New Albany Ohio Real Estate

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.

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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. 

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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:

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

On Tuesday, July 1^st, 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 1^st 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!

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There is little doubt that Sellers and Buyers have decidedly different points of view when it comes to value (particularly in the current market).

For Sellers, even though it’s your home and you probably think it’s nicer than any other home in the neighborhood, it’s important to recognize that it’s probably not worth significantly more than others in the neighborhood.

For Buyers, even though inventory levels are higher than normal creating what is referred to as a “buyer’s market,” you cannot steal a house. While the Seller is motivated, they won’t give their home away. A Seller often will not even counter a really low ball offer. So take advantage of the higher than normal level of inventory and plan to negotiate a good deal, not a steal.

I recently received an email with photos of how Sellers and Buyers view a home which I thought was funny and further make the point of expectations.

How the Seller views their home:

How the Buyer views your home:

The bottom line is that while there are plenty of homes for sale in New Albany, Ohio, this isn’t a resort market with plummeting prices and there aren’t foreclosures on every block as the media would have you believe. It’s fair to say that while we have a challenging market, the New Albany real estate market is better than many other markets around the country, including Ohio and the greater Columbus area.

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It Takes Location, Condition and Price to Sell a Home! Selling a home in today’s market is challenging to say the least. In the past, you could overcome a less desirable location with a great price. You used to be able to overcome dated condition/décor with a great location and floor plan. And occasionally, a home in a great location and superior condition would sell for more than one might have predicted. But not today.

Today’s buyers want it all – a great location, excellent condition and a price that is too good to resist! There is enough inventory on the market that a buyer will pass on a home with wallpaper, a dated kitchen, or flooring in need of replacement. Most buyers will not even look at a home that they perceive to be priced unrealistically. To a buyer, an overpriced home indicates an unmotivated seller.

Price is still the key but the location and condition part of the equation are factors that must also be considered when setting the asking price. Currently, there are more homes than buyers for those homes. When Tony and I are determining the best possible price for a home, we will identify the 3 homes that offer the most competition and then recommend that the home be priced in front of them. We do not want to “test the market” or “follow the market down.” Rather, we want to “lead the market.“

This pricing strategy doesn’t guarantee that a house will be the next home sold but it sure will increase the likelihood of it being shown to potential buyers. It has to be shown to sell. Once you have an offer, you can accept, counter or reject it. But at least having an offer, puts you (the seller) in charge.

Find out how actual selling prices compare to listing prices in your neighborhood by getting an instant MLS Market Snapshot.

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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 >>

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You need to call Kate & Tony Thomas!

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If you’ve been thinking about building a new home in New Albany, now is your chance! The New Albany Company is soon to announce the creation of the New Albany country club’s newest community – Ackerly Park. Ackerly Park will be an extension of Upper Fenway with Ackerly Farm road extending north and meeting up with Market Street. The majority of the 27 lots will be priced between $150,000 and $165,000 and range in size form .29 - .42 acres.

New Albany Realty will be kicking off the sale of the new lots with a preview event May 14, 2008. This is an “invitation only” event. If you are interested in receiving an invitation to attend the event and learn more about the lots available at Ackerly Park, please email me at katet@newalbanyrealty.com.

Whether you plan to buy or not, it’s nice to be “in the know!”

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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.

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