-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/TajW9
Welcome back to Go Gaddis Real Estate Radio. In this segment, Beyonce's Renaissance tour. How did, if it affect positively or negatively, Metro Atlanta and due diligence, what does the term due diligence mean in real estate and how have. Due diligence period CHA periods changed over the last few years. My name is Cleve Gaddis and you're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate novice to experts in an effort to make home selling and buying something you can do with total confidence and without all that worry, that is so typical with life's biggest investments.
We don't want you to learn anything at closing or after that you should have learned before. And we want to connect with you and it is so easy. Go to go gettis radio.com. Go G A D D I S radio.com. You can ask questions, you can make comments, you can push back or challenge anything we say. You can share your ideas with us.
You can request your neighborhood be featured in our neighborhood spotlight. If you want to hear a three year analysis of what's happened in your specific neighborhood, and you can subscribe to our podcast. We're available on every major podcasting platform. I don't know how many of you listening are Beyonce fans, but according to an article or a news story from Fox News right here in metro Atlanta, uh, Beyonce's Renaissance tour was, uh, a significant force.
We wanna talk about Atlanta traffic's restaurants, basically. What all do they have in common? We got a question. We received a question from Cameron in Atlanta. It says, Beyonce's Renaissance tour was recently in Atlanta. We didn't get an opportunity to go, but it got us wondering how did this and other tours affect Atlanta's economy?
I would imagine that Taylor Swift's tour, it was here recently. I think it was here recently. Maybe it hasn't come here yet. I don't know. I guess I should probably look that up. I don't really know. I should Taylor Swift in Atlanta. And let's see here. Taylor Swift coming to Atlanta. What does it say? 2023.
She was here in April, so yes, she has been here. I should probably know that. Uh, but Beyonce's tour, they say impacted the local economy to the tune of $10 million. Her Renaissance tour stimulating local economies in the city. She graces, according to experts, is being called the Beyonce effect, A noticeable boost.
And spending before and during her tour stops in cities across the country. Beyonce is definitely a force. The article says, according to Professor Tom Smith of Emory's, go way to business school, she's a, a force. Uh, he's using as an example during lecture discussions with his students about events that can have an impact on the market.
He says, they talked a little bit about looking at similar types of events like a Super Bowl or an All-Star game, or the Chick-fil-A. A kickoff bowl or something like this, or another concert like Taylor Swift, high Demand for tickets to see Queen Bay. Uh, Beyonce perform live prompted the edition of two more shows in metro Atlanta.
Beyonce has such a large fan base. That, um, you're gonna have tourists coming to the city, people coming here to Atlanta, who wouldn't have been here otherwise, and they're gonna spend a bunch of money with more than 100,000 fans. 100,000 fans eager to check her technique at the Mercedes-Benz Stadium.
Businesses of all sizes saw benefits according to the article of increased foot traffic. People who had Airbnbs and owns restaurants and hotels, people who are driving Ubers or selling t-shirts or setting up shops on the. On the side to sell shirts or any other kind of swag. He estimates or Smith estimates the concert generated an additional $10 million in revenue across Metro Atlanta.
Most of the impact, he says, went to smaller mom and pop entrepreneurs, but definitely restaurants and hotels saw an uptick in their business for sure. And how did it affect traffic? Well, anytime we have something in metro Atlanta, it makes traffic tough. But with Beyonce descending upon the city restaurants and bars around town, we're.
Prepped with food and drink deals and performances and special events, all celebrating Beyonce to keep people in one place and not to have so many people out there driving around. I personally am a big fan of events coming to Metro Atlanta. In fact, any city where, um, I might, uh, work or live over time, I love.
Bringing tourism dollars into the city, you're listening to Go Gaddis Real Estate Radio right here on AM nine 20. The answer. My name is Cleve Gaddis. In addition to being a real estate broker and a team leader, uh, all through, uh, right here in metro Atlanta, my family's been in real estate for 37 years.
My business is. Modern Traditions Realty Group with Re Max Center, we can be reached by calling 7 7 0 4 9 7 0 0 0 0 immediately following today's show, and on Wednesday, August the 30th at 7:00 PM So today, Saturday, August the 26th from 10 to 11:00 AM Wednesday, August the 30, from seven to August the 30th, from seven to 8:00 PM.
We're doing a free investor webinar, investor webinar entitled The Six Keys to Success in Real Estate Investing. We'll talk about the four different types of returns, how to sell your property and defer taxes on it. How to invest using your SS D I R A and answer lots of basic questions. That is going to be a very simple discussion about the practical reasons for investing in real estate.
You can go to go gaddis radio.com. In the upper right hand corner, you can click on the link that says Free investing seminar. Um, let's see here. I can't remember what it says. It says, free investing webinar, uh, upper right hand corner. Just click on that sign up. We'll invite you to one or both. You can attend both sessions if you want to.
They, uh, the, the content will be the same, but the discussion will be a little bit different. And that's today, Saturday, August 26th, 10:00 AM to 11:00 AM. And Wednesday, August 30th, 7:00 PM no cost, no obligation, and we'll answer whatever questions you have. We received a listener question from John and Nina in Duluth says, we're planning to make an offer on our first home and heard the words due diligence, exactly what does that mean and how does it affect our purchase?
But those of you who. May have purchased a home during the pandemic. You might not even recognize the words due diligence because the market inventory was so tight that in most cases, uh, people, buyers did not even have a due diligence period. And so, A due diligence period is a number of days. Typically, in Georgia, it's been either seven days or 10 days during which a buyer can do their due diligence on a property here in metro Atlanta.
Uh, that means do a home inspection, have somebody come out and check for radon, do any structural inspections, have an electric electrician come out or an H V A C company come out or get estimates on carpets, things like that. You have an opportunity to do a due diligence in Georgia. A due diligence period gives the buyer the right to inspect and gives the buyer the right to terminate for any reason or for no reason at all during that due diligence period.
So let me say that one more time. If you have a. 10 day due diligence period in your purchase agreement with a seller. Your buyer and sellers need to pay attention to this as well. Then you have 10 days during which you can do whatever tests and inspections on the property you desire, provided you're not invasive, you don't cut holes in the walls, things like that.
If you wanted to do that, you would have to get the seller's permission to do that, or as a seller, you would have to give your permission for someone to do that. And during that 10 day period, a buyer can terminate for any reason because they. Found something wrong with the inspection or they can terminate for no reason at all.
A third thing that a buyer can do is seek to amend the contract to address these concerns. So it could be that a buyer says, I need the front railing replaced. I need the H V A C serviced, and I need the. Um, um, the dishwasher serviced. I'm just making things up here. And then the seller could either agree or disagree.
If the buyer seller disagrees, the buyer would have the opportunity to terminate if they wanted to within that 10 day period. If the seller agrees, then that due diligence period, if the right box is checked on the amendment, the due diligence period goes away, and the buyer and seller would be marching toward what hopefully would be a smooth closing.
I want to mention, John and Nina, that there was an interesting effect from people not being able to have a due diligence period. I saw a survey that was released sometime earlier this year that said 74% of the people who bought a home during the pandemic wished they had bought a different home. So I think there's a lot of people out there who bought a home during the pandemic who have a very low interest rate.
Who feel a little bit stuck like they have to stay in their house because they, uh, bought it just as fast as they could to keep another buyer from buying the home, and they feel like they might have made a bad decision. I believe that at some point in time, maybe as interest rates ease or, or as time goes on and the home sellers think, well, I need to go ahead and sell my house anyway, so I think I'm gonna sell my house no matter what.
Um, I think a lot of that inventory is going to be coming on the market, and I, for one, will be excited to see, uh, that inventory. This segment of the show is brought to you by the law firm of O'Kelly and Sohan. They are a law firm with 26 offices throughout Metro Atlanta. They specialize in residential real estate closings, including home purchases, refinance, closings, corporate relocation, and real estate.
Contract review and title insurance matters. They can be reached by calling 7 7 0. 4 9 7 1 8 8 0 7 7 0 4 9 7 1 8 8 0. They are my preferred closing attorney. If you're looking to sell your home anytime in the next six months, right here in Metro Atlanta, I. We believe we can sell your house for $28,000 more than your neighbor.
It's real simple. Go to go Gaddis radio.com. On that upper, upper toolbar, you'll see $28,000 more. Just click on that. There's just a few little questions for you to answer so I have enough information to know how to follow up with you, and I will personally an analyze your situation and help you learn how we believe we can sell your home for $28,000 more than your neighbor, one of our secret weapons.
Is we have what's called an r and r program. You rest and relax while we rehab and refresh. We'll invest up to $15,000 in proving your home so that you can get the highest dollar possible for your home. We'll collect that money back at closing and uh, you'll wind up with a lot more money in your pocket as a result.
Go to go gaddis radio.com, G G A D D I SS radio.com. Click on $28,000 more, putting in a little information and I will reach out to you right away. Wanna talk just quickly about the due diligence period just before we close this, uh, segment. If you have a due diligence and the due diligence period ends without you as a buyer seeking to amend the contract, then you've agreed to buy the home as is.
We're gonna take a quick break. When we come back in our neighborhood spotlights, Spalding Lakes and Sandy Springs, we're gonna talk about the advantages and disadvantages of three D printed homes, which we talked about on last week's show. And you're, are you ready to buy a home? How would you even know?
Stick with us. We'll have those subjects and more we'll be back.