 percent.
  • By the end of November, 8,332 homes were for sale in Central Ohio, 13.3 percent less than a year ago.
  • At that sales pace, the homes would take 3.6 months to sell, which is much less than the six-month supply considered a healthy balance between buyers and sellers.
  • The number of homes for sale across the country decreased 6.7 percent in November to 2.09 million, a 5.1-month supply at the current sales pace.

Happy to Help You With Your Next New Albany Real Estate Transaction
For more useful information about recent New Albany real estate trends and how they may impact you as a potential home buyer or seller, please contact us, Kate & Tony Thomas, today.

We would love to assist you by answering any questions you may have as well as providing you with valuable resources.

Until next time,

Kate

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

 

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

Report: National and New Albany, Ohio Real Estate Market Improving

New Albany Ohio real estate for saleThe local housing market is improving, according to a recent article I read.

Evidently, the National Association of REALTORS reported seeing the strongest home sale figures in three years!

The Columbus Board of REALTORS, which oversees activity on the New Albany real estate market, echoed that sentiment for our local housing market!

New Albany Ohio Homes for Sale

Here’s an overview of recent activity on the New Albany, Ohio market:

  • Central Ohio Sales increased by 14.9 percent between Feb. 2012 and Feb. 2013 – or from 1,264 to 1,452.
  • That’s the 14th consecutive month that the area has seen year-over-year gains in sales.
  • Statewide, home sales prices increased by 8 percent, and nationwide, prices increased by 11.6 percent.
  • The average days on the market for Central Ohio homes decreased by 18.9 percent – from 106 to 86.
  • Dayton was the only major community in Ohio that saw sales increase more than our area. Their sales increased by 17.6 percent year-over-year – from 686 to 807.
  • And home sales across the country were at their highest levels since November 2009.

Still, the housing market has some obstacles to overcome to make sure that it’s fully healthy.

For instance, there is a very low number of homes available for sale on the market. In fact, in central Ohio, available homes for sale are at a 10-year-low.

What’s more, first-time home buyers remain hesitant to enter the market, instead choosing to rent. That’s why you’ll see that first time home buyers are only accounting for 30 percent of home sales in the area, when they would be accounting for 40 percent of sales in a normal market.

Prices remain well below where they were at their peak. For instance, the average sales price for a central Ohio home in February 2005 was $173,791. In recent weeks, that price has been $149,887.

Your New Albany, Ohio REALTORS®

The take-home message about the New Albany real estate market is that it’s improving, although there is still room for growth.

For more information on the current state of the New Albany real estate market and how it affects you and your home-selling efforts, please contact us, Kate & Tony Thomas.

When you do, we’ll answer any questions you have, help you determine the true value of your New Albany home and also offer you such helpful tools as:

Until next time,

Kate & Tony

New Albany Ohio Real Estate – 2012 Home Sales Recap

New Albany home salesIt’s Officially a Seller’s Market!

Sales of single family homes in New Albany in 2012 exceeded 350 units for the first time in 7 years.  360 homes sold in New Albany this year compared to 344 homes sold last year.  2005 was the last year New Albany saw home sales in this range when 368 homes sold.  These numbers are hard to believe since inventory levels have remained at their lowest level in 10+ years.  We ended the year with a 2.7 month supply of homes based on the 2012 rate of sale.  This definitely meets the criteria for a “Seller’s Market”.  It’s unlikely that we can sustain this rate of sale if inventory levels don’t begin to rise.

Dwindling inventory typically will drive prices up.  Several New Albany neighborhoods saw prices rebound nicely last year – specifically Hampsted Village, New Albany Links, Albany Park and Windsor.  The sales prices for homes over $1 million sold in the New Albany Country Club also increased nicely over 2012.  Sale prices in the rest of the New Albany were in the same range as 2012 but are poised to head up this year.

Rising home prices and historically low interest rates creates the perfect scenario for both Sellers and Buyers this year.  If you are considering selling, you will benefit from increasing home prices and a ver low inventory of homes for sale.  If you are a buyer, you want to buy before prices increase too much and while interest rates are crazy low.  Call Tony and me to discuss your particular situation.  The chart below is the Year End results for the major neighborhoods in New Albany, Ohio.  If your community is not included, just let us know.  We will send you the comparable information for your neighborhood.

New Albany 2012 Year End Recap
Neighborhood

Active

In

Sold 4th

Sold

Sold

Ave

Ave

Listings

Contract

Qtr 2012

2012

2011

$/Sq Ft

DOM

The Preserve

1

4

10

57

26

$104

54

Albany Park

1

2

5

14

13

$106

34

Windsor

2

5

4

19

13

$109

60

Hampsted

3

5

7

43

55

$118

33

NA Links

2

2

11

46

51

$116

71

New-CCollege*

4

3

3

10

14

$120

102

NACC < $1M**

27

10

14

77

89

$157

100

NACC > $1M

12

2

2

16

18

$221

134

Tot Plain Local
School District

81

46

75

360

344

$125

74

*    Includes Tidewater, Saunton, Enclave and Wentworth
**  Includes NACC and The Reserve

 

If 2013 is your year to make a move, we want to be a part of it!  Stay in touch and we’ll do the same!   Have a great year!

Best,

Kate & Tony

 

 

How to Know When to Fix Your New Albany, Ohio Home or Sell It As Is

It’s a question that every home seller will need to face at some point during the New Albany home selling process: Should I fix my home to make it more attractive to buyers or try to sell it as is?

Like many things in life, there is no clear answer to this question.

After all, your decision whether to sell your home as is or not will depend on a variety of factors, which we will explain below.

Properties for Sale on the New Albany Real Estate Market

There are many factors that one should consider when deciding whether to sell their home as is, including competing inventory, recent New Albany housing market activity and more.

If your home is going to cost a lot to repair to the level where normal home buyers would want to purchase it, you may consider pricing it below market – especially if you’re in a hurry to move out.

By doing so, you’re likely to attract multiple offers either from investors or home buyers willing to do repair work themselves who are looking for a “deal”.  Generally speaking, fixer-upper buyers will not pay top dollar on a home in need of repairs.   They’ll probably factor in the cost of the repairs as well as a cost for the hassle of doing them into an offer. Thus, if you definitely have a price point you want to meet on the sale of your New Albany home, you may just want to make repairs before you list your home.

If you’re trying to add value to your home by making repairs to it before you list it on the New Albany market, remember that the improvements in kitchens and bathrooms have the highest return on value.

Here are some other factors that you should consider when deciding whether to sell your home as is:

  • What do other homes in your price range and location have? If all other homes have renovated kitchens, you may consider investing in a remodeling as well. Otherwise, you’re likely to receive low ball offers.
  • Is it a seller’s market? If it is, you’re more likely to get away with selling your home as is because buyers will be desperate to close the deal. If it’s more of a buyer’s market, you may have to put some sweat equity in your home to attract potential buyers.

If you decide to fix your home before listing it on the New Albany real estate market but don’t want to completely wipe-out your bank account, we recommend you make these minimal repairs at least:

  • Patch any holes and cracks in the walls and ceilings; touch up woodwork and trim
  • Fix or replace broken appliances and HVAC systems
  • Fix leaky faucets; possibly update hardware
  • Replace darkly-painted or wallpapered rooms with neutral colors
  • Replace old, stained, or dark colored carpet
  • Make sure your home is up to code
  • While not a repair, decluttering the house, closets, and garage costs little and is time well spent

Your Expert New Albany, Ohio REALTORS

If you’re considering listing your home anytime soon on the Central Ohio real estate market, we hope you found the above information helpful!

For more tips on how to expertly navigate the New Albany housing market as a seller, please feel free to contact us, Kate & Tony Thomas, today!

We also welcome you to check out some of the helpful real estate tools we are already offering online for free, such as:

Until next time,

Kate & Tony

How to Expertly Stage Your New Albany Home’s Kitchen for Buyers

When it comes to selling your Central Ohio home for sale, staging your home can make all the difference in the world!

Staging a home allows you to play up your home’s assets while downplaying it’s weaknesses. It also makes your home appear cleaner and more spacious then it actually is – which is a plus when you’re trying to attract interested home buyers!

Below, we’re going to tell you the best way to stage one of the home’s more important rooms: the kitchen.

Staging the Kitchen in Your Central Ohio Home

For many home buyers, the kitchen is one of the most important rooms in the entire house.

After all, this is where a family is going to spend a great deal of time. Plus that, kitchens tend to cost a lot to remodel. Thus, interested home buyers will be searching for the home with the kitchen that is move-in ready!

But how exactly should you stage your kitchen to be universally attractive to home buyers? Here are some ways you can start:

Give the kitchen a good cleaning. Don’t forget to scrub the baseboards, polish chrome fixtures, clean the insides of cabinets and more!

If you cook a lot of meals that have long-lasting odors, consider going out to eat while your home is on the market. You never know what smell is going to turn off potential home buyers.

Don’t leave dirty dishes in the sink or the dishwasher. Buyers are going to look at both and you don’t want buyers thinking your entire home is dirty just because you have some dirty dishes in the sink.

Discard any items in your pantry, refrigerator or freezer that are old or you are not using.  While this may seem minor, it actually signals to interested home buyers that your home is in neat and creates a feeling of spaciousness in these important areas.

Depersonalize your kitchen by removing magnets, pictures and notes form your refrigerator. Remember, you want home buyers to be able to envision themselves living in your home – not you.

If you have a relatively small eat-in kitchen space, consider adding in a smaller table to make the room appear bigger.

Stow knives and counter top appliances in cabinets and drawers.   The fewer items on the counters the better.  Arrange knickknacks that are on the counter by odd numbers – which is more aesthetically pleasing.

Add plants – which will make a room appear more warm and inviting.

Don’t put anything in front of windows that would block natural light from coming in. Natural light makes a room feel cheerier as well as larger.

Selling New Albany Ohio Real Estate

We hope you found the above tips helpful as a prospective New Albany home seller.

As a rule of thumb, staged homes tend to sell quicker and for more money than un-staged homes. Thus, it really behooves New Albany home owners to stage their homes before they ever list.

For more expert tips on how to effectively sell your home, please contact us, Kate & Tony Thomas, today!

While you’re at it, we invite you to check out some of the helpful home-selling resources we already offer online, such as:

Until next time,

Kate & Tony