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New Albany, OH Market Update

Year to Date Results through 6/30/2010

The first half of 2010 results are in and the New Albany real estate market continues to show some signs of improvement.  Unit sales in every New Albany neighborhood are up over 2009.  Sales in the total New Albany school district are up 41% over the same time last year.  The 137 homes sold in New Albany are a marked improvement but a far cry from our peak in 2005 where 188 homes sold in the first half of the year.  Average $ per sq ft of the homes sold slid ~5% over the same period as last year.

Will the New Albany sales trend continue?

The home buyer tax credit definitely created some business into the first half of the year.  It’s a little early to know if we just moved business from 3rd and 4th quarter into the first half of the year.  We will track it closely.  Hopefully, interest rates at the lowest level they have been since these rates have been tracked will help keep homes selling.  There are some great homes available for sale.  Don’t let these historic rates pass you by. 

If you are considering a move or want to understand the changes that have taken place in your neighborhood, ask Kate & Tony, New Albany’s best source for real estate information.  The chart below shows the New Albany sales results by neighborhood for the first half of 2010. 

New Albany 2010 Year To Date Recap through 6/30/2010      
               
Neighborhood Active In Sold Sold YTD Sold YTD Ave Ave
  Listings Contract June’10 2010 2009 $/Sq Ft DOM
The Preserve 13 2 4 15 13 $104 80
Albany Park 3 2 2 $114 40
Windsor 8 5 1 8 5 $103 84
Hampsted 22 7 3 13 9 $115 80
NA Links 45 7 2 16 13 $109 166
New-CCollege* 5 3 2 4 $133 474
NACC < $1M** 62 11 11 38 32 $149 148
NACC > $1M 33 2 3 10 6 $205 259
Tot Plain Local              
School District 252 40 36 137 97 $120 137
               
*    Includes Tidewater, Saunton, Enclave and Wentworth      
**  Includes NACC and The Reserve          

 

Think Twice Before Taking Out A Home Equity Line Of Credit!

As I was reading the Columbus Dispatch on Sunday, a Chase ad for a Home Equity Line of Credit caught my eye. It advertised variable rates on Home Equity loans as low as 4.99%. At first glance, this looks like it could be great, and in certain situations, probably is. However, if you have any plans to sell your home in the next couple of years, I urge you to give it a lot of thought and here’s why. When you take out a home equity loan, you are in essence, taking the profit out of your home early.

Tony and I have come across quite a few real estate situations in New Albany over the past 12 months where a seller’s first mortgage combined with their home equity credit loan barely equaled the current market value of the home. When you layer in the cost to sell your home, it leaves even less. Again, there’s nothing wrong with accessing a home equity line of credit. Sometimes the interest on these loans is deductible where other types of interest are not. It’s just important to remember that when you do take out the loan, you are spending the equity (or profit) that you may have on your home leaving less net proceeds at sales time.

New Albany Neighborhoods