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it and essentially, paid our commission. Then, when the employee got transferred back out, the relocation company typically purchased the house and then listed it with us. That allowed the employee to go on about their work without being worried about selling the house.”
He added, “Today, the nuclear plant is probably 5% of the market, and the rest of it is made up from the school systems, hospital, and local industries. I have to give the [Greater Vidalia] Chamber of Commerce a lot of credit for creating an environment here where new industries were welcomed because that afforded us an opportunity to have home buyers in the market.”
One of the biggest differences in current real estate transactions and past real estate sales is the price per square foot of the home, which Tom said has jumped from $12-$15 per square foot to “virtually ten times that today.”
“That makes it so much more difficult to afford a home. When we had the interest rates down in the 2-3% range, that allowed people to buy houses that were otherwise unaffordable. But now, as rates have gotten back to traditional norms of 6-7% with a high cost of housing, it is virtually impossible to buy a house. So, many of the transactions that we see today are essentially cash transactions by people that are moving here from areas where they have sold a home that was much more expensive and can buy the same house for substantially less money, and therefore, have most of the cash to pay for it and do not need to do financing,” he explained.
Tom also spoke on the change in Vidalia, which he stated has been very exciting to watch. “The community has evolved, to me, in a very positive way. We still have – I think – a settled entrepreneurial oriented workforce, which I am very proud of,” he emphasized.
“One of the things that has always distinguished our market from other markets is that we have no large government enterprise, like a military base or Veterans Affairs hospital, to bring people here. People typically come here because of work-related issues, and they don’t have a sense of entitlement that other communities are troubled with. We also don’t have the feast and famine issues that are in the big military installations,” he said. “When the military is moving people in, it’s really great. But when they deploy people out, it’s really bad. So, even though our market is slower overall than those places, it’s more dependable, which has allowed me and others to make a living selling residential real estate.”
He continued to speak fond memories of times working with the Chamber and local businesses within the area. “This is home for me, so it’s great to see it thriving,” Tom commented.
Tom Peterson III assures that regardless of whatever changes will continue in Vidalia, he will be there to change with the times and continue to grow the community that he loves. Prices, buyers, and more may be ever changing, but one thing is for sure: Tom will always be there with a friendly smile to embrace it all.
SUCCESSFUL REALTOR – Tom has spent many years as a successful realtor and businessman, earning him many awards. (Shown) Tom (center) receives a pin from his sister Paige Holman (left) and Bill Warthen (right) during an awards ceremony.
LOCAL LEADER – Tom is a leader in the area for real estate, and even participated in activities with the Altamaha Basin Board of Realtors in 1998. L to R: Keith Hatcher, Tom Peterson, Neal Jackson, Brian Frederick.
HOME BASE – The Advance announces Tom Peterson Realty, Inc.’s move to the facility in which they are still located on Jackson Street in 1985. L to R: Sue Roy, Nancy Peterson, Ruth Peterson, Tom Peterson, Mark McGowan, Sue Gibson, Ronald Williams, Diane Avert.
FAMILY BUSINESS – Several members of Tom’s family have entered into the real estate business, including his grandson Greg McKenzie Jr., who works at Tom Peterson Realty, Inc. (Shown) Tom Peterson poses with Greg McKenzie Jr. when McKenzie was only a child.
