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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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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 Time is of the Essence.

We see that phrase a lot in real estate contracts.  It’s also very apropos when it comes to requesting a tax adjustment on your New Albany Home, from the Franklin County Auditor.  The deadline for filing is just around the corner; March 31, 2009.

Can I get my Real Estate taxes lowered? Yes, In three easy steps.

1.)   Do you have a case?

Well, if you believe that your home’s Market value on the tax rolls is substantially greater that the amount you could sell it for in today’s market, you have a good case to plead with the tax man.  Check out the auditors Property Search  page.  Enter you street number and address.  You will then be taken to the “Summary” page. 

 2) Prove Your Case.

“Wow, that crazy auditor has my home’s market value just slightly north of the Bellagio Hotel. If he’ll buy it for that, he can have it!”  So now you’re clear that his valuation is out of step with today’s market, you just gotta prove it. Okay, back on the Auditor’s Property Search summary page look to the left and click on map (GIS). Check out the homes around you and see if they are valued more reasonably and begin to build a file of  “Comparable properties”.  (Hint, look for ones that have sold recently.)

Next, got to our web site, and click on the “What’s My Home Worth Right Now” tab to get a real-time market analysis.

The other option is to hire a professional appraiser to do a market valuation appraisal on your property.  We have a number of appraisers whom we can recommend.

3. Go get ‘em tiger!

Okay, you’re almost ready.  Download the “Complaint Against Valuation of Real Property” form fill it out and follow the instructions for filing. 

Help is just a phone call (or email) away if you need it.

We’ve assisted many clients in this process and almost all have been successful in getting their taxes adjusted to reflect true market value.  If you have any questions regarding the process or comps, just give us a shout at 614-939-8944. 

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New Albany Ohio is following the same trends seen in the national economy with respect to housing.  Home sales in New Albany for the 1^st two months of 2009 dropped to the lowest level we’ve seen in the past 10 years.  As you can see in the chart below, unit sales are off 48% of the 2008 pace and 55% off 2006, the highest recorded year. 

A survey by Reuters of 47 professional forecasters, predict the economy will begin to recover in the second half of this year.  That said, we are seeing homes sell right now, that are priced in front of the market and in excellent condition; just not as many as in years past.

New Albany Real Estate Sales January, February - 10 Years in Review

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2008 Real Estate Activity in The Preserve

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2008 New Albany Links Homes Sold by Price Point

2008 New Albany Links Active Listings vs. Sold Listings

2008 New Albany Links Average $/Square Foot

2008 New Albany Links Homes Sold

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2008 New Albany Country Club Active Listing vs. Sold Listings

2008 NACC Average $/Square Foot

2008 NACC Units Sold

2008 NACC Homes Sold by Price Point

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2008 Hampsted Village Active Listings vs. Sold Listings

2008 Hampsted Village Average Price Per Square Foot

2008 Hampsted Village Homes Sold by Price Point

2008 Hampsted Village Homes Sold

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Despite what the pundits would have you believe, homes are selling!!! Year to date in New Albany, unit sales are only slightly off of 2007. October was the first month this year where unit sales of single family homes in the Plain Local School system fell significantly below 2007 figures. 20 homes sold during October in New Albany this year versus 29 homes that sold in October 2007. We will continue to watch it and keep you informed of all the changes we see in the market.

Stay tuned…the market will fully recover. That said, it’s important to keep everything in perspective. Let us know if you want to know the value of your home right now. We have some new cool software that gives you a very complete snapshot of what is happening in your neighborhood. We’d love to share it with you.  Contact Kate & Tony today. 

*Includes Tidewater, Saunton, Enclave, & Wentworth

All data compiled is from the Columbus Board of Realtors YTD October 2008 MLS.

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