-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/LxdYc
Welcome back to another week's edition of Go Gaddi Real Estate Radio. Right. Here on AM nine 20, the answer. I'm Cleve Gaddis and I appreciate you joining this show. In the first segment of the show, we've got our metro Atlanta residential real estate update for the last seven days in our, something you should know about Atlanta segment, the Georgia Aquarium and Mother's Day.
They might be the perfect combination. And how often does the typical US home, the typical home in the US change hands? How often do people. Sell their home and buy another. My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we have a goal to help listeners go from real estate novices to real estate's experts.
So home selling and buying can be done with total confidence. Well, without all the worry that is so typical with big, significant investments. We don't want you to learn anything at closing or after closing that you should have learned before we've been helping people in metro Atlanta. Buy and sell houses since 1987.
You heard that right? My family's been in the real estate business for 36, 37, 36 years. And we live, eat, breathe, and sleep real estate. And we want you as a listener over this show to know everything about real estate in Metro Atlanta. If you want to connect with us, it is easy. Go to go gaddi radio.com.
That's g o. G A D D I S radio.com. You can basically ask questions that we answer on air offense, air. You can make comments, you can push back or challenge any ideas from the show. You can share your ideas with us. You can request your home, be featured in our neighborhood spotlight, and you can subscribe to our podcast.
We would love for you to be a podcast subscriber. Let's jump right into the Metro Atlanta real estate update. For the last seven days, we had 1,714. New listings come on the market in the last seven days, 1,714. That's a lot. We should see that number. Get up to the 2000 or 2,500, maybe even high two thousands.
By the time we roll into the, uh, or this is what we've typically seen as we roll into late May, June, July, August. In that summer, selling season, 1,516 homes went under contract in the last week. That means there's 198 more listings that came into the market than actually were put under contract or went pending in the market.
So inventory. Continues to grow Is inventory out of hand? No. We've got about a little over two months worth of inventory. Anything under a four month supply of inventory is still considered a seller's market. Uh, but in comparison to early, excuse me, late 2020 and early 2021. When we had more like two weeks worth of inventory.
So we have four times as much inventory as we had, but the reality is we still don't have much inventory. There were 991 homes that had a price decrease in the last seven days. That's almost a thousand homeowners, 991 homeowners who have their homes for sale in metro Atlanta, who decided over the last week that they are a little more motivated to sell their home this week than they were.
In the prior week, so if you want to find a good deal on a home, if you're a buyer and you're looking for a home and you want to know where to look, well ask your real estate agent or call. Modern Traditions Realty Group at 7 7 0 4 9 7 0 0 0 0, and we will help you search by your geographic area, by your preferred criteria, and then we will help you know, all of the homes that have had a price decrease because it could be that those are the ones you need to be.
Looking at and considering and negotiating with, cuz it might be a much more balanced negotiation. There were also 1,775 closings. That's almost 2000 closings for the week. Two years ago, we had about 115,000 closings in metro Atlanta for the year. Last year it was probably 97 or 98,000. My guess is that that number this year will go to 90,000 or 92,000, but it is still a huge, huge, very, very active market.
And even though many of you who were looking at houses. Uh, especially over the last couple of years has said, you've said, holy moly, I cannot even believe that the price of houses is increasing the way it's cre increasing. Homes in Metro Atlanta are still way more affordable than they are in many, or I'm gonna say in most major metro areas throughout the country.
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 are educated and can be confident in all of the mortgage options available. He really just wants you to make the best decisions.
Along the way, John is my preferred mortgage provider. He's the only one that I trust and do mortgages with. Here in metro Atlanta, he can be reached by calling 6 7 8 2 2 6 7 8 8 7 6 7 8 2 2 6 7 8 8 7 in our, something you should know about Metro Atlanta, segment this. We, we are talking the Georgia Aquarium, but not just the Georgia Aquarium.
We have featured the Georgia Aquarium several times on this show, but we're talking about Mother's Day and the Georgia Aquarium. If you're looking for a unique way to spend Mother's Day with the moms in your life, then uh, Georgia Aquarium may have just what you're looking for to make that day memorable.
Check out the top four ways you can celebrate Mother's Day, the Western Hemisphere's largest aquarium. Number one, you've got Mother's Day Brunch. That is May the 14th, Sunday, may the 14th, which is also my daughter's Claire's birthday. It's also her anniversary, and so she will be celebrating her anniversary, her birthday, and her first Mother's Day as a mother on May the 14th.
That's a very exciting day for our family. Georgia Aquarium has a Mother's Day brunch from 11:00 AM to 12:30 PM You can enjoy brunch in the Ocean's. Ocean's Ballroom, which is. I've been to a Chamber of Commerce function down there. It's just a a amazing, you got views of whale sharks and manor rays and beluga whales.
You've got all kinds of stuff. Also, full brunches is provided by the Georgia Aquarium Premier onsite caterer. That's Wolf Game Puck Catering. I don't know about you, but when I go to Las Vegas, I always enjoy eating at Wolfgang Puck. Restaurants and tickets included the aquarium general admission, the full brunch menu, the cash bar, live, entertainment, all of that.
As a second option, you can meet in, up and close. Or have an up and close encounter with one of the aquarium's animals. You can give mom the experience of a lifetime with a variety, a variety of animal encounters, the penguin encounter, dolphin sea encounter, sea lion, shark, and ray interaction, all kinds of opportunities.
Number three, you could purchase a membership for you and your mom to visit the aquarium all year. All year long. Or number four, you could make a donation in your mother's name. You could name a jelly, which I assume means jellyfish. You could adopt an animal or you could name a dolphin theater seat. So four good ways to celebrate Mother's Day at the Atlanta Aquarium.
If you don't have plans yet for your mother, for Mother's Day, let me suggest. You might want to get busy. You might want to get busy. Have you lived in your home a long time? Uh, I've lived in my home for 24 years. I moved in March of 1999. And I don't know about you, but I'm always curious to know how long does a typical homeowner live in their home?
Have I been there a lot longer? Uh, have I been there less than the average homeowner before they sell or have I been there a, a less, less, uh, about average? We got a listener question from Thomas and Bogard in the last eight years. He says he's done six buying and selling transactions. When our, within our, with our team, Thomas, I know exactly who you are, even though I only have your first name and we appreciate your business.
My mom kept her last home for 25 years, so it got me thinking, how long do most people live in their homes? And the answer is, 12 years now, it hasn't been 12 years for a long time. The typical home in the US changes hands right now every 12 years, which is down from 20 twenty's peak of 13.4 and also down from 12.9 years.
In 2021. People are staying in their homes longer. Uh, and that is contributing to the lack of inventory that we are seeing today. 11 years ago, listen to this. Homeowners stayed in their homes for an average of 10 years. So 11 years ago, 2012, homeowners stayed in their home for an average of 10 years, 18 years ago.
So that's 2005, is that right? 2005. Uh, something's wrong in my math maybe, but anyway, it, 18 years ago, it was six and a half years. People stayed in their home for six and a half years. Now, this number is different depending upon where you live in the country, in the south, and in the west. People move a little more often.
In the Midwest and the Northeast, they move a little less often. So if the average is 12 years right now, today, it might be more like nine or 10 in the south or the West and more like 13 or 14 in the Northeast. So it does vary depending upon where you are in the uh, United States. This longer tenure is, they say experts say being driven by older Americans.
Uh, those 65 and older who have owned their home for at least 20 something years on average. Um, and those who are in the 35 to 64 range. So anyway, Americans 65 and older have owned their home 23 years. Those 35 to 64 have owned their home at least eight years. Younger homeowners are on the move, nearly half.
Have owned their homes for three years or less, and another 37% have owned their home for four to seven years. There are several reason that folks are staying in their homes longer than they have in the past couple of decades, including a lack of affordability due to rising mortgage rates. Currently, a lack of move up buyers, um, who don't want to give up their low interest rates, and historically high rental prices and inventory shortages.
Even though the length of time Americans are staying in their homes is ticked down from its 2020 peak, it's likely to head back up again in the next few years. If you're thinking of selling your home anytime in the next six months, we believe that we can sell your house for $28,000 more than your neighbors sold his or her home for.
How do we do that Will, it's really very, very simple. We analyze values differently and. Our listing service comes with a, an allowance to use to make cosmetic enhancements to your home to really make it shine. If you are considering selling your home and you know that it is not in the shape that will fe you the top dollar, my suggestion is before you make a decision to do anything in terms of selling your home, you need to reach out to.
Modern Traditions Realty Group. You can find us by going to go gadi radio.com, G O G A D D I S radio.com. Click on sale for $28,000 more. You'll be in and outta the sight in 30 seconds. And I say, if you don't believe that I can sell it for 28,000 more, then try me. We're gonna take a break when we come back.
Unclaimed property in Georgia. And how do you look it up? What if you have a tax refund or something due to you? How do you look it up and how do you claim it? We've got that and more. We'll be back.