Glen Abbey; Regrets from First Time Home Sellers; Have you Missed the Spring Selling Window?
-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/BLp3b
Welcome back to Go Gaddis Real Estate Radio, right here on AM nine 20 in this segment. In our neighborhood spotlight like Glen Abbey and Alpharetta is being featured also, what are the regrets of first time home sellers? Like what? What did they wish they had done that they did not do? And have you missed the spring selling window?
Don't forget, we want to connect with you. Go ga. US radio is the best way to do that. Go ga us radio.com. You can ask questions, make comments. You can subscribe to our podcast, all of that good stuff. This segment of the show was brought to you by the law firm of O'Kelly and Sohan. They are a full service 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. Let's jump into our neighborhood spotlight.
Each week we pick one specific Metro Atlanta neighborhood to call out critical changes to help you understand as a homeowner in the neighborhood. Whether or not you have a particular advantage. This is Glen Abbey, which is on Kimball Bridge very close to the Johns Creek border in the city of Alpharetta.
So Alpharetta High School, very good area, and a gorgeous neighborhood. I believe it was a Jim Coward or a John Coward neighborhood, and there are several entrances and they're all just absolutely gorgeous. I have, or I did think about moving into Glen Abbey when I bought my home in 19. 99. In 2020, there were 25 homes.
Now there's 500 homes in the neighborhood. So you would expect about 7% or 35 ish, 37 ish to sell. Generally we don't see quite that much, uh, but that's kind of what we expect. In 2020, there were 25 homes that sold. They took an average of 19 days from the date they were listed until they went under contract in the average home.
Sold for $754,000, $754,000, and went from a low of 6 45 to a high of. 8 75 and the home sold for 99.4% of their list price. In 2021, there were 21 homes that sold less than the 25 the prior year, they took 12 days from listening to contract. Average sales price went up $130,000 to $884,000, 7 54 to 8 84.
The low price was 710,000, high price, 1.157 million. Home sold for 5.3% more than they were listed for. You heard that right home sold for 5.3% more than they were listed for in 20 20 18 homes. It went from 25 in 2020. 21 homes in 2021. 2022, sorry, I think I said 20, 20 18 homes. Those 18 homes took 11 days to sell, unusual for the days on the market to be less in 2022 than in 2021.
For most metro Atlanta neighborhoods, average sales price jumped another $200,000, so it jumped 130,000. 2020 to 2021, another 200,000. 2021 to 2022. The average sales price, 1.187 million, which ranges from a low of 925,000 to a high of 1.5 million homes sold for 6.57% more than they were listed for, which is, uh, amazing.
There are currently two homes available for sale, three homes available for sale, sorry, in the neighborhood. The average list price is 1.322 million ranges from 1.297 up to 1.4 million. I can't even believe that homes in that subdivision are selling for over a million dollars. Not that I don't think they're worth it.
I think they're worth it. But it wasn't too long ago that those homes were selling in the 500 s and the six hundreds and the 700 thousands. The reality is, From 2014 all the way to 2018 homes, stayed in the 600,000 range, just easing up just a little bit each year. 500 to 19 520 homes in the neighborhood, plus or minus in 2012.
The homes were at their lowest value since they were built, or the lowest value since 20 2007. Average sales price of a home in the neighborhood, 557,007 10. Today, 1.187 million, which means. Homeowners, the 519 or 20 homeowners in that subdivision have additional equity of $327 million, $327 million. I just love that.
It's, um, I, I just, I, I and I, and I shouldn't, it's not all about the money, and it's not that everybody's gotta get rich owning homes. I just love it that people and invest in a home can have a wonderful place for themselves and their. Family for all the fun in the backyard stuff and all the living that goes on in a house.
And then they can also be making money in that process. I did have somebody ask me not too long ago, you know, how does it make sense to buy a home if most of what you pay is interest? Well, the reality is, is that you still typically pay a lot less than you would pay in rent payments over that same 15 or 20 or 30 years.
And so, At a minimum, even if your HO home doesn't increase in value at the end of 30 years or 20 years or 15 years, however long the mortgage is amortized, you owe nothing on the house. So you've got a $500,000 house and you know, owe nothing on it. What are common regrets from first time home sellers?
We're gonna cover that, but before we do, if you are thinking about selling your home anytime in the next six months, I recommend you go to go gaddis radio.com. I recommend you click on sale for $28,000 more. Yes. You heard that right? I believe. Then we can sell your home for $28,000 more than your neighbor sold his or her home for.
If you don't believe me, I say try me. Well do you have to lose. Go to go gaddis radio.com, click on sell for $28,000 more. It'll take you less than 30 seconds to put in a little information. We'll reach out to you. Two things we will prepare customized maximum value plan. If you want to talk about a cool way, To analyze home values, this is it.
You will be impressed. You will like to see it, and you can have it all for free. No cost, no obligation, and if you decide to list your home with us, it comes with an r and r program, which is where you rest and relax while we rehab and refresh. Just cosmetic upgrades up to $15,000 in allowance. There's no cost to you.
You simply pay the money back at closing. So if you are an Atlanta homeowner and you're thinking about selling your home and you're like, dang, I wish my house was a little bit nicer. I think it would sell for more if I could do this or that, but you're overwhelmed by the process and maybe you don't even have the.
Extra cash laying around to do it, but you got tons of equity in your house. Then you need to go to go get us radio.com, click on sale for $28,000 more, put in a little information. I will handle your situation myself, which means you, I will be the one you're talking to and I will be the one that will be making recommendations for you.
If you are the type of parent that doesn't want a monkey around with the kids' education or the school's effect on home values, it is easy. Get a School Chimp report. Go to Go gaddis radio.com, click on School chimp, put in a little information. It is the most, in my opinion, accurate and the most data available in a school report, cuz it takes the school information, gives you a school rating, and then gives you.
All of the real estate data. For those of you who are searching for a home currently, I encourage you to consider maybe switching over to sure mls.com, S U R E m ls.com. I will bet you anything that if you go to sure mls.com, you will find some homes listed there that you do not find on other sites. It's because that site pulls all listings from both listing services here in Metro Atlanta.
What are regrets that first time home sellers have? Nearly 90% of sellers in America have regrets about how they conducted their first home sale. Many feel they could have made higher profit if they'd made better decisions. The reality is we gotta do a little testing to see if these regrets are valid.
The number one regret is incorrect pricing. 39% of first time home sellers wished they had listed their home for more money. Now, despite that, 22% of listings underwent price cuts in January of 2023 during the first year of the pandemic, nearly every home sold above its list price. But that's not really the case anymore.
The spring sellers. Are more likely to regret pricing their home too high. They're saying now the price their neighbor commanded a year ago may no longer be realistic. I believe that that might not be the case in metro Atlanta. Certainly might make sense all throughout the us It's more important than ever for, for more than important than ever for sellers to rely on the advice of a great agent to help 'em price their home.
Second concern, lack of online marketing. Listen to this nearly 90% of first time. Sellers from the past two years feel they could have gotten more money if they or their agent had done something extra. To give the listing a little online curb appeal. One of the things that we do is we actually, um, color the grass and the sky of our listings.
We only do it in the front photo, but it's really the contrast that you're looking for. The green in the grass, the color of the house, the blue of the sky. That's what attracts people's eyes to it, and you only have a few seconds to make that first impression. 25% wished they'd included a virtual tour in their listing and they did not.
We include Mac Daddy 3D virtual tours. 25% of first time sellers said they had bad timing and two out two outta five surveyed shared that when they listed their home, achieving a quick closing was a higher priority than making top dollar 36% of first time home. Sellers wish they could have known how fast their home would sell retrospectively, wondering if they should have asked for more money.
Also a lack of home repairs. Nearly two thirds of first time home sellers completed at least two home renovation or improvements to ready their home for market, and 78% felt those upgrades improved their home sale. But 25% of all first time sellers from the past two years believed they could have gotten more money if they, if they'd invested even more in time and money into their improvement.
So a lot of regrets from first time home sellers with. Spring in full bloom and the end of the school season right around the corner. Are you concerned that you may have missed the window to sell? Patrick and Tequila wrote in asking, we want saying we want to sell, but we feel that we may have missed our window to get the best price.
Kids are outta school soon and we want to get into a new school district. Any advice? Don't think you've missed the window because I do not believe you have missed the window. I do not believe that at all. Uh, I think that this year's selling season, because there's a lack of inventory coming into the market, I think you will have lots of opportunities through the summer selling season, and believe it or not, into the next school year.
People don't like homeowners, moms and dads and. Heads of families, whatever your family may look like. They don't like to have their life on hold because of interest rates or low interest rates or whatever in the heck it is. And so their desire to move, it continues to be a deep desire to move. So Patrick, my suggestion for you, As you have not wished, missed the spring selling season.
If you get your home listed in the next 30 to 45 days, I think you'll be in good shape and I predict for you, Patrick and Tequila, a good sales price and a smooth, easy and quick closing. We appreciate you joining us for another week's edition of Go Gaddis Real Estate Radio will be back next Sunday.
Excuse me, next Saturday. At 9:00 AM you would think after 10 years I could remember what day the show was on. Take Care, Atlanta. We'll see you next week.