-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/Etigj
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The Answer. I'm Cleve Gads and I really appreciate you joining us this Saturday morning. In this segment of the show in our Neighborhood Spotlight, we are featuring three chimneys incoming. For those who are familiar with that area, who live anywhere in that area, that northeast corridor of metro Atlanta, you want to pay attention to this segment cuz what's happening in three chimneys might mirror what's happening in your neighborhood.
Also, should you get a survey? As a buyer when you're buying a property in Metro Atlanta and can you use some of the closing costs that a seller has agreed to give you as a buyer? Can you use it to pay for something as simple as a home inspection? We've got those subjects and more during this segment.
Don't forget, we want to connect with you and it is easy. You can go to go get us radio.com. Go. G A D D I radio.com. You can ask questions that we answer on the air or off the air. You can make comments about anything we've said. You can push back or challenge anything we've said on the show. You can share your ideas.
You can request your neighborhood be featured in our neighborhood spotlight if you want to, and you can subscribe to our podcast. In fact, we would love for you to be a podcast subscriber. Without further ado, let's jump into our neighborhood spotlight this week. We are featuring three chimneys. As you know, or as most of you know, we, each week we pick one specific metro Atlanta neighborhood to call out critical changes over the last few years to help you understand as a homeowner in the neighborhood, whether or not you have a particular advantage when it comes to selling a home.
It is one of my favorite segments of the show because I think. As a homeowner in a certain neighborhood, the more you know about market trends in your neighborhood, the better decisions you can make when it comes to selling your home. If you have a particular advantage as a seller, you should know it. If you have a particular disadvantage as a seller, you should know it so you can make the best decisions along the way.
As the market starts to shift or as continues to shift, as it starts to make changes, it gets more and more difficult to make, to know how to make the right decisions, it gets more difficult to make good decisions, and we hope that the neighborhood spotlight, which we do every single week or almost every single week here on Go Gaddis real estate ready.
We hope that it's helpful. Three chimneys, a little over 500 homes, 500 ish homes in 2020. There were 23 homes. Now we would expect there to be closer to 35 homes sold in the neighborhood. Uh, cuz we expect the turnover in a neighborhood to be about 7% annually. They took 55 days on average. Contract to close.
The average sales price was 508,500. That ranged from 415,000 up to 613,000. Sales price to list price radio, not ratio. 98.3% means sellers discounted their homes 1.3% on average, moving forward to 2021 when 27 homes sold four more than the 23 the prior year took nine. Average days on the market, the total marketing time from the day it was listed to the time it went under contract, nine days, it went from 55 down to nine.
That's a 45 day difference. Average sales price went up almost a hundred thousand from 5 0 8, 5 to 6 0 6 5. Sales prices ranged from a low of 4 88 up to a high of 785, and the average home seller got 3.1% more than their home was listed. 3.1% more than their home was listed for move to 2022. 24 homes sold more than 2021.
Less than 2020, uh, excuse me. More than 2020. Less than 2021. Homes were on the market. A average of 11 days before they went under contract sales price increased almost $200,000. You heard that right? Increased a hundred thousand. 2020 to 2021. Almost 200,000. 2021 to 2022. It's really amazing when you think about it.
Average sales price in 20 22, 790 7,200, ranges from a low of 620,000 up to a high of 1.021 million. They sold for an average of 4.9% more than they were listed for. There are currently two homes available for sale in the neighborhood, which means there is one month's worth of supply. If you wonder why the prices are continuing to increase, my guess is with one months of supply, they will continue to increase in 2023.
Certainly not to the extent, or I wouldn't as I wouldn't think, to the extent they appreciate it in 2022, but when you have one month worth of inventory, it is a seller's market, which means there's more buyers looking to buy homes in the subdivision than there are sellers who. In need of selling, there are two homes listed.
Average list price, 817,000 goes from 7 99 to 835,000. The average sales price listened to this Atlanta in 2010. The average sales price in that neighborhood was $365,000, so this average sales price is increased from 365,000 to 800,000, just a little less than 800,000, which means homeowner equity in that neighborhood has increased five.
Excuse me, $216,000,216 million. If you are the type of parent who doesn't wanna monkey around with your kid's education or the school's effect on home values, you need to order a school Chimp report. And I mean, seriously, if you really want to know. The, the state of the real estate market by school district in metro Atlanta, there is no better place to get it than to get a School Chimp report.
You can go to go gaddis radio.com, click on School chimp, put in just a little information. You can either compare one high school to the average of all. Metro Atlanta high schools or one high school to another. You just tell the system what you're looking for and it will spit out a report for you.
That'll give you a ranking or a scoring. A, B, C, D, A 90 would be an A at 80 would be a B. You know how that works and would give you all the demographic information you're looking for. The percentage of owner occupied homes, rental homes, the average age of a home, educational attainment of parents, stuff that you might be interested in learning if you're going to buy in a certain neighborhood, and then.
The real estate data is also overlaid on top of that, so you will understand total size of the market, average sales price, total days on the market, all that kind of stuff by school district. It is easy to get. Go gaddi radio.com, click on school temp report. Download your report. If you are searching for a home for sale and you continue to be disappointed and not find what you're looking.
On the website you're currently using, it could be you need to change websites and I recommend you use sure mls.com, S U R E M ls.com. And the reason I recommend you use that is because it pulls listings from both listing services in Metro Atlanta. Very rarely do I talk to a seller or a buyer who understands there are multiple listing services in one city, and that's unusual.
And so if you are looking on a website and it pulls from one listing service but not the other, and the listing that is right for you is on the other, you can see how you would miss out on that particular listing. Sure. mls.com, S u r e m l s.com, and ports listings from both listing services. And you will find all of the information you need right at your fingertips.
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 Gaddes. In addition to being the host of this show, I am also. A full-time real estate broker with a team full of agents helping buyers, sellers, investors, and landlords make the best decisions whenever possible.
All throughout Metro Atlanta. My family has been in real estate for 37 years this year. The name of my team is Modern Traditions Realty Group, and we hail out of Northeast Atlanta, but we can help you anywhere in Metro Atlanta. In fact, if you're thinking of buying and just want to have somebody to have a conversation.
Are you thinking of selling and just wanna understand what your options are. Give us a call today. (770) 497-0000. Got a listener question. Do we have to get a survey on the property we are buying? It's $500 and we don't want to spend the money. The answer is no. , uh, when I bought my home in my, the home that I live in is a personal restaurant, uh, residence in 1999.
Yes. I've been in the same home for 23 years. Um, or I guess it'd be 24 years. Wow. Um, the, you had to have a survey and the reason you had to have a survey is because the title insurance company, In order to ensure the title required, you had a survey, so technically the lender, the mortgage company would say you have to have a survey, but it's because they needed to get lenders title insurance and you possibly wanted owner's title insurance on the property.
The answer is, I don't know of. Any, uh, type of financing that would require you get a survey on a property, and you certainly don't have to do it if you're paying cash. Having said that, however, you know I am a big believer in surveys. I think if you're gonna buy something and you're gonna spend four or 5, 600, 800, 1,000,005 on it, you wanna know exactly what you own.
And the only way to do that in Metro Atlanta is to get a survey. This listener mentioned the price of about $500. They can be from four 50. $600, but you'll know exactly where the pens are. You'll know if there's any encroachments. You'll know everything you need to know. About that property. Another listener question, and that is the seller has agreed to pay $3,500 of our closing costs at closing.
Can this include the cost of the home inspection? And the answer is yes. Now, do most closing attorneys or most real estate agents understand that? Uh, no, and in many cases you have actually probably already paid for the home inspection, cuz generally home inspectors wanna be paid for those. Uh, the day the home inspection is finished or right at the time the home inspection is finished.
But as long as it is for some type of service that is used to close the transaction to get it settled. So if it was a. You know, a pest inspection or if it was a follow up inspection from an appraiser, so they charged an extra $150 to go back out and look to see whether or not some work that should have been done was actually done.
All of those would be, um, acceptable when you, um, Get an allowance from a seller in terms of closing costs. What it says is in that particular paragraph of the purchase agreement, it says that as the buyer, all of the closing costs to your responsibility, except those costs required to transfer good and marketable title to the buyer at closing, those are the seller's cost.
So everything besides getting the the mortgage paid, paid. Getting an HOA letter, maybe, you know, getting the mortgage payoff amount, actually paying it off, as I mentioned just a minute ago. All that seller expenses, everything else will be your expenses. And so if a seller agrees to pay 3,500. In closing cost, then you can use that 3,500 for whatever you want, any cost you incur as a buyer that is required in order to close that sale.
I hope that answer is clear. I'm not sure that many people would have the option to include the cost of a home inspection because it would probably already be paid for, and I doubt the lender would let you as the home buyer be re. On closing, but you could always have another check cut to the home inspector, and then maybe the home inspector could refund the money that you paid in the past.
I hope you have enjoyed listening to another week's edition of Go Gaddis Real Estate Radio right here on AM nine 20. I hope you have a great week, Atlanta, and I look forward to talking to you next Saturday. Take care.