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 Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The answer in this segment in our neighborhood spotlight, we're featuring Cascade Falls in Buford. What is Generation Zalpha I know what a generation Z is. I know what a Generation X is, but what's a Generation Z Alpha and what is D T I debt to income ratio and can it affect getting a mortgage?
Don't forget, we want to connect with you. We really, really do, and it is so easy. You can call 7 7 0 4 9 7 0 0 0 0 and then within a few hours you'll be talking to me and I would love to be able to talk to you. You can also go to go gadi radio.com, G O G A D D I S radio.com. You can ask questions. The questions we answer on the air or questions we answer just for you off the air.
No problem. You just tell us what you want. You can make comments or push back. You can challenge anything we say. It's no problem. In fact, I actually like when people offer me a different perspective. I am one of those people who. Don't always change my mind after I hear somebody else's perspective, but I always appreciate them because it gives me a different way of looking at the world.
And to me that is fascinating. You can share your ideas with us, especially if you want those ideas shared with everyone else. You can request your neighborhood be featured in our neighborhood spotlight and. You can subscribe to our podcast and we would love you to be a podcast subscriber. Each week we pick one specific Metro Atlanta neighborhood to call out critical changes over the last few years to help you understand as a homeowner in that neighborhood whether or not you have a particular advantage when it comes to selling your home.
This week, it's Cascade Falls. That's in Buford Des Gwinnett County. If you're taking I 85 North, you go to exit. One 20 Hamilton Mill Road. Turn left on Hamilton Mill Road. The neighborhood is on the right. You can use Cascade Falls to enter the neighborhood. Let's take a look at what's happened over the last three years.
I'm pulling up the spreadsheet now so we can review it together. I. In 2020, there are about 200 homes in the neighborhood. So we would expect about 14 homes to sell each year. And you say, well, why do you always say that? Well, we expect about 7% of the homes in all metro Atlanta neighborhoods to sell every single year.
We call that the turnover rate. And so I find it's interesting to know whether or not the turnover rate is lower than the average or higher than the average, or right at the average. And this one is a little bit lower than average, but very close to average in 2020. There were 12 homes of the 204 that sold.
They took an average of 32 days to sell, and the average sales price was $275,600. That ranged from a low of two 40 to a high of 296,000 in homes, sold for 0.3% more than they were listed for sellers. Got 0.3% more than they listed the homes for. If we move forward, jump forward to 2021. There were 13 homes sold.
One more than in 2020. The average days of the market was 10 days, so it went from 12, 20, 32 days to 10 days. It will be interesting to see what happened in 2022. Average sales price jumped about $50,000 to 322,462. It ranged from a low of 235,000 up to a high of 380,000. That's a big difference in home.
Sold for 3.3% more than they were listed for. That's a big deal, getting 3% more than you list your home for. Jumping forward to 20 22 13 homes sold unusual to have a neighborhood in metro Atlanta where you had as many homes sell in 2022, as in 2021. In many cases, there were about 20% less homes sold in Metro Atlanta.
Those homes took an average of 31 days from listening to contract. They went from 32 days in 2020 to 10 days in 2021 to 31 days in 2022. Average sales price jumped $70,000, jumped 50,000. 2020 to 2021. Jumped $70,000 more, 2021 to 2022 to an average of 390 2004. 46. Those sales prices range from a low of 341,500, up to a high of 458,000 home sold for 0.6% more than their list price.
Currently, there are two homes available for sale in the neighborhood, which means we have 1.84 months worth of supply, less than two months worth of supply, which means if no more listings come on the market in that neighborhood. It will take a little less than two months for those two homes to be sold.
It makes sense. When you think about there being 13 homes sold over the last 12 months, anything under four months worth of inventory is a seller's market. Four and five months worth of inventory is a. Balanced market over five months worth of inventory is a buyer's market, so that is still very solidly a seller's market.
Those 204 homeowners have gained 53 and a half million dollars in equity since 2012. Now, I know that not all of the same homeowners from 2012 actually lived there in 2022, but whoever has owned those homes from 2012 to 2022 has increased their equity. 53 and a half million dollars. I only mentioned that cuz I personally think home ownership is a great way for people to, to accumulate assets, to build their net worth.
To have their balance sheet be positive, meaning to have more, uh, than you owe. I'm not saying everybody needs to buy a house, cuz in some cases it doesn't make sense for people to buy a house. They're not gonna be in the same place long enough or they can't qualify to buy a house. And that's okay.
There's nothing in the world wrong with renting, but homeowners have. Average net worth of 250 to $300,000 comp, uh, based on information from the Federal Reserve Bank, and renters have 5,000, 7,000, something like that. So there's a very, very big difference. This el, the Cascade Falls is served by Ivy Creek Elementary School, Jones Middle School, and Mill Creek High School.
Mills Creek High School gets a school CHIMP score of 92. If you are the type of parent who doesn't want a monkey around with your kid's education or the school's effect on home values, You really, really, really need and I can't stress. You really need. If you're gonna sell a house anytime soon, if you're gonna buy a house anytime soon, go immediately to go gaddis radio.com, click on School Chimp, it'll take you to the School Chimp page.
It'll take you less than 30 seconds to answer a few questions, put in some information. We don't sell your information to anybody else. We don't harass you. Once we have your information, we give you the information we need. You, we think you need. We'll certainly be available if you have any questions, follow up questions, anything like that.
But it'll give you a ranking of all Metro Atlanta public high schools on a score scale of 20 to a hundred nineties and a eighties, a B seventies, a C. You get how that works. It'll also give you the demographic information that most people are interested in. What's the average age of a home in the school district?
What percentage are occupied by homeowners versus renters? What's the average educational attainment? Do the average person have a master's degree or a bachelor's degree or a high school degree, or is the average person not even a high school graduate? These are, in my opinion, these are things that would be important to know about an area.
What's the average household income, and then it will overlay all of the real estate sales data. Uh, it'll overlay that right on top of all of the other day. To go to School Chimp, go to go gadi radio.com. Click on School Chimp if you are looking for homes for sale. Also, uh, there's only really one place to search in Metro Atlanta.
That's sure mls.com. S u r e m l s.com. S u r e m l s.com Only place to search. It pulls listings from both listing services. If you are frustrated because you're not finding what you want. Finding what you want could be as easy as changing where you're doing your search, and I would go immediately to sh mls.com.
S U R E M ls.com got an article which is about Meet Jen Zfa, the powerful combo generation of teens and 20 somethings who are about to have major spending power. This is from Business Insider. You've heard Generation Z. I'm Generation X. You may have heard of Generation Alpha. Now, meet Generation zfa much as the name applies, the Zal alpha generation, can be best described as a combo generation.
Not to be confused with the Xenos, uh, the Microgeneration born from 1990 to 2000. If you're, if you're confused, then you're probably not as Alpha. Members of the generation are young, they're internet savvy, and marketers are clamoring for their cash alpha. Describes anyone born after 1996, so it contains all of generation Z.
Whose members are born from 1996 to 2012, and Generation Alpha, which spans the birth years of 2013 to 2025, will be Generation Alpha. And they have, they have a lot of money to spend because they're still so young. The oldest gen Alphas. Uh, alphas are, uh, turning 10 this year. Marketers have to walk a fine line between appealing to kids, tweens and teens without alienating their parents.
The internet native zfa generation is a prime target for brands, for other reasons, is potential spending power. A ban and company report from January predicted zfa spending would grow three times faster than other generations by 20. 30 cuz they, so they could be a big, big segment of home buyers. And it's so interesting to think about it, but all of real estate is supply and demand and all of demand comes from new household formation.
And lately we've been forming a lot more households in the US than we've been building, which is really what got us into this problem in the first place. Were probably 4 million residential. Dwelling units behind where we should be. This is the last time I'm gonna be able to warn you before April the first, that if you bought a home from January the first of 2022 to December 31st, 2022, and you have not applied for your homestead exemption, you can apply for it immediately upon closing for your home, but you're not entitled to it until after January the first of the following year.
So if you owned a home prior to January 1st of this year, You have not filed for homestead exemption. Go to go gadi radio.com. You'll see a homestead exemption link across the top toolbar. Go to that page. You'll find instructions for how to apply for homestead exemption in all counties in metro Atlanta.
We are have been on the war path for the last three months to make sure that every homeowner in metro Atlanta, who is entitled to homestead exemption. Get homestead exemption. We don't want you to pay a dime more in taxes than you should otherwise. What is debt to income ratio and could it affect your spending?
The answer is yes. And this is from Stanley in Chamblee. Stanley In Chamblee, I look like that a debt income ratio is the percentage of your monthly or annual income that you use to pay your debt. So if you have a car payment and a house payment and a student loan payment, those will total some percentage of your monthly income.
And from a mortgage standpoint, you're gonna have to keep that percentage. To 50% or under. In some cases it needs to be a little bit less for VA loans. In some cases they'll let you have a debt, debt to income ratio that is a little bit higher, but you definitely need to keep up with where your debt to income ratio is.
Keep that number under 50% for sure, and just a few points can make all the difference in the world. Thank you for being with us for another week's edition of Go Gaddis Real Estate Radio. If you need to reach us, 7 7 0 4 9 7. 0 0 0. On behalf of Modern Traditions Realty Group, I thank you for joining our show and I tell you that I look forward to talking to you next Saturday.
Have a great, have a great week, Atlanta.