-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/1xz6u
Welcome back to another week's edition of Go Gaddis Real Estate Radio, right here on AM nine 20. The Answer. I am Cleve Gaddis and I appreciate you joining the show. In this first segment of the show, we've got a real estate update for the last seven days and are something you should know about Metro Atlanta.
Being M L K Jr Day. Coming up real soon, we've got five interesting facts about Martin Luther King Jr. And how much do you need to save for a down payment? There are so many misconceptions about that in the world. My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate, novice to experts.
So home selling and. Can be done with total confidence and without all the worry. This typical with life's biggest investments, we don't want you to have any questions that get answered at closing or after closing. That should have been answered before. A real estate purchase is a big purchase. In many cases, it is the biggest purchase that we make.
And there is lots of room there for mistakes to be made. And we hope that listening to Go Gaddis Real Estate Radio will help you decrease the chances of making a mistake in a real estate transaction. Don't forget, we want to connect with you. We really do go to go gadi radio.com, 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 your ideas with us. We'd love you to do that. Request your neighborhood be featured in our neighborhood spotlight. And you can subscribe to our podcast. Let's jump into the Metro Atlanta residential real estate update for the last seven.
We had 1,563 new listings. For those of you who've been listening every week over the holiday season, you are noticing, Hey, sounds like the market is starting to wake up. We had 928 homes go under contract, which is way off. Of where we would be in May, June, July, or August, but those sales are starting to pick up.
We had 1,769 closings and listen to this, we had 1,474 homes that had a price decrease. What does it mean for sellers? It means the market is already starting to wake back up. What does it mean for. There are many, many home sellers out there who are more motivated this week to sell their home than they were last week.
I can identify specifically 1,474 of those. If you are a home buyer and you are working with a real estate agent and they're not helping you identify properties that had a recent price decrease. And you either need to get them to get on the stick and do what it is they need to do to help you find homes that you can get a good deal on.
Or maybe you need to consider working with someone else if you are a home seller. We have Mitch Palm of Smart Real Estate data on with us in segment number two, and I believe that he's going to tell us that now is still a good time to sell a home. I believe he's gonna tell us. That we have around two months worth of inventory in metro Atlanta, and that still makes Metro Atlanta a seller's market.
In fact, there was some, an article in a publication recently that stated the Metro Atlanta Market will probably be one of the best performing real estate markets in the country in 2023. I hope that that turns out to be true. If you've just joined us, you're listening to Go Gaddis Real Estate Radio right here on AM nine 20.
I'm Cleve Gaddis, and in our, here's something you should know about Metro Atlanta Segment. We celebrate the life of Martin Luther King this Monday, the 16th. So we thought we would share some interesting facts about MLK Jr. And his family. I was talking to someone many years ago with the Atlanta Regional Commission and they said 50 years ago now this was.
15 years ago, or 12 years ago, but they said 50 years ago, from that time back, they said the city of Birmingham and the city of Atlanta were the same size. I don't know how big Birmingham is today, but let's say it's three or 400,000. Atlanta's over 6 million population. And I said, well, what was the difference?
And they said, basically four things. Number one, Martin Luther King Jr. Was from Metro. Number two was Hartsfield International Airport, being such a busy airport. Number three was the Olympics in 1996 in Metro Atlanta. And number four he said, was the ability for. Municipalities around Metro Atlanta to plan together.
That made sense for him to say that because he was, I believe, the chairman of the Atlanta Regional Commission at the time, but I was fascinated by what he said about M L K help put the city of Atlanta on the map. Martin Luther King, Jr. Was born Michael King, Jr. On January 15th, 1929. Atlanta. He was the second of three children to Michael King and Alberta King.
Martin Luther King Jr. Was named, uh, after Protestant reformer Martin Luther. I gotta go back and correct that. Martin Luther King Jr. Was born to Michael King, Jr. I, something's messed up in my notes here and I am sorry for that, but M O K Jr was named after a Protestant reformer, Martin Luther. His father changed his own name and that of his five year old son.
Here we go in honor of the Protestant Reformation leader. M O K Junior's birth certificate didn't reflect the change until 1957. He entered college when he was 15 years old, went to Morehouse, graduated in 1948, started in 1944 with a BA in sociology. He was arrested 29 times. And charged, many of which charged many times, many of which were dropped ranged from civil disobedience to traffic violations.
He survived an assassination attempt a decade before his death. September 20th, 1958. He was in an apartment store in Harlem for a book signing. A woman asked if he was Martin Luther King Jr. And when he replied, yes, she thrust a. In his chest, narrowly missing his heart. She thought he had ties to the Communist Party and she said she'd been after him for years after his death, the King family filed a civil case against the government and won.
The family was awarded some monetary damages, which they donated to charity. They said it was the charity. They said it was never about the money, but about the truth. We celebrate Martin Luther King Jr. The third Monday in January every. If you have just joined us, you're listening to Go Gaddis Real Estate Radio.
My name is Cleve Gaddis. You're listening to AM nine 20. The answer right here in Atlanta. Have you decided that buying a home this year is one of your goals, but you're concerned that you don't have enough money for down payment? Misconceptions about this are rampant. We've got a listener question from Bruce and Mary in Canton says, so we are in a new year and are thinking this is the year to buy, but freaking out that we won't have the money for a down payment.
Do you have any suggestions? And yes, I do have suggestions. Uh, most people think that home buyers need a minimum of 20% down. And let me give you the down payments that are made by different buyer segments. Number one, first time home buyers on average pay down 6%. If you're a first time home buyer, you can pay down as little as 3% for a conventional loan, three and a half percent for an FHA loan.
If you are a veteran or you're looking to buy a property that qualifies for U S D A financing, those are more rural properties. You could actually get into a property with zero down payment. All home buyers on average pay 14% down and repeat home buyers pay 17% down. Understand that 20% isn't always the typical down payment, unless specify by your loan type or your lender is typically not required to put 20% down, which means you could be way closer to home buying than you actually think.
So again, the median down payment hasn't been 20% since 2005. Median down payment today, as we mentioned a few minutes ago, is 14%, and that is a big, big. really, if saving for a down payment still feels like a challenge, you know that there is help available. A real estate professional such as Modern Traditions Realty Group and a trusted lender can show you the options that could help you get closer to your down payment goal.
We've been doing lots and lots of analysis, analyzing. whether it makes more sense to rent a home or to buy a home, and whether we looked at a $600,000 house or a $300,000 house or a $250,000 house, I have yet to see even at six in a three quarters or 7% interest, or six and a half percent interest. I have yet to see an example where it made more sense to rent a home financially than it.
Sense to buy that home. I'm not saying everybody needs to be a homeowner and everybody needs to buy a home. I'm saying I have yet to find a case where it doesn't make more sense, even at six and a half or 7% interest to buy a home. This segment of the show is brought to you by John Birchfield and Capital City Home Loans.
John makes it his mission to guide each home buyer step by step through the entire loan process, so they're educated and confident in the mortgage options available, and he wants you to be able to make the best decision. Along the way, he can be reached by calling 6 7 8 2 2. 7 8, 8, 7 6 7 8. 2 2 6. 7, 8, 8 7.
If you're looking to sell your home anytime in the next six months, we believe we can sell your home for $28,000 more than your neighbor sold his or her home for. How do you find out more? It's really simple. Go to go Gaddis radio. G O G A D D I S radio.com. Click on sale for $28,000 more, put in just a little information.
And when you do that, it's gonna take just a few seconds and boom. It's going to trigger a very cool process, something that you will not be able to experience anywhere else. Number one, we're gonna schedule an appointment for you where we will present to you what is called a customized maximum value plan.
It is. It is like a, an appraisal on steroids. It is an amazingly accurate way to look at value and will help you understand just how high you can push the price in today's market. Additionally, it will come with an r and r program. That's where you rest and relax while we rehab and refresh what you say.
Our listing service comes with up to $15,000 in cosmetic improvements for your home. Some people are thinking, well, I don't wanna make any cosmetic improvements to my home. No problem. We can sell your home exactly like it is if you believe, however, that improving the cosmetic condition of your home.
Cons. Con, improving the aesthetics of the home, the appeal to buyers. If you believe that would help you sell your home for more money, we have a way to help you get that done. If you don't have the budget for doing it, we can help you with that. And there are no additional charges. You just simply pay back the amount of money that was invested in your home up front.
You pay that back at closing. If you are interested in learning more. Go to gogaddisradio.com, click on sell for $28,000 more. Put in just a little information and we will get back with you. We're going to take a quick break and when we come back we've got Mitch Palm of Smart Real Estate Data and we're gonna talk about the housing market, the disruptions in the housing market.
In 2022, he's gonna give you some statistics that you probably have not heard anywhere else. So my recommendation is that you stay tuned. We'll take a break. We'll be back with that and more. Stick with us.