New Albany Ohio Real Estate

Housing Predictor, an independent real estate forecasting service, has ranked the Columbus area 2nd in the country in the Best 25 Housing Markets. Ohioans should feel especially positive as the ranking lists Cleveland, Columbus and Cincinnati as the top three housing markets, respectively. Check out the article to review the Best 25 Housing Markets as forecast by Housing Predictor.

While I think it’s too early to know how accurate the prediction is, I can say that Tony and I saw a marked increase in real estate activity during January. The number of homes we put into contract exceeded our numbers from previous Januarys. There are 15% more homes “In Contract” in New Albany, OH than the same time last year which seems to substantiate my own observations.

The extended home buyer tax credit is probably responsible for a large part of the increase. Buyers (and NOT just first time buyers) have until the end of April to enter into a contract to purchase a home in order to qualify for the tax credit of up to $8000. Contact Tony or me if you have any questions about how the tax credit might impact you.

Until next time,
Kate

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Lawrence Yun, chief economist for the National Association of Realtors, presented the NAR Forecast for 2010 real estate at the annual conference held in San Diego in November.  His projections included the following good news:  13.6% increase in the sale of existing homes as well as a return to positive growth in home values as inventory levels continue to decline.

Although real estate markets vary widely from community to community and his forecast is a national one, we hope his projections will hold true for our local market in Columbus, Ohio.  I for one am ready for some good news to share.

New Albany Market Supports Projection

Unit sales of existing homes in New Albany, Ohio for the trailing 3 months (September, October, November)  supports one of the projections made by Mr. Yun.  2009 Unit sales for those 3 months are up 20% over the same time in 2008.  As reported in our November eNewsletter, inventory levels are down almost 15% over last year so hopefully, the sales prices will begin to stabilize and New Albany will begin to see positive growth in prices going forward.

Now is the time to consider your goals for real estate in 2010.  If you are thinking about a larger home, a smaller home, or a move out of the area, please contact Tony or me to discuss your plans and how we can help you achieve your goals.

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New limits will impact New Albany Home Buyer’s & Sellers

Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.  More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. For many New Albany Real Estate Buyers and Sellers, the new changes to the law will mean that many homes that were not previously eligible for tax credit now are.  Additionally, the time constraints imposed may have Sellers reconsider market timing for marketing their property.

To find out how this new law impacts you specifically, contact Kate and Tony today.

Until next time,

Kate

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With the $8,000 tax credit for 1st time home buyers about to expire on November 30th, I was expecting to see a lot more  New Albany homes for sale and Columbus homes for sale going into contract.  When the tax credit was announced, the experts thought it would jump start the housing market.  From my vantage point, there has been little “trickle up” effect seen in New Albany Ohio real estate.

Usually when one home sells, the seller buys another home, and the seller of that home buys another home and it goes on up the line with buyers trading up or down to different homes.  What has actually happened is that a large number of the buyers who have taken advantage of the tax credit have purchased NEW homes which means there is no ripple effect following the sale of that home.  The builders have moved a lot of spec inventory but the resale market remains unchanged.

New Tax Credit Being Considered

A bill was introduced in the Senate to extend and EXPAND the home buyer incentives.  It’s targeted at the “move up market” which was what was missing from the current incentive.  The passage of this bill is what I think will finally launch a recovery of the entire housing market.
The proposal being would extend a $15,000 tax credit to anyone who purchases a home through the end of next year.  A recent Moody’s Economy.com analysis suggests that the $15,000 credit would result in the sale of an additional 675,000 nationally – New Albany, Ohio and the Greater Columbus area would surely see the number of homes sold as well and, hopefully, a gradual return of some of the home equity that was lost during the past several years.  Stay tuned or contact Kate & Tony for any updates on the bill.

Until next time,

Kate

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And you need an experienced guide

It is with great fondness that I remember the days of putting a New Albany home into contract, and pretty much being assured that I’d soon be joining the happy Buyer and Seller at the closing. Well, maybe some time in the future those days will return, but for now, its a jungle out there!

Now more than ever, you need an experienced Realtor…Kate and Tony Thomas, happen to come to mind… to help guide you through the jungle from contract to closing.  Here’s a few of the hazards that can you can avoid if you have an experienced and intrepid Realtor guide.

“Mauled” a wild inspection

That great home can look like the money pit depending on whose inspecting it and how the report is interpreted.  We just had a home where the inspector marked “poor condition” for an entire gutter and downspout system because one downspout was not connected to the ground drain.  “If one thing is wrong we mark the entire system as poor” was this inspector’s answer to our query. Methodology like this is provocative and creates unnecessary fear and concern on the part of the Buyer.

“Bitten” by appraisal

The Seller and Buyer have agreed upon the price, so it’s a done deal, right?  Wrong!  The Appraiser, the bank underwriter and / or the loan officer can scuttle the deal.  To further undermine the situation, the bank can no longer select the appraiser.  While this “firewall”, helps eliminate the possibly of coercion and collusion between lender and appraiser, the unintended consequences are that you can end up with a appraiser that is completely unfamiliar with the area and valuations.

Mired in transaction “quick sand” pits

There are many details touch points (68 in our system) to bring a contract to a successful closing.  If the Realtor does not have the experience, systems and foresight to avoid the transactional pits, the deal can quickly become mired and sink.

An experienced professional “guide” is a must

It doesn’t matter if you are wearing a Buyer’s or Seller’s hat, a professional Guide is a must.  Kate & Tony Thomas and New Albany Realty have the experience, systems and support in place to ensure that your trip through the “Jungle” is a successful and safe one.

Until next time,

Kate

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An article in the August 13th issue of the Columbus Dispatch referred to a growing foreclosure problem in the suburbs of Columbus.  I began to wonder if this applied to New Albany as well.  I searched the  Multiple Listing Service to see how many of the homes that have sold in NA so far this year were either Foreclosed properties or Short Sale properties.

22 Foreclosed or Short Sale Homes Sold in New Albany Year to Date

Year to date (through 8/26/09), 144 homes have sold in the New Albany School District.  22 of the homes sold were either Foreclosed properties or Bank Short Sales or 13% of the homes sold.  This is not an insignificant number but it does mean that 85% of the homes sold in New Albany this year were traditional resale or new build homes.  A breakdown by price range shows that only 5% of the homes sold above $400.0 were foreclosed or short sale properties while 22% of the homes sold under $400.0 were foreclosures or short sales.  A breakdown by price range is shown below.

Questions? Ask a  New Albany Ohio Realtor

Tony has earned the Certified Distressed Property Expert (CDPE) designation and can answer your questions about both foreclosures and short sales. Visit our website www.NewAlbanyOhio.com for information on Foreclosure and Short Sale Assistance.

Until next time,
Kate

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I subscribe to a blog written by a decorator friend of mine, Colleen Lora and I like what she has to say.  The following article is one she has written for our readers.  Thought you’d enjoy a different “voice” for a change!-Kate

Common Decorating Mistakes

I am often asked, “What are the most common decorating mistakes?”  So, I’ve compiled a list – now some of these are simply my pet peeves while others are based on sound elements of design.  The good news is, that most of these mistakes cost little to nothing to fix.  Here are my top 10, for more please log on to my blog at www.decorandyoucolleen.blogspot.com

Wimpy Lamps                                Misplaced Mirrors                       Missing Window Treatments

• Wimpy table lamps. If you are sitting in bed, the light should flow from the shade to the top of your shoulder.
• Lining your room with furniture. Furniture is best in groupings that float in front of your focal point.
• Ignoring a room’s focal point. That means don’t place the big screen TV in front of your fireplace, how sad.  Same with having a beautiful picture window with no soft window treatments.
• Improper lighting. Every room should have three types of light: overhead, task and accent.  If all you have is an overhead fixture you are in essence, lighting nothing by lighting everything.
• Art hung too high. Take a cue from art galleries where the center of the art is hung at or just above eye level.  For above a sofa, art should be hung 4-8 inches above the back.
  
• No window treatments – or just blinds. Enough said, it’s like getting all dressed up and forgetting your earrings, it just looks unfinished.
• Matching suites of furniture. That is so 1960’s.  Furnishing your space should not look as though it were done in a day.  Matchy-matchy lacks originality and does not reflect your personality.
  
• Mirrors hung over beds. Mirrors should only be hung where they reflect something worth seeing or to expand a small space.  As seen in the photo, the mirrors hung over the bed do not reflect anything pretty and should be replaced with artwork.
  
• Little knick knacks. Choose fewer accessories that are larger in scale and group together in odd numbers.
  
• Forgetting the floor. Area rugs are art for your floors and anchor your seating arrangement – that is now floating away from the wall.  (Yes, you can put area rugs over wall to wall carpet.) The area rug should be at least the length of your sofa.  You never want your walls, ceiling and floors to be all the same color.

If you found these tips helpful, I now have a FREE monthly e-newsletter full of such design tips and inspiration.  If you wish to receive my newsletter, simply email me at clora@decorandyou.com and type “newsletter “in the subject line.

Colleen A. Lora, CID is a nationally-recognized and award winning interior decorator and owner of Décor & You, located in New Albany, Ohio.  To experience the Décor & You difference, Colleen encourages you to contact her at 614-855-1700.

Until next time,
Kate

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July is the first month in 2009 where unit home sales in New Albany Ohio were equal to the number sold in 2008. 30 homes sold in New Albany this July, the same as was sold July ’08. At the end of the 1st quarter this year, unit sales were off the 2008 pace by over 50%. Through July, 2009, unit sales are off 25% – a marked improvement over 1st quarter.

As you can see in the chart below, TY/LY unit sales year to date vary tremendously by neighborhood. In the Plain Local school district, 127 homes have sold year to date this year compared with 170 homes sold through the end of July last year.

Inventory levels in the New Albany Plain Local School District are 18% lower than they were at this time last year. 2008 home sales and inventory numbers are available in our August 2008 Enewsletter. There are definitely opportunities for sellers in neighborhoods with depleted inventories. If you want information specific to your New Albany neighborhood (or Greater Columbus), please contact Kate & Tony Thomas

We hope the news continues to be good – we’ll keep you posted!

See you soon,
Kate

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The BIA (Building Industry Association) recently announced that New Albany, Ohio will host the 2010 BIA Parade of Homes.  The Parade of Homes is scheduled to take place July 10 – 25, 2010.   This 58th Parade will be located in Ackerly Park, an 18 acre site near the intersection of Market Street and Main Street in the New Albany Village Center District.  This location is believed to be the first ever Parade situated within the center of a community and as such, creates a unique opportunity for builders and buyers alike.

There will be much to look forward to next year.  In addition to the signature Georgian architecture, leisure trails, parks, ponds and pleasant streetscapes that are the essence of each New Albany neighborhood, the homes of Ackerly Park will present a unique opportunity for environmentally friendly living.  Parade homes will be located within walking distance of the majority of New Albany’s amenities and will showcase the latest technology, energy efficiency options, durable products and cost sensitive construction techniques.

Visit www.NewAlbanyOhio.com to see both a rendering of the New Albany Parade site map as well as a plot of the lots available.  If you would like to preview these lots or consider building a home as one of the Parade of Homes, please contact Kate & Tony Thomas at New Albany Realty.

See you soon,

Kate

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In a recent blog post, I noted that home sales results for 2009 in New Albany, Ohio were off the 2008 pace.  I realize that what I didn’t say is that while sales are off, some homes in New Albany are selling.   With the spring selling season about to begin, I want to share some sure fire ways to make sure that your home is one of the ones that sells.   

New Albany Homes Accurately Priced are Selling

Buyers have a lot of homes to choose from right now, so pricing is critical.  You have to get the price correct right from the beginning.  Tony and I find that if you don’t separate your home from the “pack”, you run the risk of following the market down.  Leading the market is a much better place to be.  We have sold over 300 homes  in New Albany.  As New Albany realtors, we know how to price your home correctly. 

Homes for Sale Must Be in Tiptop condition

Pretend your home is competing in a beauty contest with other homes for sale in New Albany.  To win that contest, your home has to be the best.  Take an objective look at your home to see what needs to be repaired or replaced and put a plan into motion to take care of these things.  We have an extensive list of things you should to do to prepare your home for sale at our website.    

Dress Your New Albany Home for Success

Home staging works!  Select a New Albany real estate team who will use their home staging expertise to ensure your New Albany home looks like a “model”.  A staged home makes a great first impression and makes your home more universally appealing. I’m including a couple of photos of well staged rooms to give you the idea.

We’ve listed 3 recommendations to help position your New Albany home for a quicker, more profitable sale.  What other suggestions do you have to help sell a home for top dollar?  We’d love to hear from you so leave us a comment below and tell us what you think! 

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