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The Week in Delaware County Real Estate

The Week in Delaware County Real Estate

Delaware County was another hot-bed of real estate activity last week with 179 total properties transfering – including 100 valid sales – for an average of $321,177.

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Top Five Real Estate Transfers Last Week

  1. $1,600,000, 3384 East Powell Road, Lewis Center, 599 – Other Residential
  2. $930,000, 3499 Market Street, Powell, 430 – Restaurant; Cafeteria
  3. $890,900, 1424 Kearney Way, Delaware, 500 – Residential vacant land
  4. $838,339, 5511 Via Alvito Drive, Westerville, 500 – Residential vacant land
  5. $775,000, 0 Tillinghast Drive, Dublin, 510 – Single family dwelling

Top Delaware County Sales by City

  • Ashley (1) – 9307 Smith, $219,500
  • Columbus (1) – 1561 Sarin Street, $162,000
  • Delaware (22) – 1424 Kearney Way, $890,900
  • Dublin (2) – 0 Tillinghast Drive, $775,000
  • Galena (7) – 5036 Normandy, $409,000
  • Lewis Center (21) – 3384 East Powell Road, $1,600,000
  • Ostrander (1) – 0 Penn Road, $179,000
  • Powell (20) – 3499 Market Street, $930,000
  • Radnor (1) – 2390 Penry Road, $297,500
  • Sunbury (7) – 4693 State Route 61, $582,450
  • Westerville (18) – 5511 Via Alvito Drive, $848,339
Where Will Your House Appear? Open House & Dream Homes

Where Will Your House Appear? Open House & Dream Homes

When its time to sell your home the one of the primary reasons to hire a real estate agent is to remove the stress from your shoulders.

selling your home, market a home, corner cafe, delaware, ohio, open house, dream home
Toby advertises in Open House and Dream Homes magazine monthly. It is on display racks around central Ohio, including the Corner Cafe in Delaware, Ohio, as shown here with a monthly distribution of more than 20,000 issues.

And a big portion of that stress is … getting bodies into the house.

We understand that and have spent hours — maybe even days — studying buyer demographics and determining where it would be best to showcase your home for sale. We are proud to announce that we are in the January issue of Open House & Dream Homes which publishes more than 20,000 copies each month for free distribution around central Ohio.

Why print/magazine?

Basically put, because people still pick them up and skim through them to get to know what they like and where they are beginning their search for a home. Our goal is to get you on their mind from the very beginning and make that decision quick and easy and get your home sold.

Thinking About Listing Your Home?
Contact Toby Today!

Delaware Home Values Up 8% Over Last August

Delaware Home Values Up 8% Over Last August

The average home in in Delaware, Ohio sold for $98.64 per square foot in August 2013, which was an 8 percent increase over August 2012 when the average sales price was $91.22 per square foot.

That’s the good news. The “not so good” news is that August continued the overall price slide that Delaware has experienced since hitting its high in June.

Delaware City Housing Report August 2013

Class No. Avg. (Sale) Price Avg. Sq. Ft. Price/Ft Low / High
Active 225 $308,235 2,597 $116.50 $0 / $3,400,000
Closed in August 69 $205,754 2,244 $98.64 $20,999 / $643,961
Sold Last 3 Months 220 $237,358 2,376 $102.39 $20,999 / $2,800,000
Sold Last 6 Months 436 $214,082 2,267 $96.87 $7,000 / $2,800,000
August 2012 71 $203,679 2,290 $91.22 $8,000 / $587,000

Source: Columbus Board of Realtors Multiple Listing Service

What does this mean on a whole? Well. the biggest challenge facing home owners in Delaware, Ohio that are looking to sell is two-fold.

  • Inventories Are Rising: Okay so 3.26 months of inventory is nothing to get all crazy over, however that’s a bump of more than .25 months inventory compared to June and July when “active adjusted*” inventory was at less 3 months.
  • The Active Vs. Sold Gap: The average house that sold in Delaware last month sold for $205,754 or $98.64 per square foot. The issue is that the average house on the market in Delaware is listed for $116.50 per square foot or if they sold for the average square foot size in August that house is over-priced by $55,000. Gulp, now the “actual” number is probably not that high as there are a couple of listings in the $1,000,000+ price point in Delaware on the market which are usually balanced by the $25,000 – $65,000 properties at the lower end. The sale have dried up the lower end and the houses coming on the market are coming on at the higher price ranges and not balancing out the price points.

Are these big challenges? Not for homes that are priced right for its condition. Buyers prove time-and-time again they are willing to buy homes that are solid values.

* – Active Adjusted – Utilizing the sold numbers from June and July and applying them to current inventory levels to create and apples to apples comparison approach.

Prices Increase 9%, 43% in First Five Months in Delaware County Ohio

Prices Increase 9%, 43% in First Five Months in Delaware County Ohio

The This Week in Delaware County Real Estate has been on hiatus as I’ve been busy working — hey gotta sell some houses baby — and also trying to figure out this market and boy is it full of bulls and bears.

Comparison of Delaware County prices between MLS and Delaware County Auditor
Four-week average price of property transferred in Delaware County, Ohio, on the Columbus/Central Ohio Multiple Listing Service and Delaware County Auditor. (Toby Boyce)

I love talking real estate and when I talk with the everyday “Joe” and “Jill” they can see where I’m coming from when I voice my concerns for saying, “the market’s back … buy, buy, buy.” My basic points are simple and (I think) valid:

  1. A “hot” market doesn’t necessarily mean a healthy market. Pretty simple idea right, just because everybody else is buying a house with no-money down and 120% mortgage means it’s a good idea right. That thinking is what got us in trouble the first time around.
  2. The state of the economy. A year ago everything was horrible with the economy, now it is okay. What’s happened? Things are a little better – but the biggest piece of that appears to be a resurgence in the housing market. Is this a paper run up?

I don’t have the answers, I admit if I did I’d be teaching this stuff rather than trying to sell houses. The point is simple – be honest with yourself and don’t buy into the hype from someone else on why you are buying or selling your home.

Do you want or need to buy or sell your home? Then do it. Period. It’s that simple in my mind. Don’t let some real estate agent or mortgage officer tell you what’s best for you – let them help you find out your options certainly – but don’t allow them to make up your mind.

Well, off my soapbox and let’s talk about This Week in Delaware County Real Estate for June 10, 2013.

Prices Increase 48%, 9% in First Five Months

As we are heading into the middle of the year it is always interesting to see how much of a change we are actually seeing on a weekly basis. Based on the chart at right you can see that the four-week rolling average on the sold listings have been much more consistent from the Columbus/Central Ohio Multiple Listing service than those reported from the Delaware County Auditor’s site – and more valuable as well.

Read More Read More

Homes for Sale in Delaware Ohio Between $130,000 – $150,000

Homes for Sale in Delaware Ohio Between $130,000 – $150,000

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Delaware Ohio Homes for Sale From $100,000 – $130,000

Delaware Ohio Homes for Sale From $100,000 – $130,000

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Delaware Ohio Homes For Sale $75,000 – $100,000

Delaware Ohio Homes For Sale $75,000 – $100,000

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Homes For Sale in Delaware Below $75,000

Homes For Sale in Delaware Below $75,000

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2013 Continues to Come In Like a Lamb in Delaware County

2013 Continues to Come In Like a Lamb in Delaware County

All the prognosticators have 2013 as the “Year of Real Estate” however in Delaware County Ohio it appears to be coming in like a lamb.

Transfers are starting slow in Delaware County Ohio.
Delaware (Ohio) County transfers are starting slow in 2013 compared to how they ended 2012.

There were 126 property transfers in Delaware County from January 14 – 20 with a transferred volume of only $12,941,843 or at least 11-week low of $102,713 per transfer.

The Four-Week Rolling Average for transfers reached a 7-week low when it dropped to 120 units this week down 4.38% from last week. However, the four-week rolling average on volume reached a low since, Ohio Home Team and Toby Boyce began tracking these statistics last November at only $18,108,504.50 down 17.87 percent from the previous week.

The extreme drop in volume is easily shown by the drastic increase in the number of non-valid sales that occurred this week with 61.9 percent of the transfers being not-valid sales. Only nine of those 77 transfers had any value at all associated with the parcels being transferred which drags down the overall value.

City By City Break Down of Transfers in Delaware County

Community Nu. (Valid) Paid Tax Amt.
Ashley 1 (1) $101,750 $88,700
Columbus 2 (0) $0 $18,667,200
Delaware 36 (17) $4,073,805 $4,831,500
Dublin 4 (1) $450,000 $1,612,100
Galena 5 (4) $882,188 $917,900
Lewis Center 16 (9) $2,767,412 $3,165,700
Marengo 1 (0) $0 $46,100
Ostrander 7 (1) $27,000 $1,277,200
Powell 22 (6) $2,288,560 $6,368,700
Richwood 1 (0) $0 $2,400
Sunbury 11 (3) $506,740 $1,414,100
Westerville 21 (7) $1,844,381 $5,990,400

As to the drop in the number of actual transfers the only thing I can guess is that it goes hand-in-hand with the Holiday season. People were focusing on friends and family this time in December and not on buying homes.

I would expect we’ll see the four-week rolling averages begin to trend upward in two weeks after we get past the first of February.

[wnt_search title=”Quick Search” /]

Can I get a Great Return on My Investment in Delaware?

Can I get a Great Return on My Investment in Delaware?

Can I get a “great” return on my investment in Delaware, Ohio?

Well of course you can. But the key is to ask the simple question … “what is your definition of ‘great’?”

[media-credit name=”Hans Thoursie | sxc” align=”alignright” width=”300″]Delaware Ohio Homes on Sale[/media-credit]

As the central Ohio real estate market continues to show a lot of discounted homes, investors are beginning to consider their options.

The Investopedia Web site calculates Return on Investment on its most basic level as the return on the item minus the cost of the item divided by the original cost of the item.

On its most simple terms, you buy a house for $25,000 and sell it for $30,000 and put nothing else into the home. Your return on investment is calculated by ($30,000 – $25,000) / ($25,000) which would result in a 20% return on investment. Simply put, you would have made 20 cents for every dollar that you put into the project.

It wouldn’t matter the cost of the project as we’ve taken it down to the basics — a percentage based upon the original cost of the project.

Why would that matter?Let’s say you have two homes you are looking at you can make $50,000 selling one and $3,000 selling the other. Which one would you assume is the better deal? That would be based upon the cost of the initial investement right? If it cost you $400,000 to get into that $50,000 deal is it as good a deal? Well the return on investment would be 12.5%. What is the house in the first example only cost $1,500? That’s a 200% return on investment.

[media-credit id=1 align=”alignleft” width=”257″]Home Search in Delaware Ohio[/media-credit]

The Weakness of Return on Investment

There isn’t really any weakness to return on investment — from a fundamental standpoint. However, we don’t live in a fundamental world.

The first weakness is oversimplification of the formula. In the examples above we “assumed” that there was no additional costs for owning the property. This situation would basically require you to buy and sell the property on the exact same day. Why? Because no matter how you pay for the home there will be some form of carrying cost. If insurance is $365 per year and taxes are $3650 per year then you are adding $11 per day that you own the house to cost of the home.

This is termed as carrying costs which are the costs that are associated with owning the home that continue to add up every single day that you have the property.

However, the biggest cost that is often missed is not considering improvement costs in the return on investment percentage. For example you buy Central Ohio’s lowest priced home for $2,850 (check out the MLS sheet). The home needs extenvise rehab and let’s assume that you have to put $10,000 into it and then turn around and sell it for $28,500 in 90 days and lets assume $500 a year in insurance and $1,400 in taxes.

The return on investment should be computed by taking cost of purchase ($2,850) plus cost of rehab ($10,000) plus carrying costs ($468.90 – $1900/365 days * 90 days owned) to establish a cost of ownership at $13,318.90. So we take the purchase price ($28,500) minus the cost of ownership ($13,318.90) and then divide by cost of ownership. So the project provides a return of investment of 114%. That’s a great return on investment but fails in comparison to the idea of a 1000% return on investment that could have been erraniously claimed if they just took purchase and sales price.

I think I’ve rambled enough on investing in Central Ohio. We’ll coninue to look at investment options for those looking to benefit from today’s depressed real estate prices in Delaware, Columbus and the remainder of Central Ohio.

Search All Central Ohio Homes For Sale Priced Under $25,000!

Welcome Home to 708 County Road 24

Welcome Home to 708 County Road 24

Welcome home!

708 County Road 24 is located only minutes north of the Delaware-Morrow County line just north of Stantontown.

This is a lovely home, that is ready for your decorating touch! It has lots of new mechanicals — including roof, propane furnace, DelCo water, exterior doors, most closet doors, paint, gutters, oak kitchen cabinets, kitchen and bath doors. It is ready for you to add your decorating touch and at the great price of $125,000 you’ll have the ability to do so.

The house sits on 5.11 acres and includes a small barn and two ponds at the rear of the property.

This is a great opportunity to make a house your own.

Call Toby today at (740) 990-9748 or toby@tobysellshomes.com for your own personal tour.

Property is listed with Disbennett Real Estate Company and all fair housing rules and regulations apply.