-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/zTTjr
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The answer in this segment, should you sell your home and buy another one? Or should you consider staying and remodeling also listing fraud, and I mean listing fraud in real estate listings and listing fraud in four lease listings.
Uh, is that. A thing, is that a real thing? If you have not been active in the rental market or in the home sale market, you might not have any idea the number of scams that go on in the world today. Although, I guess if you just open your email account, you will know very quickly that there are lots of scams.
There are lots of scammers trying to take money from you. My name is Cleve Gaddis. You're listening to Go Gaddis. Real estate radio where we help help listeners go from real estate, novice to experts. A home selling and buying can be done with total confidence and without all the worry that is typical with life's biggest investments.
And don't forget, we want to connect with you. It's easy. Go to go gadi 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. That's totally up to you. When you can ask, make comments if you want to, you can push back or challenge things. We say people do that quite often and I'm always interested to hear what people have to say.
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Are you a. Home buyer who has a home to sell, and you're getting discouraged that there's still a not, there's still not a lot of inventory, uh, coming on the market in metro Atlanta. Well, as we mentioned in last week's show, we have about 35% more single family detached units. We have 79% more condos and town homes on the market right now.
But a listener question we received from Krista and John and Milton. It says, sell or stay. Sell or stay in remodel. Question mark. We aren't sure what to do and we have the funds to do some improvements and stay put. What are your thoughts? And you know, I think it really depends on your specific needs.
You know, a lack of inventory for sure is the single biggest issue for realtors and buyers. Uh, in fact, a new survey showed that while people are staying put in their homes, they're doing more remodeling. So, When they do eventually decide to sell, the price will be higher, often significantly higher.
Howles, H O U Z Z, an online home renovation and decorating resource found that more than three in five homeowners, 61% plan to stay in their home for 11 years. Or more after doing a renovation in 2022 in the the share of home buyers undertaking renovations with a plan to sell soon. Decline behalf since 2018, 6% this year compared to 12%.
So those that are making renovations to a home are quite often planning to stay in that home for an extended period. Nearly, uh, three in five homeowners remodeled or decorated in 20 22, 50 8% and 57% re respectively, nearly half made repairs. The median spend for home renovations in 2022 was 22,000. Uh, the higher budget updates reached 140,000 On average.
The kitchens and the bathrooms, you're certainly not surprised, remain the top projects with the average kitchen remodel costing $20,000. In the average bathroom remodel costing 13,500, the average home age in the US continues to increase. Um, over time people are just staying in their homes longer. I remember when, when people were staying in their homes five to seven years.
And even in this area today is probably closer to 10 years. If you go northeast, it's probably more like 12 or 13 or 14, um, years. So it, it, it does make sense for you to consider staying in your home, uh, and remodeling, but that has some limitations. So I live currently in a home that was built in 1991.
And, uh, I, I am selling that home and I'm moving to a town home that was built in 2005. Well, something that was built in 2005 just looks very different. I could do, in fact, pretty much every bit of my home has been remodeled in the last three years. For those of you who've listened to the show for quite some time, you'll remember that I got, I got a divorce, uh, in late 2020 and early 2021, and.
You know, during that process I needed something to do to keep my mind busy for those who are listening who've been through a divorce, you know what I mean? Uh, make you kind of crazy. Um, and so I just started doing remodeling projects around the house and, and really kind of remodeled or painted or did something to most of the house.
I didn't do the secondary bathrooms, but we had done those, you know, somewhat a few years back. And I went and toured, uh, my new townhome with one of my daughters recently. And, you know, she said, dad, I mean, this is like moving up. This is like moving into more luxury. And I think a lot of people would define my current house as being a, a very nicely upgraded and appointed house, and that it looks like 2023, but it doesn't look like a house that was built.
You know, in this particular case, 14 years after, you know, my house was built, and certainly if you bought one that was built today, it would look different, uh, even as well. So I think you need to be very open-minded. I think you need to, uh, really consider whether or not your current home is going to satisfy your needs long term.
I'm gonna say something that is gonna be hard for many of you, um, who are listening to actually believe that. I mean, uh, but you know, we only live once. And the reality is, uh, I have gotten so much pride, um, ownership, pride of ownership from the homes that I've lived in over the years. I've had three principal residences where I actually lived, lived.
I had one in. In Columbia, South Carolina. And then I had one in Chicago in the northwest suburbs and then one in Atlanta. And I've been in the same house since 19, uh, 99. And I've just gotten a tremendous amount of pride out of where I lived. And in many cases, people who were buying homes make the decisions.
Only financially. And I think that if you were to spend a little bit more money, but you could move into a place that that meets your needs or makes you feel better, I mean, when I drive up to the front of my house today, I have a lot of pride. I have landscape lightings, and when I drive up to the front of it at night, I, I just love that whole process and I, and I'm gonna love my new town home as well.
So, uh, I think you need to consider all options. And so before you decide that you want to renovate and stay in your home, I would ask myself the question. Can I stay here? Is it gonna meet my needs? Is it going to give me everything I need? And if not, you know, you say, um, Krista and John, that there's just not that much inventory, but there is, you know, significantly more inventory than this time last year.
Probably 50% on average, more inventory. And sometimes maybe you need to go look at properties that don't exactly fit the current condition that you're looking for, cuz you can get a better deal on those you don't have. Other buyers that you need to negotiate with, and there are ways to make some improvements and make that home look like 2023, even though it might be 15 or 18 years older.
So, My answer to your question, Krista and John, is it is up to you and your specific situation. I know you were probably looking for something that is, is, was, is more helpful, uh, but you need to consider purchasing and you need to consider, uh, staying put and doing some renovations. Have you ever been scammed?
And if you have been scammed, I bet it made you feel like a. Dummy, that's terrible to say, but I bet it made you feel that way. I am very, very fortunate, uh, that I have not been scammed. I have not, uh, fortunately, I I'm not, I'm not the most trusting person in the world, so I tend not to, uh, believe what is happening.
And, um, but if you have been scanned, I bet you felt defeated. You felt like you were taken advantage of, and you probably were ashamed of what happened. A listener Jeremy in Covington wrote in saying, during the market crash of 2008, there were many scams going on where a home was advertised as listed for sale or for rent, fully furnished.
Is this still happening? And how can you know this be avoided when we list this time this year? And you know, the, the answer is, uh, Jeremy, if you list your home, I'm way. Less worried about you being scammed than I am buyers, uh, who may be scammed. And I would say the biggest of the scams is when, uh, some unscrupulous person offers your home for rent when they don't have the authority to offer it.
And so, you know, if the deal on the home seems too good to be true, it probably is. If the person you're communicating with cannot make arrangements for you to see the inside of the home and their standoffish, should they avoid having any type of real detailed communication with you and, and avoid, you know, meeting you in person, I would say you need to be.
Careful, uh, not that this is going to solve your problem, but if I was renting or buying today, I would make sure that I had the help of a licensed real estate professional. If you have any questions or want somebody to help you with that, 7 7 0 4 9 7 0 0 0 0 is a number to call for, um, modern Traditions Realty Group, which is my team at Remax Center.
All throughout, uh, Metro Atlanta, this segment of the show is brought to you by the law firm of o Kelly and Sohan. They're a full service law firm with 26 offices throughout metro Atlanta. They specialize in residential real estate closings, 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 0 0 0 0. 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. I put my home under contract recently and I was talking to somebody today and they said, did you sell your house for $28,000 more than your neighbor?
And the answer is no. The most recent sale on our street in the neighborhood. We actually, uh, I believe by the time everything closes, um, we're gonna be more like a hundred. Thousand, uh, over what our neighbors sold for. And for those who are listening thinking, well, maybe this is too good to be true. I mean, there are some times when, when we cannot, uh, make, make that happen.
And it's usually when the home is fully improved and everything is ready to go. But if you're listening and you're thinking, man, I know I could sell my house for more money if I just had a little bit of money to fix it up and to to sell it, well, those are the people who need to immediately go to go gaddis.
radio.com. Click on sale for $28,000 more. Put in just a little bit of information. You will get a customized Maximum Value plan, which is an exclusive offering from Modern Traditions Realty Group here in Atlanta. And if you list with us, it'll come with a rehab and refresh budget or fif up to $15,000 to use to improve the cosmetic condition, the aesthetics of your home.
We're gonna take a quick break in our neighborhood Spotlight. Bridal Ridge in Swanee is being featured. Also seller's property disclosure statements, what needs to be revealed to a buyer, and then believe it or not, one in five, 20% of all Americans rent storage spaces, we've got these subjects and more, stick with us.
We'll be better.