Category Archives: New home builders

NAR Reveals Housing Sales Lower Than Reported Due To Errors

Posted on 12/15/2011 | Leave a comment

This week the National Association of Realtors announced that the data they’ve been releasing on home sales has been flawed – mainly understated – by possibly as much as 20% lower than previously reported. They said they will recalculate the data going back to 2007. The national news/business TV shows have reported on this because it will mean the housing decline will be much worse than earlier thought. So be prepared when you hear more about it.

NAR indicated a problem with areas where an agent might belong to two MLS’s and posts their listing in both MLS’s. Denver and Colorado Springs were mentioned, but there are high population areas – East Coast – where an agent needs to belong to more than one MLS in order to capture all potential buyers. When that ONE house sells, its sale is recorded in both systems so the sale is overstated.

The NAR also said there may be a problem with new-builds being double counted since they sometimes are listed in the MLS but the builder reports the sale as well. We have that issue here, since builder spec homes are often placed in the MLS. Even if the builder hasn’t put the home in the MLS, the agent who sells the home can enter it in after the sale in order to record a sale for that agent. Again, this would result in double counting for any report that has obtained data from the builders as well as the MLS.

Our own local Board (CBR) often issues reports by zip code. I’ve previously written why that is not a good move because many of our zip codes cross school district lines. Home buyers tend to want to buy homes according to the schools. To illustrate how the data can vary, let’s consider Powell’s zip code – 43065 – which primarily is southwest Delaware County, but it also extends down into Franklin County in the Smokey Row/Hard Rd area. There is a wide difference in the homes and prices in the entire zip code.

For Jan-Nov 2011, in the entire zip code of 43065 (excluding short sales, REO’s, foreclosures, condos), there were 377 homes sold at an average price of $347,114. But if we view it by the four school districts found within the 43065 zip, here’s how the numbers shake out:

  • Olentangy SD: 265 homes at average sale price of $394,425.
  • New Builds in Olentangy SD: 8 homes at average price of $438,264.
  • Buckeye Valley SD: 43 homes at average price of $291,400. (mainly an area around & part of Scioto Reserve)
  • Dublin SD: 24 homes at average price of $285,285. (primarily Shawnee Hills and Summit View Woods in Franklin County)
  • Worthington SD: 45 homes at average price of $154,717. (Franklin County around Smokey Row/Hard Rd)

This is why I don’t use the NAR or CBR data for any of my reports on this blog. There are just too many misleading nuances. Real estate is local and if one doesn’t know about or understand the specific points of a given area, the public can really be misled.

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Posted in Central Ohio, Delaware County, Home prices, Homes, Housing stats, New home builders, Schools, Surveys

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2011 BIA Parade of Homes is near

Posted on 06/09/2011 | Leave a comment

The 2011 BIA Parade of Homes starts Saturday, June 11 and continues through June 26. This year it returns to Southern Delaware County off of Hyatts Rd between Rt 23 & 315 in a development named Olentangy Falls.

Olentangy Falls, 2011 Parade of Homes, Delaware OH 43015

There are eleven homes in this year’s Parade and I’ve heard that the majority are already sold.
New England Homes, $599,000
Fischer Homes, $449,980
Compass Homes, $497,900
Rockford Homes, $549,000
M/I Homes, $699,990
P & D Builders, $538,500
Weaver Custom Homes, $674,000
Dominion Homes, $549,971
Ambassador Homes, $539,900
Manor Homes, $675,000
Tuckerman Home Group, $579,000

2011 BIA Parade of Homes, Delaware OH 43015When I was there this evening, workers were putting the finishing touches on setting up the vendor tents. I suspect the builders are scurrying with last minute work as well.

Details:

  • $12 Admission but $2-off discount tickets are available at Kroger Marketplace locations. Children 12 and under are free
  • Sunday 12pm-6pm; Mon-Sat 12pm-9pm
  • From I-270 go north on Rt 23 or Rt 315 to Hyatts Rd. If on Rt 315, turn east (right) onto Hyatts; if on Rt 23, turn west (left) onto Hyatts. Follow signs.

Related articles:

Photos of 2011 BIA Parade of Homes, Olentangy Falls, Delaware OH

2010 Parade of Homes, New Albany OH

2009 Parade of Homes, Tartan Ridge, Dublin OH

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Posted in Central Ohio, Delaware County, Delaware Ohio, Homes, Homes for sale, New home builders

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Lewis Center is growing some more

Posted on 10/09/2010 | Leave a comment

If you haven’t driven north on Rt 23 to Delaware for many months, you’ll be surprised to see all the businesses now located at the intersection of Rt 23 and Lewis Center Rd.

Olentangy Crossing, Lewis Center, OH 43035A few years ago, homes began being built at Olentangy Crossing, an upscale subdivision. They’re very nice homes, with those further back into the community having treed lots. There are lots still available if you want a new build home. The building at the entrance (in photo) is one of two banks in the area.

Kroger Marketplace, Lewis Center, OH 43035Across the road (Rt 23) is the large Kroger Marketplace strip center. Various other businesses have now located here as well. The parking lot is usually pretty full. I’m sure the residents of all the neighborhoods along Old State Rd near Alum Creek Reservoir are finding this new center to be extremely convenient.

Kroger Marketplace, Lewis Center, OH 43035On the southern portion of the center, OSU Medical Center will be opening a care center. This will be wonderful, since southern Delaware County has few medical facilities. Currently there is one in Powell and one in Westerville, off Polaris.

Kroger Marketplace, Lewis Center, OH 43035One of the outlots is a Dairy Queen (YEAH!!) It has just opened and is hiring. I suspect it will be a popular spot for the nearby Olentangy high school students for lunch.

I am so glad to have this new shopping area. Currently I either drive to Powell or to Powell Rd & Rt23 to get groceries or gas. This will be a little bit closer when I just need to pick up something quickly … or when I need a Blizzard fix. ;-)

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Central Ohio, Delaware County, Delaware Ohio, Homes, Homes for sale, Lewis Center Ohio, New home builders, Powell Ohio

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2010 BIA Parade of Homes in New Albany – a Realtor’s® view

Posted on 07/28/2010 | Leave a comment

Yesterday morning was Realtor® Day at the 2010 BIA Parade of Homes at Ackerly Park in New Albany. Eight builders have homes in this year’s Parade. All of the homes have been built to conform with New Albany’s strict design style. This year’s builders are:

I was short on time but did manage to visit 7 of the 8 homes. I missed the Knight home and I didn’t visit the second floor of any of the homes. I did manage to take some photos for you.

Some of the differences that I noticed this year were the darker wall & wood colors and extensive use of decorating textures, mainly stone. Ceilings have become fancier and the flooring on the main level was mostly wood or very interesting tile. Countertops were either granite or the new concrete, which according to one of the builders, is similar in cost to granite. And yes, that IS a wood floor in that shower photo.

The Parade lasts until August 8. Visit BIAParade.com for more details.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Central Ohio, Franklin County, Homes, Homes for sale, New home builders

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How Buyers Shop For Homes

Posted on 11/27/2009 | 2 Comments

The National Association of Realtors® recently released the results of their Buyer & Seller Profile Survey that was conducted in 2008. As agents, we like to know where buyers are shopping for homes (RESOURCE). It is also important to know how the buyers first learned about the home they actually bought (SOURCE).

No surprise, the Internet is growing in magnitude for its importance in the home search process at 87%. However, Realtors® are THE leading originator for the home the buyer actually purchased (34%). The Internet came in a close second at 32%. Here is a chart showing the NAR Survey’s findings. The yellow bars shows the various resources buyers used when they were in the exploratory stage. The dark brown bars show the source where the buyer FIRST learned about the home they actually bought.

NAR 2008 buyer profile

Click to enlarge graph

You might be surprised that the Internet isn’t higher than Realtor® as a source for the home actually bought. What might be happening is that although buyers do so much web surfing for homes, those homes may no longer be on the market. That’s a major flaw to many of the web sites. Realtors® have access to the MLS which does show whether the home is an active listing or not. Therefore, it’s not surprising that the buyer’s Realtor® will continue to be a main source for ACCURATE info on homes.

The data also indicates why Realtors® no longer place ads in newspapers and why the home magazines have become thinner. Those media sell the agent, but don’t sell the home. The print quality of newspapers is so poor that it doesn’t compare well with the crisp photos on the Internet. The lead time on magazines is so long that the home may no longer be available. Although open houses are still conducted, they also are diminishing in favor due to security concerns and the known fact that they seldom sell the home held open.

If you are a home buyer, how do your habits compare to this National data?

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Advertising, Buyers, Home buying process, Home selling process, Homes, Housing stats, Internet, Media, New home builders, Newspaper, Realtors®, Sellers, Television

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Fewer new homes being built equals fewer monster trucks

Posted on 09/21/2009 | Leave a comment

In almost everything, there is some good and some bad. I try to find the “good” in what otherwise seems like a bad or at least, a not-so-good situation. Last Saturday, while driving around to take photos for my new photo blog (OlentangyLiving.com), it occurred to me that I was no longer sharing the side roads with the behemoth dump trucks.

Dump truckIf you have lived in southern Delaware County the past nine years, you know how prevalent these fully loaded – all axles down – trucks were. Speeding down the narrow back roads, to maximize the number of deliveries they could make per day to the local builders’ developments, they put other vehicles in peril that were near or in front of them.

However, with builders pruning their inventories in 2009, they’ve reduced the need for the loads of gravel or yards of concrete mix. So the number of encounters with these monster trucks has greatly lessened.

I’m torn between feeling sorry for the truckers, who likely have substantially reduced incomes, and yet relieved that I no longer have to worry about them crossing the center line, or being unable to stop quick enough for the traffic ahead.

Copyright © 2009. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Central Ohio, Delaware County, Homes, Homes for sale, New home builders, Transportation