Tag Archives: new

New Albany Home Buyers Eliminate Many Homes For Sale

I recently read a blog article by Linda Craft, a member of our CKG Coaching Network, that really resonated with me.  I want to share a few of the high points.  Home buyers shop for a home differently than most sellers think.  Our Greater Columbus real estate market tends to favor buyers.  As a result, today’s Buyers are looking to eliminate houses they view instead of choose them.  

Eliminate a Home versus Choose a Home 

Today’s buyer has many choices of homes to choose from and has the ability to preview as many as their time allows.  Using the internet, buyers can preview and “eliminate” hundreds of homes for sale.  As they view these homes, they are looking for reasons to eliminate it from their list.  The reasons are varied – they may think it needs too much work, is too small, don’t like the color it’s painted, etc.  The reality is that the house may be a good fit for them and the reason they choose to eliminate it from the list could be easily rectified.  

So What Are Buyers of New Albany Homes Looking For?

 Today’s Buyer will continue their search for the “perfect” house – the one they don’t need to do anything to but move right in. They prefer updated finishes in the kitchen, baths, and choice of home hardware.  They prefer neutral décor, brightly lit and uncluttered rooms. 

When preparing to list a home, Kate & Tony provide Sellers with a complimentary consultation with a professional stager to help make the home “buyer ready.”  We want to give buyers looking at your home a reason to choose and not eliminate. To discuss preparing your home for in more detail, just contact Kate & Tony Thomas, your New Albany real estate experts at info@newalbanyohio.com.

Franklin County Auditor Confirms Zero Increase in Tax Valuation This Year!

Tony and I returned from vacation on Sunday. On Monday, I tackled a mountain of mail being held by the post office. The item I was most interested in was the notice from Joe Testa’s office (Franklin County Auditor) announcing the proposed valuation of our home for 2008. Yours was probably just like mine – it shows no increase in valuation from 2007.

2008 is the year for the triennial update of property valuation in Franklin County. While we saw gains in the local real estate market in both 2005 and 2006, we’ve basically given it all back in 2007 and 2008. As a result, property valuations will remain at their previous level rather than increase as they usually do every 3 years. This should mean a zero tax increase for homeowners. However, New Albany has several levies on the ballot in November which will raise taxes slightly but the increase will be based on the valuations set 3 years ago.

Because there have been some dramatic shifts in the real estate market, you may still feel that your home is overvalued. If so, there is an opportunity to meet with representatives from the auditor’s office during the next month to discuss your valuation or to petition for a reduction in your home’s valuation. The review in New Albany will take place Thursday, August 28th at Church of the Resurrection, 6300 E Dublin Granville Road, New Albany, 2pm – 8pm. Call the auditor’s office at 614-462-4663 to schedule a time for your review.

Please let us know if you would like our office to provide you comparable sales information that you might use to justify a reduction. We are happy to do that as a service to our clients as well as to those who may become new clients some day! You can call me at 614-939-8945 or by email at katet@newalbanyrealty.com.

Free Music In The Park This Sunday

Bring your blanket, chairs, snacks and refreshments for a family concert Sunday, July 20th at Lambton Park. Come at 5pm to picnic – the concert starts at 6pm. The New Albany Classic Signature Series is presented by the New Albany Company, New Albany Realty and the Wexner family through a grant to The New Albany Community Foundation.

Initiated in 1999, the New Albany Classic Signature Series is a program of community-based activities presented each year in New Albany. Developed and supported by the New Albany Company, New Albany Realty, and the Wexner family through a grant to The New Albany Community Foundation, the series contributes to the quality of life for families in New Albany and surrounding communities by presenting events and activities that emphasize health and wellness, life-long learning, and concern for the greater good. The New Albany Classic Signature Series, now in its tenth season of exceptional programming, is proud to announce the 2008 schedule. The programs run from May through December and, each year, see traditions strengthened by the growth and pride of its residents and supporters. For more information call 614-416-7100.

On-Line Home Value Sites Can Be Misleading

We recently did a market analysis for a prospective seller in New Albany.  They were surprised that my actual analysis was different from the one they got using an on-line valuation service.   Zillow.com and Cyberhomes.com are two sites that will generate a suggested market value of your home using computer models.  We find their results to be very hit or miss.

These programs cannot take into consideration the location of a home within the neighborhood or any advantages/disadvantages that a lot has.  It does not consider condition or improvements an owner has made.  The results can be really off if there aren’t enough comparables in the area from which to pull.

While these sites can provide a general overview of a neighborhood, I recommend that you consult a licensed full-time REALTOR™ who is a specialist in your neighborhood for an opinion of value.  A good REALTOR™ knows the “nuances” of the homes for sale, in contract, and homes that have sold.  They will give you the best possible estimate of the value for your home in today’s market.   

Tony and I specialize in all the neighborhoods of New Albany – please contact us if we can assist you with a market analysis of your home. 

June 2008 New Albany, Ohio Market Update

New Albany Home sales in June increased over May by 45% (31 homes in June vs. 21 homes in May).   “Low interest rates, high inventory and competitive pricing continue to fuel the housing market here in central Ohio,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “As long as we have these three critical factors in place, home buyers and investors are actively pursuing a home purchase.”

There remains a large selection of homes for sale in New Albany.  Despite an increase in unit sales, inventory levels rose slightly in June.  When inventory is high as we see now, homes will take longer to sell and will sell for less than they would in a market where inventory is low.  In general, an 8 – 9 month supply of homes represents a balanced market.  Currently, New Albany has a 13 month supply of homes based on six month sales and a 10 month supply based on June sales.  If the unit sales trend continues, we will start to see a balanced market before the end of the 3rd quarter.  We’ll keep you posted!  Contact us at katet@newalbanyrealty.com or call 614-939-1234, if you would like specific information on your neighborhood or your home in particular. 

June 2008 New Albany, Ohio Market Update:

 
Neighborhood
Active
Listings
In
Contract
Sold
June 08
Sold YTD
June 08
Sold YTD
June 07
Average
$/Sq.Ft
 Average
DOM 
The Preserve 27 3 4 13 18  $    111 132
Albany Park 6 0 1 7 7  $    109 161
Windsor 8 8 1 3 5  $    116 120
Hampsted Village 47 5 8 26 17  $    122 143
New Albany Links 37 6 4 13 14  $    118 154
Tidewater/Enclave 8 2 0 2 3  $          193
NACC < $1 million 65 10 7 31 26  $    155 182
NACC > $1 million 42 2 2 10 9  $    214 296
Total Plain Local
School District
304 46 31 13 135  $    130 155

 

New Albany Realty Sponsors Free Hampsted Village Block Party!

Kate & Tony Thomas & New Albany Realty Host Free Hampsted Neighborhood Block Party!

On Tuesday, July 1st, from 6pm – 9pm, a Hampsted Village Block Party will be held at Hampsted Park (Meadway & Fodor Road)! Kate & Tony, along with New Albany Realty, are teaming up with Sunny 95 radio station to host a FREE neighborhood block party in Hampsted Village! It’s the ultimate get together for friends, family and neighbors! There will be music, great food, games for “kids” of all ages, and Sunny 95 personality appearances! There will be opportunities to win a “Passport to Paradise” family fun vacation along with numerous other give-a-ways.

EVERYTHING is FREE! Don’t worry about cooking dinner…that’s been taken care of! Just bring the whole family for free food, drinks, prizes and fun. There’s no need to RSVP, just show up Tuesday July 1st and be ready to have a good time!

Be sure to stop by the New Albany Realty tent to say Hi! and register for a $100 gift certificate to Easton. For a tour of Hampsted Village or to see Hampsted homes for sale, just visit www.NewAlbanyOhio.com.

We hope to see you there!

Real Estate Optimism in Central Ohio

As I stated in our May e-Newsletter, there are many reasons to be optimistic about the housing market, not the least of which shows year to date unit sales in New Albany are up over the same period last year.  The Columbus Board of Realtors recently published a few other pieces of good news I’d like to share: 

  • “The Housing Crisis is Over,” says the Wall Street Journal, Op-Ed writer Cyril Moulle-Berteaux says in the May 6 edition, “How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won’t happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.” Later in the piece, he says, “Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.” Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York. Check it out »
  • A majority of Americans think now is a good time to buy a home according to a Reuters/Zogby poll released on April 16. Check it out >>
  • Columbus will boast the nation’s 8th fastest home sales rate in 2008, predicts Forbes.com and Moodys.com. They also predict that home prices here will increase 3.49%.  Check it out  >>
  • Columbus makes New York Post Travel Top 5:  New York Post author David Landsel reports on his top five travel destinations of 2007, and they include Budapest, Ontario, Venice, New Orleans, and Columbus. Check it out >>
    Columbus is the 9th most affordable place to “live well,” according to Forbes.com. Our city was given that honor based on our housing affordability, low cost of living, entertainment options, and overall quality of life. Check it out >>
  • If it weren’t for the growth of central Ohio’s seven counties, the state would have had a net population loss in 2007. Franklin County grew by 9,040 residents (or 0.8 percent of its population), and the six surrounding counties grew by 10,428 residents. Therefore, Ohio ended up with 3,404 more residents. (March 2008 – U.S. Census Bureau)
  • If it weren’t for the growth of central Ohio’s seven counties, the state would have had a net population loss in 2007. Franklin County grew by 9,040 residents (or 0.8 percent of its population), and the six surrounding counties grew by 10,428 residents. Therefore, Ohio ended up with 3,404 more residents. (March 2008 – U.S. Census Bureau)
  • Writer Kate Davidson of the Concord Monitor shares her good impressions of Jeni’s Ice Cream, The North Market, Downtown, and The Franklin Park Conservatory. Check it out  >>
  • We hear encouraging news every day about central Ohio’s rosy future. In early March Forbes.com, named Columbus the “NUMBER 1 Up-and-Coming Tech City.” Check it out >>
  • The job market in central Ohio is extremely bright, which is important for creating a continual flow of prospective home buyers. According to the Bureau of Labor Statistics, in the past 16 months central Ohio has seen more than 5,100 jobs created — 11,200 over the past 24 months.
  • Columbus is the nation’s 3rd most stable housing market, according to a study by Forbes.com and MoodysEconomy.com. Researchers chose us based on the strength of our economy, plans for construction, low foreclosure rates, local credit markets, home sales rates, and the affordability and availability of housing.  Check it out >>
  • Ohio placed #1 for landing industrial and corporate operations and expansions in 2007 according to Site Selection magazine. (3/08)  Check it out  >>
  • Columbus is acknowledged by the Washington Post as a “full blown metropolis” in an article that highlights the Topiary Garden, North Market, and the Columbus Zoo. Check it out  >>
  • The New York Times ran a travel feature titled “Columbus Cool” and recognized quite a few stores, restaurants, and art galleries throughout the Short North and beyond.  Check it out >>
  • The Detroit News says “Get set for a Columbus getaway.” This article encourages visitors to check us out. Check it out >>
  • Columbus is the 9th best city for blacks, according to Black Enterprise magazine. Check it out >>
  • The Chicago Tribune asks “Who knew Columbus was so cool?” What begins as a hotel review of The Lofts in the Arena District becomes praise for Nationwide Arena, The Convention Center, The North Market, and more.  Check it out >>
  • Columbus is the 19th Best City for Singles, according to Forbes magazine. Check it out >>

New Albany Classic Signature Series 2008 Schedule

The New Albany Classic Signatures Series is presented by the New Albany Company, New Albany Realty and the Wexner family through a grant to the New Albany Community Foundation. Additional details are available by calling 614-446-7100 or visit www.newalbanysignatureseries.com

Saturday, May 3
The Four Aces Fundraiser to benefit New Albany Students’ pursuits in Achievement through Academics, the Arts and Athletics

One Whitebarn Road

Thursday, May 21
The Homeless Families Foundation Benefit
8 Hawksmoor Road

Sunday, July 20
Music in Lambton Park featuring the Columbus Symphony Orchestra
Lambton Park

Sunday, August 17
Music at Market Square featuring the Columbus Jazz Arts Group and New Albany Chamber
of Commerce’s “Taste of New Albany” event
Market Square

Sunday, September 21
New Albany
Walking Classic
New Albany

Sunday, September 28
New Albany Classic Invitational Grand Prix & Family Day
One Classic Drive

Thursday, December 4
New Albany Community Foundation Annual Fundraiser: “A Remarkable Evening”
One Whitebarn Road

*Schedule subject to change, check website for updates.

Look for The Silver Lining! You Can Buy A Lot of House in Columbus, Ohio!

I just read an article in the Wall Street Journal real estate newsletter which really helped to put a new spin on real estate in New Albany, Columbus and the Midwest as a whole. We keep hearing about how bad the real estate market is but think about what you can actually buy here versus some other parts of the country.

Using $400,000 as a comparison:

In New Albany, you can buy a 3600 square foot home overlooking a golf course, with a screen porch, a finished recreation room in the lower level, 4 bedrooms, 3.5 baths and a 3 car garage.

In New York City, that same $400,000 will buy a 400 square foot studio apartment on the Upper East Side with a queen size Murphy bed, a new kitchen with granite and stainless steel appliances, hardwood floors, a doorman and a bike room.

For $400,000 in Miami Beach you can buy a 1520 square foot condo with 2 bedrooms, 2 baths that 1,520-square-foot condominium. The condo, built in 1963, has bay views from every room, wood floors, kitchen appliances in mint condition and a parking space.

So, while prices on real estate in New Albany are off the peak of the market, your housing dollars still go a long way. It really is a good time to buy a home! Contact Kate or Tony to discuss home buying options in New Albany or the Greater Columbus area.

2008 New Albany Home Sale Statistics – Not the picture the media would have you believe!

As I was reading the “Business Page” of the Columbus Dispatch on Tuesday, I was struck once again, with how totally local real estate actually is. The article I was reading indicated that the decline of sales in Columbus was not as bad as those reported by the Ohio Association of Realtors for the entire state of Ohio. I decided to take it one step further and look at New Albany specifically. The Ohio Association of Realtors reported that sales declined by 9.6% in Ohio and the Columbus Board of Realtors reported a 5.8% decline in home sales in February. New Albany unit sales in February were actually up slightly over 2007 and year to date are only 2 units off the 2007 pace. I’m not saying that we have seen the end of this challenging market but there is some good news and I think it’s important to share it!

New Albany Neighborhoods