-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/DKNWe
Welcome back to another week's edition of Go Gaddis Real Estate Radio. Right here on Atlanta's Own AM nine 20. The answer in this first segment of the show, we've got the Metro Atlanta Real Estate update, the residential real estate update for the last. Seven days. Those who listen to the show regularly, you know, we give updates on the market and seven day increments because when times are a changing or times are different in the real estate market, you need to understand what's happening in small bite-sized pieces so you can really see trends that are happening and are something you should know about Metro Atlanta, the giant bronze fish statue in Buckhead.
What is it? Where did it come from, and what should you focus on in this particular real estate market? If you're a buyer or a seller, what should you be focusing on? My name is Cleve Gaddis. You are listening to Go Gaddis Real Estate Radio. We help listeners go from real estate novices to experts. So home selling and buying can be done with total confidence and without all the worry that is so typical was Life's with Life's biggest investments.
To make a long story short, we don't want you to learn anything at closing or after that. You should have learned before. Please remember, we love to connect with our listeners. We love it and it is easy. Two easy ways to connect with us. Number one, you can just call us the old fashioned way, 7 7 0 4 9 7 0 0 0 0, or you can go to go gaddis radio.com.
That's G O G A D D I S radio.com. You can ask questions that we answer on air or off air. You can make comments about anything you want. You can. Push back. I'm, I don't ever mind anybody challenging anything we say on the show. In fact, sometimes those are the most interesting discussions I have with people.
You can share your ideas on ways to improve a home or things you've done with your home that make living in your home a just amazingly. Pleasant. You can also request your neighborhood be featured in our neighborhood spotlight segment, which is in the fourth segment of the show, and you can subscribe to our podcast.
We are available on all major podcasting platforms. Let's take a look at the Metro Atlanta residential real estate market for the last seven days. There were 1,889 homes listed for the last seven days in metro Atlanta. That's a little higher than it has been for the last few weeks. 1,259 homes were placed under contract, which I would say is a little bit lower than average, but just a little bit.
There were 1,739 closings for the week, which is a good bit higher. I would say the closings on average are staying in the. 14 to 1500 closings per week range, and we're at 1740 basically, and the number of homes that had a price decrease continues to creep up. I remember a few years ago when there would be 400, 300, maybe a maximum of 500 homes each and every month that would have a price decrease this month.
Excuse me, this, uh, every week. This week it was 1,431. So for those of you who think, there are no good opportunities out there and there are no sellers who are motivated to negotiate with you in good faith, I believe there's 1,431 sellers. I. Who raised their hand last week saying, Hey, I might be more interested in selling this week than I thought I was last week.
If you wanna work with a real estate firm that can help you identify properties where sellers might be more motivated than you need to work with, possibly. Modern Traditions Realty Group, which is my real estate team. We have some software in place that helps us identify properties in your geographic area, in your price range, where the seller might be.
More motivated to negotiate with you. To find out more, call 7 7 0 4 9 7 0 0 0 0 and I Here's something you should know about Metro Atlanta Segment. What is the giant Bronze fish statue on Far Road in Buckhead? Well, I can tell you what it is. Many of you who've lived here for a long time probably know exactly what it is.
It is a 65 foot tall long, but it's standing upright like the fish is jumping up out of the water. Uh, that literally that 65 foot long bronze statue. It sort of seemingly, you know, leaps out of the ground. But if you've ever driven past something and said, What the heck is the story behind that? We have a little bit of a story for you about the giant bronze fish statue at the Atlanta Fish Market on Far Road in Buckhead.
This statue has become somewhat iconic, not just for the city of Atlanta, but also for anyone who has. Ever dined at the beloved fish market? The giant statue has been delighting visitor since 1995. It started out as a beautiful bronze color. However, over the years, the statue has started to take on a bluish green tint.
I believe they call that, uh, patina, uh, when copper or bronze does that. But that's similar to the Statue of Liberty, which is green, but didn't start out that way. Bluish green, it's been nicknamed the Great Fish and has become iconic within the city. With many visitors driving by just to get a glimpse of the huge restaurant mascot.
In fact, Guinness World Records, the Guinness Book of World Records has recognized the gym as the largest statue of a fish in the world. The Atlanta fish market has been declared as the southeast widest selection of fresh fish, which means that, of course, They would have to have humongous, a humongous structure outside to remind people of what awaits them inside.
The next time you wanna see a Guinness Book of Worlds World Records breaking statue while also grabbing a platter of fresh fish head on over to the Atlanta Fish Market. Again, things you should know about Metro Atlanta. For those of you who have been listening regularly, you know, we have got two different webinars coming up in the month of August.
The the, the webinar is titled Six Keys to Success in Real Estate Investing. It is a free webinar. It's on Saturday, August the 26th from 10 to 11:00 AM and Wednesday, August the 30th. From starting at 7:00 PM so 7:00 PM to 8:00 PM We're gonna discuss the four types of returns you get on real estate investments, how you can invest through your I R A, how you can potentially avoid taxes when you sell an investment property, and what are the most ideal properties to rent in metro Atlanta.
We are going to cover all that and a lot more. We received a listener question from, uh, Vera in coming. Says, we've been watching the real estate market and listening to the news for some time now and see that things have changed from a year ago. But really, where is the market right now, Vera? What a great question.
I would imagine if you're anything like me, all the news in the media, um, it's mostly negative and it sometimes confuses me and I know it confuses potential sellers and buyers. On really where the market is, and you kind of gotta know where the market is in order to make a decision about whether or not buying or selling a home is right for you.
The reality is, is that the real estate market is actually not that bad. It's in pretty good shape. Now we're gonna talk about the real estate market nationally. And over the past year, everybody who's followed the news about real estate, nobody would blame you if you were confused or concerned or worried.
Uh, things have changed from where the market was a year ago, but thankfully the news is really not all bad. I. And that's why it's so important, I believe, to consider all of the reports you hear in the national news media in the context of really where the market is right now. Number one, know that inventory and sales vary depending upon specific markets, and many market home sales are down, like Atlanta, sales prices are up, but in other markets, unit sales are up as well.
Rising mortgage rates have caused some buyers to drop outta the market. Sure. But the the, there are still plenty of buyers out there buying and selling homes. Number two, we have returned to a more realistic mortgage rate. I feel terrible saying that, but during the 1980s, rates were in the range of nine to 14%.
1981, there were 18.4%. I just locked in my mortgage at 6%. I know that's more than the 3.375% rate I had on my existing home, but it is still. An affordable, uh, still the monthly payment is affordable for me to buy a home, and people today have an astounding amount of equity. It is really amazing to me just how much equity people have in homes.
The average net worth of a homeowner I. Somewhere in the range of 350 or $360,000. A lot of that comes from, it comes from their, uh, equity in their homes. Over 68% of Americans have paid off a mortgage and or have at least 50% equity in their home, so there is tons of equity. Everywhere. If you've just joined us, you're listening to Go Gaddis Real Estate Radio right here on AM nine 20.
The answer, I'm Cleve Gaddis and I am your host. If you're looking to sell your home anytime in the next six months, we believe we can sell your home for, uh, $28,000 more than your neighbor sold his or her home for. My guess is if you're listening to that, you're doing just a little double take and thinking, how can he say.
That he can sell my home for $28,000 more than my neighbor sold his or home for his or her home for, because he doesn't know anything about my home and he doesn't really know anything about my neighbor's homes. Well, the reality is, is that many of the homes we sell are not in the same condition when they get listed as they were when we found them.
'cause we offer what's called a rehab and refresh program where we will invest up to $15,000 improving the cosmetic. Appearance, the aesthetics of your home to make the first buy or fall in love with it and want to buy it. We also will provide a customized maximum value plan or a C M V P, which is like an appraisal on steroids.
It is a unique proprietary way of looking at pricing, trying to really be able to understand where is the ceiling, just how high. Can we price this particular home? Now, I'm not saying everybody should want to get every dollar out of the sale of their home, but I will tell you that if you're looking for a way to get tax free money and you and your spouse have lived in the home for two of the last five years, you can have up to $500,000 in capital gains and not pay any taxes due to the exemption or the exclusion when you sell your personal residence.
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 in the mortgage options available. He really just wants you to make the best decisions along the way, and he can be reached by calling 6 7 8 2 2 6 7 8 8 7.
When I told you before we could sell your house for $28,000 more, I didn't tell you how to learn more. You can either call 7 7 0 4 9 7 0 0 0 0 or go to go Gaddis radio.com and click on sell for $28,000 more, we're gonna take an, we're gonna take a break, home inspections in metro Atlanta. What does the average inspector look for and how does an inspection differ from an appraisal?
Stick with us. We'll be back.