New Albany and Central Ohio Real Estate & Community » Real Estate in Ohio

New Albany Ohio Real Estate: Update on Real Estate Market Conditions and Obama Loan Modification Plans

The Raines Group — Fri, 20 Mar 2009 11:17:12 +0000

There certainly is a lot going on in the world of Real Estate right now. Current market conditions are always changing and in this case, changing for the good and showing that things are on the up!

The U.S. Commerce Department is reporting that housing starts gained for the first time in 8 months. The gain was 22.2 percent. This was the first increase since June.

CNNMoney reports that new construction (single family properties) were up as well in January. With new construction of buildings with 5 or more units increased surged 80% to 212,000 from 118,000. Things are definitely looking brighter for Real Estate in 2009.

However, also the details of the Obama Loan Modification eligibility criteria have been released. Here is just a few pieces of information on it:

Mortgage must have originated on or before January 1, 2009.
Home must be an owner-occupied primary residence
Home must be a single family 1-4 unit property
Home may not be vacant or condemned.
Borrowers in bankruptcy are not automatically excluded from consideration.
Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:
- 1 Unit: $729,750
- 2 Units: $934,200
- 3 Units: $1,129,250
- 4 Units: $1,403,400

Foreclosure actions are suspended during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume.
No minimum or maximum LTV ratio for eligibility purposes.
Loans are eligible for only one loan modification under the program.

This is exciting news on what is some of the most awaited legislation to come out of the Obama administration to date. Applicants will be accepted into the program until December 31, 2012 and we are hoping that more details will be released at a later date.

Watch this space! – Keep checking back with us for more updates on this and other real estate news. Subscribe to our blog using our RSS feed. (Click here!)

Looking to relocate? Now is definitely the time to buy!

If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.

New Albany Real Estate, Development & Community: Village Council Seeks $10 Million in Stimulus Funds

The Raines Group — Sat, 14 Mar 2009 01:49:14 +0000

New Albany Village Council has been petitioning to the federal government to get a slice of the 2009 American Recovery and Reinvestment Act stimulus funds.

At present the village has applied for around $10 million in funds to assist many different projects the village is undertaking. For instance $6 million could go to putting in infrastructure in the nearly 870 acres of the village that lies in the Licking Heights Local School District in Licking County. This project alone is expected to create 800 jobs. The rest of the potential funds could go towards other projects like resurfacing roads and connecting the leisure-trail system to the village’s northern subdivisions. Currently the village of New Albany has 24 miles of well connected walking trails and the aim is to connect all sections of the community to create a way for residents to easily walk to the village center.

Even if the village’s request for some of the funds is rejected other state and local entities which the village is connected to or falls under their jurisdiction could mean that some projects inadvertently benefit from the money.

This is definitely exciting times for the village and the surrounding area – even in Gahanna, the city plans to apply for 22 projects totaling about $59-million.

Definitely watch this space for further updates soon – subscribe to our Blog using our RSS Feed!

New Albany Real Estate: New Albany Chamber of Commerce Hosts Event on the Local Real Estate Market March 19th 2009

The Raines Group — Mon, 09 Mar 2009 12:01:31 +0000

New Albany Chamber of Commerce does many things to promote conducting business in New Albany and the surrounding communities.

This March they are hosting an event about the local Real Estate Market as part of its regular monthly meeting. Dubbed “THE NEW ALBANY REAL ESTATE MARKET“. The Chamber will present top home improvements for preparing your home for sale, how to obtain your best value in a purchase, and the housing options in New Albany.

This is a great chance to learn more about the local market, top home improvements for preparing for sale, how to obtain your best
value in a purchase, and more about New Albany itself. Ultimately now is the time to buy with low rates and an attractive selection of inventory available for purchase as well as housing affordability at record levels!

If guests or members wish to attend they can RSVP to 855-4400 or complete the online flyer. The cost is $22 for non members and $18 for members. The event is held at the New Albany Links Golf Club at 7100 New Albany Links Dr., New Albany, Ohio from 11:30 a.m.-1:00 p.m.

Now is definitely the time to buy!

Central Ohio Real Estate – National Housing Picture Shows Home Affordability at Record Levels!

The Raines Group — Tue, 03 Mar 2009 15:49:24 +0000

Despite the National Association of Realtor’s saying that the level of pending home sales has fallen 7.7% the level of home affordability is at record levels!

NAR’s Pending Home Sales Index showed that in January the index fell 7.7% to 80.6%. Its lowest level since the index was created in 2001. However the news is not necessarily negative as the data is skewed due to the waiting for the passage of the 2009 stimulus bill.

Buyers who were on the fence before, now have concrete data showing them what programs the 2009 American Recovery and Reinvestment Act have put in place for buyers. Such as the new $8,000 first time homebuyer tax credit.

However, there is also excellent news in terms of housing affordability. NAR President Charles McMillan has this to say; “Housing affordability is at a record high – the buying power of a typical family has risen significantly,” he said. “With the drop in interest rates, a median-income family can afford a home costing $20,000 more than a year ago for the same monthly mortgage payment. With the strong housing stimulus, we are hopeful inventory will get trimmed and which will help prices stabilize in many areas by the end of this year.”

This is another reason showing that now is definitely the time to buy!

New Albany Ohio Real Estate: January 2009 Sales Figures Released By Columbus Realtor Board

The Raines Group — Wed, 25 Feb 2009 12:30:11 +0000

The first figures for this year are in!

Despite a slight slip in the number of sold listings the mood is still largely positive. It is thought that the slight drop in sales in January 2009 over January 2008 is due to buyers sitting on the fence and waiting on the new Stimulus bill to pass through Congress and be signed by the President (the 2009 American Recovery and Reinvestment Act) which has now happened!

Low rates, great affordability combined with a great selection of inventory as well as the new $8,000 tax credit for first time homebuyers should ensure that more buyers take advantage of the market as they have been recently in the coming months. After all, winter is traditionally the slowest time for real estate anyway. Around 1,000 homes went under contract in January indicating an increase soon as those sales come to fruition.

With the number of homes listed falling - drop of 17.4% last month – this is a clear sign that inventory is stabilizing.

So there you have it, if you are looking at buying, now is the time, inventory is falling, rates are still low and there is a great selection of inventory available for purchase!

Central Ohio Real Estate: Expansive Retreat on 5.3 Acres in Galena For Sale

The Raines Group — Mon, 23 Feb 2009 00:01:43 +0000

Looking for space? Well, this place sure has it!

This expansive retreat located at 5108 Harlem Road, Galena, Ohio is situated in a 5.3 acre private wooded lot. This incredible home was handcrafted and designed by Troy Miller of Alexandra Custom Homes and is a fine example of a luxurious home in the area.

The property features six bedrooms, four and a half bathrooms spread across a total living area of 5,700 square feet as well as an additional 1,700 square feet in the finished lower level!

This home is finished to a high standard with many upgrades. There are five fireplaces, two full kitchens and two laundry rooms. There is also a three car garage, integrated house stereo system and fenced backyard with professional landscaping.

On entering the home the feeling of space is a theme continued both up and downstairs. Upstairs the owners suite contains not just a bedroom, but a sitting room and bathroom with jacuzzi tub and his-and-hers vanities. The finished lower level offers more than anyone could expect with a full kitchen, billiards room, home theater and guest suite!

This home is not going to last long, if you are interested in finding out more on this property you can see our listing page on our website or for a private viewing please contact The Raines Group. For 24 hour recorded information on this property you can call 1-800-498-1480 and enter code 1020.

Central Ohio Real Estate & Communities: Pataskala Ohio Listed By Business Week as one of the Most Affordable Suburbs in the Nation

The Raines Group — Fri, 20 Feb 2009 15:19:08 +0000

One of the fastest growing communities in Central Ohio, Pataskala, has been announced today by Yahoo! Finance (provided by BusinessWeek) as one of the most affordable suburbs of a major urban area (Columbus) offering good schools, the lowest rate of crime and the highest quality of life for the dollar!

Despite an ailing economy and a good selection of homes on the market, it is hard to find one in great neighborhoods with everything a buyer could want.

The community of Pataskala ranks 9th on the list of Best Affordable Suburbs 2009 which takes communities state by state and assesses them with the following criteria:

“Suburbs…limited to towns within 25 miles of the most populated city, with populations of 5,000 to 60,000 people, median family incomes of $51,000 to $120,000, and lower-than average crime rates…[They]..weighted a variety of factors including livability (short commutes, low pollution, green space), education (well-educated residents, high test scores), crime (low personal and property crime), economy (high job growth, low unemployment rate, high family income), and affordability (median household income, cost of expenditures). Affordability was most heavily weighted in [their] calculations. [They] penalized places with bad weather, a lack of racial diversity, high divorce rates, and few children.”

The community itself was settled in the 1800′s and has grown beyond recognition in recent years. (see our post about this interesting community) According to this ranking by BusinessWeek the towns statistics are as follows:

Pataskala, Ohio

Nearest major city: Columbus
Population: 11,919
Median household income: $65,274
Median home price: $142,314
Unemployment rate: 5.2%
Violent crime index: 18 (100 being national average)

Description: Pataskala, a suburb 20 miles east of Columbus, is one of a couple municipalities in the state that operates without an income tax. The city has three downtown’s and a number of sites designated for new development. About 37% of residents are married with children. Average commutes are 27 minutes.

Central Ohio Real Estate: Luxurious Estate for sale in Dublin Ohio

The Raines Group — Mon, 19 Jan 2009 04:21:00 +0000

If you are looking for a luxurious estate home in Central Ohio this is it!

This palatial home is a stunning property on just under a one acre lot. The customized home features over 13,000 square feet in living space containing six bedrooms, five full bathrooms and three half bathrooms as well as a four car garage.

The home is on the exclusive Tartan West development in Dublin, Ohio and certainly is a one of a kind home showcasing luxurious living in Central Ohio. Even the great room as you enter the property is a full two stories high and really shows the large open living spaces which are featured throughout the property.

The Kitchen is well appointed and contains high grade appliances as well as several eating areas directly off the of the room, ideal for casual or formal dining. There is also a two level study, excellent in-law suite with private entrance from the garage

This property also features a stunning professionally finished lower level containing a ten seat theater as well as a wine celler and naturally a billiard room as well as a walk out patio! The home is definitely one which should be seen to be believed. It is currently offered for sale at a great price, just $3.4 million.

This stunning home is worth a phone call, please contact Ron Cadieux at 614-418-7417 if you are interested.

Central Ohio Real Estate: National Association of Realtors say Curb Appeal Matters Now More Than Ever

The Raines Group — Thu, 11 Dec 2008 04:21:44 +0000

For the second year running, the National Association of Realtors has said that that exterior remodeling projects return the most money as a percentage of cost, as detailed in the 2008 Remodeling Cost vs. Value Report.

Now is the time for you sellers to get finishing those projects! The highest returns were seen on wood decking and all siding works where more than 80% of the cost was recouped.

With a great selection of homes on the market a property really has to stand to buyers and homes with outstanding projects will not sell nearly as fast or even at the price listed!

2008′s Cost Vs. Value report really is of importance to buyers and sellers in this market. With the National Association of Realtors being a trusted source in Real Estate, this years report compares the construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country.

Interestingly, all types of window replacements returned more than 76 percent of costs. A major midrange kitchen remodel returned 76.0 percent of project costs and bathroom remodels returned around 74.4 percent, which is slightly lower than previous years.

Of course the value returned on a project also depends on your homes overall appearance. So sellers, make sure to tidy up, clean and declutter!

If you are looking to purchase a property in New Albany Ohio or the surrounding area in Central Ohio such as Gahanna, Plain Township or New Albany itself, then please contact The Raines Group for professional Real Estate advice in the region. The Raines Group are more than happy to assist you in your real estate needs. Contact them today via their online contact form or by calling Sandy Raines on: 614-418-7417

Ohio Real Estate: National Association of Realtors Says Pending Home Sales Stable

The Raines Group — Tue, 09 Dec 2008 03:38:43 +0000

After a nice period of pending home sales generally increasing nationwide, the National Association of Realtors predicts that the pending home sales index numbers should remain in the stable range – that wonderful area which everyone has been longing for, hopefully bringing confidence back to the markets.

For instance; The Pending Home Sales Index, in October, slipped 0.7 percent to 88.9 from an upwardly revised reading of 89.5 in September, and is 1.0 percent below October 2007 when it was 89.8. Showing a nice leveling out period.

This leveling out period followed a spike in numbers in August when mortgage conditions were first eased for borrowers. The US Treasury’s reaction to the credit crunch has helped show investors that there is capital there and that is just starting to be freed up. It is expected that Mortgage rates in 2009 will dip slightly to the mid 5′s and then hover around the low 6′s. Stability is definitely expected to be on the cards.

Lawrence Yun, the National Association of Realtors Chief Economist, expects growth in the U.S. gross domestic product (GDP) to contract through the first half of 2009, then stabilize and expand in latter part of the year – lifted by a home sales recovery. The estimates for existing home sales are as follows: Sales are forecast to total 4.96 million this year, and then increase to 5.19 million in 2009 and 5.55 million in 2010.

What is for sure is that with low rates and a great selection of property out there – now really is the best time to invest in a new home, second home or investment property.