Your Home Is Your Castle….Until You Sell It

June 27th, 2007 Columbus Buyer Info, Columbus Seller Info, From Professional to Personal No Comments

One great thing about your own personal living space is the fact you can ‘live’ the way you want– kick back, forget the pressures of the world, and relax.

When you are selling your home, however, that all changes.

For several months now, as I and my husband have personally experienced the joy of selling our home, we’ve been camping in out in our own abode, waiting for the phone call of a showing.  Then we rush around primping and arranging for the big event.  In the downtimes, we stare at everything with a critical eye and make work lists of odds ‘n ends to complete (any homeowner knows THAT list is neverending).

I like to leave my toiletries on the bathroom counter. I like to leave my shoes laying under the coffee table. I like to wait a day or two before I fold that basket of towels……  but all those fun habits have been swept away because ‘someone’ might want to see the home.

In an earlier post, I shared by husband’s conflict over removing his animal heads from our home.  Well, knowing as how the cosmic universe has a warped sense of humor, I now anticipate we’ll get a flurry of showings…. for the simple fact that a moose head, a caribou head, and a bear rug are camping out in our garage for a couple of weeks…….

Dan was transporting these unique items for a client of his from one facility to another…. and we’re in a ‘hold’ pattern for a week plus until the final arrangements can be made to complete the move. 

So… now I have HUGE animal heads in my garage.  It reminds me of the saying, “Life is what happens when you’re busy making plans….”

(I can’t WAIT to hear the feedback from the showings…..)

Interpreting Sales Appreciation Statistics for Your Home’s Value

June 20th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, Columbus and Central Ohio Real Estate Tid Bits, Investment Property No Comments

The Columbus Monthly magazine wrote a wonderful, 9 page informative feature article in their June 2007 issue called “Location, Location, Location”– the front cover of the magazine shows roof tops and the title “The Real Estate Market RIGHT NOW– Home Values for 44 communities”.

The writers Alice Hohl and Nancy Richison did their research– interviewing a number of realtors, gathering statistical data, and also utilizing a company called CompuName to obtain the necessary data. In a five year period, communities were up as much as 43% and down as much as 12% in average median price.

Does that mean that the final percentage found in this article is what you can apply to YOUR home?

Not exactly. While that’s the first reaction, there are often underlying reasons for those numbers.  It’s critically important to remember that YOUR home value is ‘personal,’ meaning your area (location), condition (updates), and need (do you need to move tomorrow?) is unique.

For a specific example, let’s look at Powell and a home on the market there.  In the Columbus Monthly article, the increase in Median Price from 2001–2006 is up 31.99%.

This home was purchased in 2001 for $475,000.00. Using the logic of increasing the price 31.99%, the list price would be $626,900.00.  While the seller would LOVE that price, a careful market analysis led the seller to list the home in March for $544,000.00– a conservative appreciation of 14.5%, or around 3% a year.

As of mid-June, there have been no offers and the price is reduced to $529,900.00– now down to 11.5%. This price does not account for the several upgrades and improvements to the property– the owners understood this is part of living in a home.

“How can this be?” you say. “Either the stats are wrong, or something is terribly wrong with this home…”

Wrong in both cases.  The home is in great condition, has nearly 3 acres, a fantastic location, an indoor pool, and other great amenities. And the statistics presented in the Columbus Monthly article are correct.

It’s the reason underneath the statistics that needs investigating.  In the last 5 years, there has been incredible building of new, expensive properties in the Powell area.  All these sales of homes in the $600,000.00 and up range definitely makes an impact on what the average median sales price is. So, areas with lots of growth and sales of expensive new homes are going to show a hefty increase in their average median sales price.

I’ve often used the comparison of the tortoise and hare when talking to buyers and seller about the Columbus area real estate market. Slow and steady wins the race. We have an unusually stable economy, and along with that comes stable home values.  Sellers who study the market (or use a good Realtor who has the expertise to do the studying for them) and price their home correctly will sell. It’s important to ask the “why?” behind the numbers to understand YOUR home’s value.

Columbus OH Area Home Sales April 2007 Part TWO

June 4th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Good 2 Comments

—-Here’s the last of the Columbus area community home sales for April:

For Homes with a Gahanna mailing address:

43 Homes sold in the month of April 2007, with the average List Price being $185,688.00 and the average Sold Price being $182,163.00 or 98% of the List Price.

Looking at sales in the same period a year ago, 36 Homes sold in the month of April 2006, with the average List Price being $194,420.00 and the average Sold Price being $190,372.00 or 97% of the List Price.

Way to go, Gahanna… up in number of homes sold AND the percentage of the list price.  Who said it’s all gloom and doom?

For Homes with a Pickerington mailing address:

41 Homes sold in the month of April 2007, with the average List Price being $234,541.00 and the average Sold Price being $230,197.00 or 98% of the List Price.

Looking at sales in the same period a year ago, 47 Homes sold in the month of April 2006, with the average List Price being $215,483.00 and the average Sold Price being $210,403.00 or 94.6% of the List Price.

Huh, Pickerington… down a bit in homes sold, but a nice jump up in percentage of the List Price…. good to see….

For Homes with a Grove City mailing address:

53 Homes sold in the month of April 2007, with the average List Price being $165,581.00 and the average Sold Price being $161,555.00 or 97.5% of the List Price.

Looking at sales in the same period a year ago, 77 Homes sold in the month of April 2006, with the average List Price being $149,513.00 and the average Sold Price being $146,284.00 or 98% of the List Price.

Interesting, Grove City- a big jump in average sales price, but a lot less homes sold…

 For Homes with a New Albany mailing address:

30 Homes sold in the month of April 2007, with the average List Price being $352,735.00 and the average Sold Price being $341,775.00 or 97% of the List Price.

Looking at sales in the same period a year ago, 26 Homes sold in the month of April 2006, with the average List Price being $408,127.00 and the average Sold Price being $389,436.00 or 95.4% of the List Price.

Well, well New Albany…. you’re up in sales, number of homes sold, AND the percentage of List Price…. well done!