-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/MNPZ3
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The Answer. I'm Cleve Gaddis. I appreciate you sticking with us through the break. In this segment we're featuring Barrington Trace in Atlanta, also what's new with Open Door and Zillow. They used to buy a lot of houses. What are they doing now?
And then how do you protect yourself from real estate scams? In other words, beware of real estate scams. We got a great, very, and not a great, an interesting, no, a disturbing story from Brunswick, Georgia, something taking place in the Golden Isles, a real estate scam. We got a lot to cover in this segment.
The second segment of the show, we had John Birchfield of Capital City Home Loans on, and we talked about the amount of debt the US has $31 trillion. Average interest rate on that debt list, just call it 1%. It's very, very low. And think about if they say that half of the debt they, I don't know what the source is, but about half of the US debt comes due in the next 24 months.
And if it came due it, today's current rates, maybe the interest would be four and a half or 5%, which means instead of paying $700 billion, In interest annually, which I believe is what we paid something similar to that in 20 or projected to pay in 2023, we might pay three and a half trillion dollars.
Interesting. And we need to explore this a little bit more, but would the US government take steps to push interest, bake interest rates back down? If they thought they were gonna have to pay three and a half trillion dollars in interest instead of 700 billion, I say the answer is probably yes. Don't forget, we want to connect.
Go gadi Radio is the place to do it. G O G A D D I S radio.com. You can ask questions, we answer off air, on answer, however you want to do it. You can make comments, you can push back, you can share your ideas. You can ask for your neighborhood to be featured in our neighborhood spotlight and. You can subscribe to our podcast.
Why would you wanna do that? Well, I don't know. Cause I think it'd be fun for you to be a Go gaddis Real Estate Radio podcast subscriber. Go gaddis radio.com. Click on podcast. You'll find a link to our podcast on all major podcasting platforms. Each week we pick one specific Metro Atlanta neighborhood to call out critical changes to help you understand as a homeowner in that neighborhood, whether or not you have a.
Particular advantage in today's market and this week it is ver Barrington Trace. It's in Atlanta, it's Fulton County, 2 85 East. Take exit two to Camp Creek Parkway. Turn right. Then you go right on to Enron Drive and the subdivision is on the right. So it is not very far from the airport. Not very far at all from the airport.
Let's take a look at what's happened in baring and trace over the last few years. For those of you who live in and around the airport or south of Atlanta, what's happening in this neighborhood? Mike Meer. What's happening in your neighborhood in there are total of 173 plus or minus homes in the neighborhood.
In 2026, homes sold, took an average of 40 days from the time they were listed to the time they went under contract. Average sales price was $430,000, which ranged from a low 400 up to a high of 473,000. Average home sold for 98.4% of its list price. Sellers discounted, um, excuse me, that was 2019. Folks.
That was 2019 home sold for 1.6% less than their list price. In 2026 homes, 40 days on the market. Average sales price. $434,000. That's why I got off. That's where I got off. It ranged from a low of 3 77 to a high of five 10, a hundred percent sales price to list price ratio in 2021. Again, six homes sold nine days on the market.
Prices jumped 150, 160, almost $170,000. From 4 34 to 6 0 7, they ranged from a low of 5 77 to a high of 6 55. Home sold for 0.8% more than their list price. And in 2020, only four home sold. That is unusual. You would think with almost 200 homes there'd be somewhere 1214 home selling every year. So in this home, the turn, this neighborhood, the turnover rate is low.
Sales price increased another $15,000 to $623,000. They ranged from a low of five 90 to a high of 657,000 home sold for 0.6% more than their list price. There are currently three homes available in the neighborhood for sale at an average list price of $668,000, uh, based on sales in the prior 365 days.
Only been two closed in the last 365 days, cuz remember the four that we told you about from 2022. Some of those were outside of the calendar year, which means we have an 18 month supply of inventory. When you have 18 months worth of inventory, it's a buyer's market. If you have less than five months worth of inventory, seller's market.
Five, four, and, excuse me, less than four months worth of inventory sellers market. Four and five months worth of inventory balance market over five months worth of inventory. Buyer's market. 173 homes in the neighborhood in 2012, those homes sold for $305,200 on average. When you compare that to the 623,000 average home value in the neighborhood today, homeowners in.
Barrington Trace have increased homeowner equity, $55 million. 55 million in the last 10 years. I think that is remarkable. It's not all about money, but the reality is, I think it is amazing when people are able to get a windfall because they own a home. We talk about this frequently. The average net worth of a homeowner in the US is 300, 350,000 average net worth of a renter under $10,000.
I'm not trying to make people who are renting. And renting houses feel badly cuz sometimes you need to do what you gotta do and I'm sure there's renters who have a very nice net worth. But the reality is, is one of the better ways to grow wealth in the country, uh, in the United States for sure, is to own a home and let your home equity grow.
If you are the kind of parent that doesn't wanna monkey around with your kids' education or the school's effect on home values, you need a school temp report. It is, in my opinion, the most comprehensive report, the most accurate rating system for public high schools in metro Atlanta. It's easy. Go to go gaddis radio.com, click on school chimp.
Put in a little information. You can compare one school to the average of all schools in metro Atlanta, or you can compare one school to another school, however you wanna do it. It'll give you all the real estate information specific for that school district, and it will give you a rating or a ranking.
For that school on a scale of 20 to a hundred, anything in the nineties or a hundred is an A. Anything in the eighties, a, B, C, you know how that works. And it'll also give you all the demographic information you might be looking for. What are the percentage of homeowners in the area versus renters? Um, what's the average age of a house?
Educational attainment of parents, household income, things like that. Things that you as a home seller might wanna know about your school district, and even more importantly, things that you as a home buyer might want to know as well. If you are searching for a home for sale. And you're not finding what you're looking for.
It could be you're searching on the wrong website. My simple recommendation for you today is to search scher mls.com, S U R E mls.com. Scher mls.com pulls listings from both listing services in metro Atlanta might be the key to helping you find exactly what you are looking for. What have Zillow and Open Door been up to lately?
You know, open Door was sort of one of the first. Iy, a company that buys home directly from sellers, maybe at a little bit lower price, but sometimes people who need to sell quickly don't wanna make any repairs. It works. And then Zillow decided, oh no, open door. We're not gonna let you take business from us.
So they became an iyer and they quickly shut that down after they had lost. Four, 500, I think maybe over a billion dollars. They lost trying to be an iyer. But those former rivals are now jointly providing cash offers to consumers in a total of 16 markets, meaning consumers who go on Zillow can request an offer directly from open door.
Now, people ask me quite often, by the way, the first two markets where they started, Atlanta, Georgia, and Raleigh, North Carolina. The upcoming 11 markets, Tucson, Arizona, Denver, Colorado, Colorado Springs, Colorado, boulderer, Colorado, Fort Collins. Colorado, Charlotte, North Carolina, Columbia, South Carolina, Greenville, South Carolina, San Antonio, Texas, Austin, Texas, and Killeen, Texas.
Killeen. K I L L E E N. I think I'm saying that correctly. Um, I, is it right for people to get offers from Open Door and to go around real estate agents? Sure. Depending upon your situation, but I will tell you. In my opinion, if you are looking to sell your home directly to an Iyer or to someone who will give you cash for that enclose quickly, my recommendation is you talk to a reputable real estate agent.
We'd love it to be us at Modern Traditions Realty Group, 7 7 0 4 9 7 0 0 0 0. I'll take care of you, myself, and you need to have somebody lay out all the options for you so you know exactly what you need to do. As a seller, did it bother you? When a potential listing agent asked you lots and lots and lots of questions, did you feel like they were violating your privacy?
Show me this. Tell me your mortgage amount. Show me a copy of your deed. Well, a listener, Kayla in Woodstock. Says she recently caught the tail end of a TV segment that mentioned real estate scams. What exactly are we talking about? And we have such a, a wonderful example, and this is from the Brunswick News.
This is, uh, realtors in the Golden Isles area, maybe asking sellers a few extra questions about their identities these days. But rest assured those questions are. To protect the property owners from scammers. Scammers in that area are impersonating property owners and listing properties. They don't own listing them for sale properties.
They don't own. It is a sophisticated operation that involves perpetrators conducting extensive research on real estate property owners, and in some case cases, assuming other people's identity scammers. The way it works, scammers place a phone call to a realtor, claim to be the property owner. They tell the realtor they're out of town on vacation or.
Gone for an extended period of time, or they fall into a financial hardship and they need to sell immediately. In some cases, you know, they've, even when the real estate agent talks to 'em, they produce photo IDs and include the actual driver's license numbers of the real property owners, other license information.
You know, the implications of these phony sales. If they were to close it could be devastating. Most closing attorneys are good about doing their due diligence to ensure the buyers and sellers are who, who they claim they are. And Georgia is one of the few states where attorneys do the closing anyway, but would only take one sale of a.
Scam purchase for someone to be out a ton of money, and I'm sure you can understand, usually the rightful property owner will alert the agent that they did not give permission for a property to be sold or they'll update the closing attorney. Or the closing attorney is not gonna be able to verify the identity, identity of the seller at or just prior to closing.
Uh, the association, the Georgia Association of Realtors is encouraging property owners to check their properties online to see if they're listed for sale on sites like Zillow. And realtor.com is terrible that we feel like we have to do that in today's market, but sometimes we do. We appreciate you listening to another week's edition of Go Gaddis Real Estate Wait Radio, where we help listeners go from real estate novices to experts, so home buying and selling.
Can be done with total confidence and without, without all that worry. That's so typical with life's biggest investments. We'll see you next Saturday, 9:00 AM. Have a great week, Atlanta.