-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/38WJr
Welcome back to Go Gaddis Real Estate Radio right here on Atlanta's Zone AM nine 20. In this segment of the show in our neighborhood Spotlight, we're featuring Bridal Ridge in Suwanee. If you're. Incoming or Alpharetta, or Suwanee or John's Creek, you definitely wanna pay attention to the segment cuz what's happening in Bridal Ridge might be the same thing that's happening in your neighborhood as well.
Seller's property disclosure statements, they can be a little bit tricky. What needs to be revealed to the buyer and how should the buyer depend on statements? Made in the seller's property disclosure and believe it or not, one in five Americans rent storage spaces. I'm interested in learning a little more about who rents and why they rent, and we've got that in this segment.
Don't forget, we want to connect with you and it is easy. Go to go gadi radio.com. That's G O G A D D I S radio.com. You can ask questions. You can make comments, you can push back, you can share ideas, you can request your neighborhood, be featured in our neighborhood spotlight, and you can, um, uh, subscribe to our podcast.
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Wherever you are, whenever you choose to do it. Each week we pick one specific Metro Atlanta neighborhood to call out critical changes in the market over the last few years, and this week it is Bridal Ridge in Suwanee. Now that's for Seith County Suwanee, not Gwinnett County. Suwanee. We just featured or did a a little segment on the city of Suwanee being the sixth best placed.
The sixth best city-like suburb, uh, to live in in North America. Well, this is in for Seith County Suwanee. So if you are on Georgia 400 going north, you'll exit at exit 13, which is Georgia 1 41 or Peach Street Parkway in that area. You'll turn right onto 1 41. The neighborhood is on the right. You'll use Bridal Ridge Drive.
To enter the neighborhood. Let's take a look at what's happened in that neighborhood or that subdivision over the last three years. Subdivision is roughly 330 homes, give or take in the last three years. Here's what's happened in 20 20 18. Of those 331 homes sold, we would expect there to be 21, 22, 23 sales, so a little lower than we would expect.
Took 56 days from listing to contract. That means from the day the house was listed to the day it went under contract, uh, it took a, um, a, a whopping at that time, 56 days. The average sales price in the subdivision $444,072, that ranges from a low of 342,500 to a high of, um, 545,000 properties were discounted 0.9% off their list price.
Before a buyer put it under contract in 2021, there were 18 homes sold. Again, days on the market went from 56 days in 2020 to six days. In 2021, average sales price increased 111,000 year over year. You heard that right? 111,000 from 4 44 to 5 55. Those range from a lower 425,000 up to a high of 660,000 homes sold in 2021 for 5%, 5.6% more than they were listed for.
Talk about a situation where real estate agents were not able to get the right price, the right list price. They sold for 5.6% more in 2022. Only half the number of sales in 2021 and 2020. We have nine sales for the year. The days on the market went to 20 days, which means your average home that went on the market stayed on the market 20 days before it went under contract with a buyer, and the average sales price increased another a hundred thousand.
So the average sales price from 2020. To 2021, up 111,000 from 2021 to 22 22, 20 22. Easy for me to say up a hundred thousand even. They went from a lower 457,000 up to 847,700. In the average sales price in the neighborhood was 655,189, so 4 44, 5 55, and then 6 55. There's currently three homes available for sale in the neighborhood in an average list price of $721,000, which means there's 4.5 months worth of inventory.
For those of you who listen to the show often, you know that less than 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 in this case, bridal Ridge is at the low end of a balanced market, which means if you're looking for homes for sale, and I'm not saying you can get a screaming deal in there, cuz it could be that all of these.
Properties that are current listed are MacDaddy perfect, but it would be a good place to look cuz you have over four months worth of inventory, which starts to put it in a balanced category. 331 plus or minus homeowners in the neighborhood. Average sales price in 2012 was $295,000. We compare that to the.
655,000 average sales price in 2020. And we know that homeowner equity in the neighborhood has grown 118 million, really 119 million. Why do we talk about that? Because I think, uh, homeowner equity is a significant portion or a significant driver of net worth in the United States, and I believe that.
Homeowners have, uh, significantly higher net worth than renters. So I want to talk about it because I think it is, it is, it is very, very important. For those who don't want a monkey around with their kids' education or the school's effect on home values, there's really one answer to that problem, and that is to get a School Chimp report.
And it is easy to get one. Go to go ga us radio.com. On that top toolbar, you'll see the School Chimp link. Um, I am going in here right now. Go gaddi radio.com, G O G A D D I S radio.com. And when you get there, you will see, uh, a little more. Uh, button to the right click on that. Go to School Chimp and you can enter just a little bit of information.
You'll have the ability to produce a School Chimp report, either that compares one Metro Atlanta High School to the average of all Metro Atlanta High Schools, or one Metro Atlanta High School to another one. You'll have to select the county, the city, and the school. It's really easy. If you wanna just download the report compared to everything, just click on download report.
If you want to compare one school to another, just click on Compare Schools and you will be good to go. For those people who really don't want a monkey around with the school's effect on home values, school Chimp is really the best way to do it. If you're searching for a home to buy and you don't. You just feel like there's gotta be more inventory out there, you just don't feel like you're seeing everything?
Well, I mean, that could be the case. I bought investment properties over the years and in 2001, 2002, I can't tell you how many properties I found that were not listed in one listing service in Atlanta, but they were listed in another. And the solution to that problem for you is assure mls.com S U R E M L S.
Dot com. If you are frustrated with your search, go to sure mls.com today. What if you have water in your basement or bats, heaven forbid in the attic. Maybe you did a home addition. If you were buying one of these homes, how would you feel if any of these items, there was something wrong with them and you were not?
They were not disclosed by the seller for you to consider as you were considering whether or not you wanted to make an offer to purchase that home. And then you close on the home, you move into the home and you start finding water in the basement, bats in the attic, and maybe a potential home addition.
I wanna mention that, you know, it is my belief that, uh, you should never buy a home, even a new construction home without having a home inspection. There are lots and lots of home buyers out there who choose not to have a home inspection and, um, I, I, I don't, I don't love that you need the opportunity.
George is a buyer beware state, which means it is your responsibility as a buyer to discover everything that you need to discover for the home. Barbara and Peachtree Corners submitted a listener question. She says, I've been searching for my first home and have seen several sellers property to closure statements.
Exactly what must be revealed to a buyer when considering an offer. Well, The Seller's Property Disclosure Statement is produced by the Georgia Association of Realtors. I would love to tell you that it is the perfect form, uh, but it does not cover everything that, that you need to cover. So take everything in the seller's disclosure.
You're reviewing, you're looking for yes answers that are negative. You have to disclose water. You have to disclose whether or not you made improvements without. Permits, whether or not there are any electrical issues, the age of the heating and air conditioning, the age of the water heater, the age of the roof.
But remember as a buyer that what the seller's disclosure says is, to the best of my recollection, Here's what I'm stating about the property. And so if, for example, a seller misremembers and they disclose it, they're not really, and they fail to disclose something, they're not really violating something, and it would be very difficult to prove that a seller knew something.
Was wrong and then failed to disclose it. So my suggestion is you need to, uh, make sure you double and triple check through a good home inspector. And, uh, I like the ones that are the most detailed and in some cases I call 'em ornery. They're not really ornery, but I want somebody that's in there looking to find things to protect my interest.
I think that is extremely important. Nearly one fifth of all Americans rent storage spaces. And I know that sounds hard to believe, but it is true. A few months back we did a segment on how to choose a storage unit, but with all of the people who are working from home or people who are downsizing, there are lots of people renting self storage space.
They say 53 million square feet of new self storage space will join the US landscape in 20. 23 alone, gen X or those who are 40 to 55 make up the majority of self-storage renters. Nearly a quarter of all Gen X adults do. So I do, so I'm embarrassed to say, and they cite not having enough space at home is the main reason I, I need it for work purposes.
Uh, the need for more space is 40% of the people who, who, who, who rent. Um, You know, the, the amount of self-storage space that is actually occupied in the, you know, United States is amazing. Renters are more likely to rent, steal self-storage during a move than homeowners. 48, 40 4% compared to 25%. And self storage rental is much more likely for people living in spaces between 1,015 hundred square feet.
And it is for spaces that are bigger. So the reality is that, um, there's a lot of people renting self storage space. I can't believe 53 million square feet will be added to that market this year. If you're looking to sell your home anytime in the next six months. We believe that you need to know all of your options.
There's four or five ways to sell a home, and you need to work with someone that'll analyze all four or five of those for you. Give us a call at (770) 497-0000 or you can just go to go gaddis radio.com, whatever works best for you. That is another week's edition of Go Gaddis Real Estate Radio. We appreciate you being with us.
We, we will be back next Saturday at 9:00 AM and we look forward to talking to you then Atlanta. Have a great week.