Three Key Metrics All Positive
A look at a few key metrics tell the story. New Albany real estate is on the rebound. While first portion of 2010 was driven by tax incentives and first time home buyers, we really just “borrowed” future sales from July and Aug to hit the June 30th deadline. We were really pretty flat through mid 3rd Quarter 2010. Then we had a good finish and pushed ahead of 2009 in these important areas:
Traffic & Sales…Up
In 2010, 302 homes closed in New Albany vs 272 the previous year.
Median Sale Price …Up
The median sales price for homes sold in New Albany increaded from $283,000 in 2009 to $308,000 in 2010.
Median Days on Market…Down
The median home in New Albany was on the market for 88 days in 2010 – in 2009, it was on the market 104 days.
So what’s all this mean to me?
Well if you are a Buyer trying to time the market (if you can do this, let me and my financial advisor know asap) we may well be seeing the bottom. If you are a Seller, you may be encouraged that the worst may be behind us. In any event, if you want to buy or sell a New Albany home, now is the time and Kate & Tony are the ones to help. Let us show you how Kate & Tony’s service and results make them the market leaders in New Albany Real estate.
P.S. You can also just search the MLS yourself to see how your home compares…
We all love our homes, and when it’s on the market we wonder why the buyers don’t love it as much. They should be lining up and walking through admiring every detail as you do, yes? There’s a reason that some homes sell quickly while others languish on the market, sometimes never selling. There are a number of factors why your home hasn’t sold – some are impacted by you and others are impacted by market factors beyond your control.
Three Dynamics at Work in Selling Your New Albany Home
In today’s buyer’s market, there are three important dynamics to address. First, you need a drama price! You must be a market leader, not a follower. We recommend pricing with very little cushion…you want an offer; if it’s a poor one, you don’t have to accept it but without one you have nothing. Don’t waste time “testing the market” at a higher price than the market analysis indicates. What you “need” out of the house unfortunately has no relationship to value from a Buyer’s perspective. You need to be the best value of all of your competition. Buyers are savvy and know the competing properties.
We’ve talked about the 2nd dynamic in our April 2008 e-Newsletter. Your home needs to win not only the pricing game but also the Beauty Pageant. Everything from staging, colors, updates, furnishings, clutter (or lack of) are part of the equation. The buyer is savvy; they have lots to choose from; and they know the competition.
The 3rd dynamic that will impact whether your home sells or not is the Realtor who is marketing it. You want a Realtor with a proven track record, who has an aggressive marketing plan, and can give it maximum exposure to the widest possible range of buyers and their agents.
Stay Ahead of Changing Market Conditions
The best advice we can offer in a changing market is to get your home sold as quickly as possible once you commit to selling it. The longer it takes to sell, the more costly it is to the seller – home values are still declining. You are likely to be paid more today than you will be paid 6 months from now. Homes that languish on the market are perceived as tired, market-worn and overpriced. This almost always invites a low offer. Don’t let it happen to you. Get it priced dramatically, stage it to win the beauty contest, and if you are in New Albany Ohio, choose a Realtor such as Kate & Tony Thomas, who specialize in the area.