New Albany Ohio Real Estate

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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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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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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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.

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Kate & Tony have sold more Hampsted Village Homes than the next 6 REALTORS® combined!

When it comes to their business goals, Kate & Tony have a shared vision: client comes first, excellence is the standard, and integrity is key. Setting them apart are cutting edge marketing advantages like the custom-designed site, www.newalbanyohio.com with a satellite mapping tool to dynamically plot neighborhoods. The results speak for themself.  If you need your home sold in Hampsted Village in 2008 – you need to call Kate & Tony!

Hampsted Village Listings Sold Since 2000:

* Based on listings sold 2000-2007 per the Columbus Board of REALTORS® MLS. Click here for a brief tour of Hampsted Village!

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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!

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National Real Estate Scenarios Don’t Apply to Columbus, Ohio!

I just read an article from the Wall Street Journal’s “Real Estate Journal Today” – an online service sponsored by www.WSJ.com. The head line reads “Kimmel Home Listed for $81.5 Million“. That headline will definitely catch your attention, but is it really relevant in Columbus Ohio? I don’t think so. This article is perhaps good fodder for “Entertainment Nightly” but is in no way reflective of the actual real estate industry in New Albany, Ohio. The article goes on to talk about a home where a $3 million price reduction did not generate a sale.

The media would have you believe that since the luxury real estate market in Palm Beach, New York City, and Los Angeles is experiencing a necessary and significant correction, that it follows suit that we should experience the same correction in Columbus. When the Columbus Board of Realtors recently polled some of it’s members with the question “How’s the Housing Market”, one of the most perceptive responses came from Louise Potter with Keller Williams when she said:

“Our market is a matter of perspective vs. media spin. Interest rates are incredibly low and falling, 5.5% today, the supply is showing signs of realigning with demand and there are great opportunities to invest and own homes…the long term picture in our market is one of stability and conservative growth.”

As we know, not all markets in the country are seeing positive signs of a recovery but in New Albany, Ohio we don’t have a huge correction to recover from. As a matter of fact, I was recently working on a market analysis for a potential seller and in doing my research, there was only a 4.5 month supply of homes in their home’s price range which is very good news for that seller.

I guess my point is, get the local real estate facts as it applies to your home and don’t rely on the media for your information. Tony and I are always available to consult with and can help you put your home into the proper real estate perspective.

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As I was reading the Columbus Dispatch on Sunday, a Chase ad for a Home Equity Line of Credit caught my eye. It advertised variable rates on Home Equity loans as low as 4.99%. At first glance, this looks like it could be great, and in certain situations, probably is. However, if you have any plans to sell your home in the next couple of years, I urge you to give it a lot of thought and here’s why. When you take out a home equity loan, you are in essence, taking the profit out of your home early.

Tony and I have come across quite a few real estate situations in New Albany over the past 12 months where a seller’s first mortgage combined with their home equity credit loan barely equaled the current market value of the home. When you layer in the cost to sell your home, it leaves even less. Again, there’s nothing wrong with accessing a home equity line of credit. Sometimes the interest on these loans is deductible where other types of interest are not. It’s just important to remember that when you do take out the loan, you are spending the equity (or profit) that you may have on your home leaving less net proceeds at sales time.

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It’s no secret that real estate and banking have been in the news for all the wrong reasons during the past 12 months. Yesterday, we received great news from our preferred lender, Scott Miller, at National City Mortgage.  Interest rates are at long time lows right now.   Yesterday, the rates for a 30 year fixed rate dropped to 5.49% and the rate for a 15 year fixed mortgage dropped to 4.99%. According to The New York Times, most economists don’t believe rates will decline much more in the near future.

We’re not sure if we will see another time in the next 10 years where extremely low interest rates are coupled with lowered home prices.   This unusual alignment of low interest rates and low sale prices makes for a very opportunistic time to BUY a home, particularly if you would like to trade up to a larger home.   If you are planning on SELLING, the lower rates allows more people to qualify to purchase your property…producing a larger potential pool of buyers.

Tony and I would love to talk to you about any questions you may have about your current home or the market in a neighborhood that interests you.  Just call us or email us to arrange a confidential consultation.  We look forward to hearing from you.

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