Princeton Square in Cumming; Owning a Duplex; Is a Real Estate Agent necessary when selling a home?
-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/cgQsP
Welcome back to Go Gaddis Real Estate Radio right here on AM nine 20. The Answer. I'm Cleve Gaddis. I appreciate you sticking with us through the break in our neighborhood Spotlight. In this segment, Princeton Square in coming is featured. What are the pros and cons of owning a duplex and is a real estate agent really necessary?
When. Selling your home. Don't forget, we want to connect with you and it is easy. Go to go Gaddis radio.com. Go G A D D I S radio.com. You can ask questions, you can make comments, you can push back on anything we say. You can share your ideas with us. You can request your neighborhood, be featured in our neighborhood spotlight segment, and you can subscribe to our podcast.
We're available on every major podcasting platform. Each week we pick one specific Metro Atlanta neighborhood to call out critical changes. Help you know as a homeowner in that neighborhood whether or not you might have a particular advantage. And this week we are featuring Princeton Square, which is in Cumming, which is in Forsyth County.
To reach the neighborhood, you go 400 North exit one, which is, excuse me, exit 14, which is State Route 20. You turn right, you go left on Eccles. Continue straight into the subdivision. Eccles Road becomes Princeton Trace. Let's, uh, actually back up here and let's get into, actually, you know what, we've got a little bit of information for you.
Princeton Square in Cumming, homes are on large wooded lots. It's a swim-tennis community. There are two. Pools, two tennis courts, a playground, and several community gazebos. Nearby. You have Hall Creek Park on Eccles Road, which features multi-use trails, including a. Story walk trail. You have bike skills and a pump track.
Uh, you have a playground pod featuring woodland themes and picnic areas. You have Gary Perle Park nearby, which is 0.67 acres featuring a covered playground, athletic fields, and paved and lighted walking trails, and then less than 15 minutes to Beauford Dam Park and Lake Lanier, and 15 minutes to downtown coming and to restaurants.
Let's jump back in and let's take a look at what's happening in that neighborhood over the last three years. Again, we're talking Princeton Square, which is incoming for South County in 2020. Now there's a total of 266 ish homes in the neighborhood. 20 20 14 homes sold. Took an average a day average of 26 days from listening to contract.
The average sales price was $412,171. In 20 21, 17 homes sold. They took an average of 17 days, and the sales price increased $88,000 basically to 499,000, so four 12 to 499. Let's just call it 500,000. Home sold for 5.03% more than their list price in the neighborhood. That year in 20 22 15, homes sold 266 homes at 7%.
That'd be somewhere a little less than 20 homes. And this neighborhood seems to be between 14 and 17. Home sold each year, each month, uh, each year. Uh, the average sales price in 2022. Went from 499, let's just call it 500,000 up to 6 83. So average sales prices increased by 183,000, 183,000 in one year. Home sold for 5.4% more than their list price.
The low price in the neighborhood. That year was 555,000 in 2022 up to 850,000. There are currently three homes available for sale in the neighborhood at an average list price of 766,000, which means there's 3.42 months' worth of inventory, which means is at the very high end of a seller's market. Those 266 homes in the neighborhood in 2011 were worth on average, 267,842, which means when you compare that to the 683,400 average sales price, In 2022, it means homeowner equity in the neighborhood has increased by 110 million, 110 million.
If you are the type of parent who doesn't want a monkey around with their kids' education or the school's effect on home values, like for example, you might be looking at Princeton Square, you might be thinking, what's a good resource for me understanding. The school's ratings and the school's effect on home values School Chimp is the answer.
Go to go Gaddis radio.com, click on School chimp. Put in a little information. Choose if you want to compare one high school to another, or one high school to the average of all high schools in metro Atlanta, and you will get a proprietary. Report. It'll also overlay all the demographic data you're looking for.
Size of homes, age of homes, educational attainment, attainment of parents, percentage of rental properties versus owner-occupied properties. It'll also give you all of the real estate information, average sales prices over the last five to seven years. Number of days on the market, total market of sales, all of that will be available for you in a school champ report.
If you are looking for a home to buy in metro Atlanta, and you continue to be discouraged by the lack of options you're finding, it could be you're searching on the wrong website. And you need to switch over and search on Sure. mls.com. S U R E M L s.com. S U R E M L s.com. That site pulls listings from both listing services in metro Atlanta.
Sometimes that can be all the difference you need in order to find a home for you to move into right now. Sure. mls.com. S U R e mls.com. That is my website of Modern Traditions Realty Group, and we suggest you search there. Are you in the market to buy a new home and wondering what options might be out there for you?
Are you tired of an apartment, living in an apartment, but worried that the upkeep of a home might be too much? Well, a duplex, believe it or not, could be a good option for you. Now, there's not as many duplexes in metro Atlanta as there are in some places, and certainly as you get farther out from uh, Atlanta, there's more and more of these types of properties.
But Carl in Cumming. Wrote in saying we've been apartment living for some time now and it's not bad, but we've thought about duplex living, which might give us the best of both worlds, including investment income. What are your thoughts, thoughts and thoughts? What are your thoughts on this? I think it's a great idea.
If you don't mind being a landlord and living next door to your tenant and understand that that has its own set of problems. I think it is a great idea. Let's say for example, You were gonna buy a duplex in, let's just say Gwinnett County. Um, I'm just looking here to see, I see one listed in Gwinnett County here it is, uh, 1 2 0 7 Osceola Court.
It is listed for $460,000, which means $230,000 per unit. And you, if you, if you live in one of the units yourself, then you can finance both of the units, which they really get financed together as one, as if they're all owner occupied. So if you can make a lesser, lesser down payment, or you get a better interest rate because you, the property is owner occupied.
So, for example, you can get an FHA loan, you could pay as little as three and a half percent down, and you could finance both units through an FHA loan or a VA loan, or in, in, in some cases, a U S D A loan or a regular conventional loan. I took a look and there are duplexes in metro Atlanta that range from a 2.1 million duplex in LJ all the way down to, and we've got some that are out of the area, but the least expensive duplex in metro Atlanta is.
A 1763 White Hall Forest Court, which is listed at $187,000. Interesting. It's a little colonial looking house. Uh, looks like it probably has not been taken care of in quite some time. There's substantial damage in the kitchen, uh, but the reality is, is someone might be able to buy that home and buy that duplex and fix it up and make.
Good, good money. So if you are looking to possibly buy a duplex, um, there, just understand that there's not that many of them available in metro Atlanta. Certainly not as many as you probably would think. And I would say the pros and cons. You know, the pros of a duplex is really affordability. Um, in some cases you can get enough rental income off of one unit in order to pay the payment for both units, and wouldn't that be amazing?
Uh, you can certainly get someti tax breaks cuz you can depreciate or write off one half of the duplex, uh, which is good. Um, you can't depreciate your principal residence. The cons, you have seared spaces, so you know, you won't have a lot of. Privacy. You certainly have responsibilities as a landlord and you'll have investment property expenses that you'll have to take care of as a landlord, but I think there's some very interesting options for people who want to buy a duplex.
If you are looking for a duplex for yourself and you'd like to chat with us at Modern Traditions Realty Group, go to seven or dial seven. Seven. Oh. 4 9 7 0 0 0 0. Also, if you're interested, I'd love to have you go to go Gaddis radio.com. Now, when you go there, you'll have the opportunity to sign up for our investment seminar.
That's gonna be in the month of August. We don't have the time and the date worked out, but, but we will. It's gonna be on Zoom. It's virtual so everybody can attend. Um, but when you, when you, when you go there, if you have any comments or you've ever owned a duplex and lived in one half and rented the other half, um, I've owned a quadroplex myself, but I didn't live in any of the units.
And so I'd love to hear what your thoughts are on being a landlord. I would love for you to share that. 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. I'm the host of this show. I'm also a full-time real estate agent and broker with a team full of agents helping buyer sellers.
Investors and landlords make the best decisions whenever possible all throughout Metro Atlanta. If you try to sell your home in Georgia without a realtor, I would assume it's because you're trying not to pay a listing commission, but you would still be responsible for every step of the selling process.
Are you, are you ready for that? In many cases, uh, sellers want to save the real estate commission. And one of the interesting dynamics is when you're selling for sale by owner, you're trying to save some commission, and the buyer trying to buy the home is also saving some commission. On average, people are trying to save 2.9% because in most cases, they will actually pay a commission to an agent to bring a buyer.
Typical commission in the state of Georgia, around 6%. That can all be negotiated. But an article that I'm reading says the average listing commission in the state of Georgia is 2.9%, which means the average total commission, 5.9%. And the reality is, is that you can save money, but the truth is, Um, you, you have to take on all the responsibilities of the real estate agents.
You have to answer phone calls and coordinate showings and all of that kind of stuff. You could do it if you already had a buyer lined up. That might make sense. Uh, or if the market is just screaming hot from a seller standpoint, but. If you don't have a lot of free time, if you've never sold a home in the state of Georgia, if you want to sell at market value or higher, then my suggestion is you list it with a real estate professional and I would love to be the one that you consider.
7 7 0 4 9 7 0 0 0 0. Thanks for joining us for another week's edition of Go Gaddis Real Estate Radio. We'll be back next Saturday at 9:00 AM Have a great week, Atlanta.
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