Finding the Perfect Fit: Home Size and Boundary Matters
Welcome back to Go Gaddis Real Estate Radio right here on AM 920 The Answer. In this segment in our neighborhood spotlight we're featuring Clearwater Point in McDonough. Also what size home do you really need for your family especially considering any special needs that might be present and is a survey really necessary when buying.
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That way you'll never miss even one single segment. of Gogatus Real Estate Radio. Each week we pick one specific Metro Atlanta neighborhood to call out critical changes over the last three years to help you understand as a home seller, as a home owner, whether or not you have a particular advantage in that neighborhood.
And this week we have picked Clearwater Point in McDonough or a resident of Clearwater Point in McDonough has asked that we feature their neighborhood. It's in McDonough, which is in Henry County. You take I 75 south to exit 216. You go left on highway 155 to Airline Road and go right. The neighborhood is on the right.
It's very easy to find. Somebody asked me the other day, when you talk about neighborhoods, why do you give so much information about what's going on around the neighborhood and not as much information about the homes in that particular neighborhood? And it's because what people are looking for and what we have found is lifestyle.
So it's where the grocery stores are located and where all the parks are. And if you're missing that, it doesn't matter how perfect the house is. People don't like it. Clearwater point is a swim tennis neighborhood of about 360 plus or minus homes. The amenities include a clubhouse, tennis courts, swimming pool, playground, and a putting green.
It's convenient to I 75 and only 30 minutes south of Atlanta. It's 10 minutes to the McDonough Square with restaurants and shopping and entertainment and galleries. The Geranium Festival is celebrated, celebrated there. Each may in the square, features hundreds of crafts and food vendors and countdown to the new year.
Also at the Geranium Drop. The area has many parks with trails, playgrounds, athletic fields, and some lots of different things to offer. It's 10 minutes from Heritage Park and Historic Village. It is 10 minutes to Big Spring Park, which is named for the original water source for the city of McDonough. It has walking, jogging, has a track, has a dog park, has inclusive playground for families and kids of all ages.
It's also less than 10 minutes from Southern Bell Farms, which is a 330 acre working farm that has seasonal events and berry and peach picking and fresh produce. It's 15 minutes from Sandy Ridge Park, which is a 30... four acre BMX Sanction Park, which features a racetrack with a 50 ft starting hill and high bank turns and riders of all ages and skill sets.
Skill levels are welcome. 15 minutes to Red Hawk Nature Preserve, 20 minutes to Avalon Park with athletic fields and an 85 by 1 50 in line hockey rink. for year round play and 30 minutes to Atlanta Motor Speedway, not just for NASCAR, but camping and car shows and festivals and concerts are held there.
In fact, I've been to Atlanta Motor Speedway only once with my buddy Alfie, who I have to say is also the technical producer of this radio show. And, uh, I had a great time. I was a little embarrassed by the fact that I wanted the cars to run into one another. We had an amazing time. Let's take a look at Clearwater point in McDonough.
Let's take a look at the last three years, three years, and see what's happening price wise in 2020, excuse me, 2021, there were 13 homes sold in the neighborhood. They took an average of seven days to sell. The average sales price was 333, 577. They ranged from a low of 260, 000 to a high of 405, 000 and homes sold for 2.
1 percent more than their list price. In 2022, seven homes sold took an average of 27 days from listing the contract and the average sales price went up 90, 000 from 333, 000 up to 423, 000. They ranged from a low of 350, 000 up to a high of 490, 000 homes sold for 2. 2 percent more than they were listed for.
Year to date this year, there've been a total of six homes sold. They've taken 48 days. It's gone from seven to 27 to 48 days. It's gone from 13 sales to seven sales to six sales. Average sales price decreased about $30,000 to 389,000. It could mean that there was just an unusually high couple of sales in there that pulled that average sales price up in 2022.
The low price was 340,000. Year to date. High price, 465, 000 homes still selling for 0. 8 percent more than they were listed for. There is currently one home available for sale in the neighborhood since there's been 10 homes that have sold in the last 365 days total going back a year from today. That means the neighborhood has a 1.
2 months. Supply of inventory. That means if no new houses came on the market in that neighborhood and sales patterns of the next month or two mirrored sales patterns of the prior 12 months, that it would take 1. 2 months to sell all the homes listed. 1. 2 months is a seller's market. We believe that anything under four months, less than four months, is a seller's market.
Four and five months is a balanced market. More than five months is a buyer's market. Now, if you listen to National Economist, and this is going to sound really egotistical when I say this, cause I don't mean I'm smarter than an economist, but economists will say that the real estate market is in balance when there is a six month supply of inventory.
But if there's a six month supply of inventory, that means half of the inventory would be sold within 90 days and the other half of the inventory would be sold in the subsequent 90 days. So in months four, five and six, and if you think that that is a balanced market, then just go ask a seller who has had their home on the market for over a hundred days.
Whether or not they think the market is balanced and that's why I came up with a new way of determining whether something was a seller balanced or a buyer's market. Not everybody agrees, but I'm okay with that because I think it's the right thing for you as listeners of the show to understand. In 2012, The average home in Clearwater Point sold for 118, 000.
Let me say that again. In 2012, the average home in Clearwater Point sold for 118, 000. Yeah, in 2022, the average home in the neighborhood sold for 423, 000, which means homeowner equity from 2012, 10 years later in 2022 had increased 110 million. For homeowners in that neighborhood alone. The elementary school is Ola.
The middle school is Ola and the high school is yet again. Ola has a school chimp score of 84. If you're the type of parent that doesn't want to monkey around with your kid's education or the school's effect on home values, you need to order a school chimp report. And I'm not kidding you. If you are considering buying or considering selling, and you have not gone to gogaddisradio.
com, clicked on school chimp and got you a. And, and, and downloaded for yourself a school chimp report. I say you are missing out on a wealth of information. If you are a home seller, you would want to use that information to show buyers just how great your area is. If you're a home buyer, you want to be able to use it to make sure that the areas you are considering pass muster, meaning.
They actually are good enough for you from a school district standpoint. You get a ranking or a rating of the schools. You can compare one school to another school. You can compare one school to the average of all schools, however you want to do it. You get all of the demographic information, the average age of a home, the size of a home.
You get the average educational attainment of parents, the percentage of homeowners versus renters. You get all that stuff and you get all of the real estate information overlaid right on top of to that, right on top of that. If you're looking, searching for a home for sale and you're not finding what you need, go to SureMLS.
com S U R E M L S. com. Pulls listings from both listing services. If you search that site, you'll make sure you don't miss anything. If you're thinking of buying a new home, one of the first questions you may have is, how big of a house do I need? It can be difficult to estimate how much space you'll need, and every family is different.
Timothy in Peachtree City submitted a question. We're house hunting and are a family of four. What size home should we be looking for? And I would say a minimum of 2, 400 square feet. So the way that works is fairly simple. There are certainly several factors to consider when you determine how big of a house you need.
But, and certainly your life changes or special rooms or other features would make a difference. But generally you want to multiply the number of people in the household by 600 square feet. So 4 would be 2, 400, 5 would be 3, 000, 6 would be 3, 600. You see how that works. Remember, buying a house is a major commitment, so you want to make sure you're choosing the right home.
Remember, multiply that number of people in the home by 600. Another thing you might want to consider is the overall room size averages. Some families need rooms that are just a little bit bigger or a larger kitchen or a primary bathroom attached to the primary bedroom. You'll unfortunately have to keep up with your financial situation because that should play a significant role as well.
You should consider any specific needs or desires, potential life changes, maybe somebody moving in with you. Um, whether upsizing or downsizing is a good idea. The reality is you need to think through your situation in order to decide exactly what. Home you what? Home size you need. How would you feel if you bought a home enclosed only to find out later that the lot lines were smaller or not where you thought they were.
And your fenced backyard is also smaller. In fact, your fence is not even on your property. Would it make you resentful? It sure would. Me Alfred in cumming. So it is agent suggested we get a survey of the property before we close. Why would that be necessary? Our lender didn't mention it. Not required by the lender anymore because the title insurance companies don't require it.
But I will tell you, Alfred and Cumming, that I always get a survey on the properties that I purchase. I think it's very important to know exactly where the lot lines are. And to know if there's any... Problems where my fence encroaches on someone else's property or my driveway encroaches. You can solve all of those problems before you close, but when you purchase, once you purchase, it's much more difficult to, to, uh, to, to handle those issues.
So I say, yes, get a survey 100 percent of the time. If you're thinking about selling your home anytime in the next six months to a year, give us a call at 770 497 0000 and take advantage of our seller confidence plan. We want you to know all your options and we believe you should call us before listing your home with anyone.
Thanks for joining us for another week's edition of Go Gaddis Real Estate Radio. We'll be back next week, same time, same channel. Have a great week, Atlanta.