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My 330K home is taxed here in Fuquay at 1.14 per 100 and at 300K tax is 3500 this year. Believe me the homes that are closing at 700 to 800 are taxed near 8K a year.
Sorry, you're simply incorrect. My home was $520k and taxes were $4500. I know from homes in my subdivision that were in this price range that taxes are around $6k and these are homes assessed last year. Older homes (e.g., homes in Preston) that sell in that price range generally have lower assessments and their taxes would be less. I just went on fmrealty.com and randomly selected five resales in Cary in the $739,900-$749,900 range. Then I went to the county's website and looked at their 2007 tax bills. They were $5700, $5900, $4400, $6100, and $5700. Sorry you're getting such a bad deal on your taxes. Again, I have no idea what will happen once Wake County reassesses.
My 330K home is taxed here in Fuquay at 1.14 per 100 and at 300K tax is 3500 this year. Believe me the homes that are closing at 700 to 800 are taxed near 8K a year.
2308 Haniman Park Drive...Closed 4/2007 @ $760,000 and change.
Assessed value...$534,021
Tax Bill...............$5883.55
913 Cambridge Hall Loop...Closed 2/2007...@ $825,000
Assessed Value.........$592,894
Tax Bill......................$6239.80
These are Cary and Raleigh, where the tax rate is about 9% lower than F-V, so one may want to add 9%, or so to the tax bills.
None will hit $8,000 with that adjustment.
813 Oakwealth Drive.... F-V...closed 10/2006 @ $815,000 MLS or $795,000 Wake County
Assessed Value...........$695,132
Tax Bill.........................$5428.12....No City Taxes.
That is common in Breckenridge and some of the Sunset Lake area of Fuquay Varina
Since when is homeownership a "pig"? Homes aren't just investments, they are where we live, where we raise our children and make memories. I have lived in apartments in the past. Your neighbors are transient, and its a bit scary to turn the kids outside in the "yard" of the apartment complex.
Rental houses can be a better choice since the neighbors won't tend to come and go as often. But it still isn't really yours.
I bought my first house when I was 20 years old. That was in 1979, and it was a 3 bedroom, 1.5 bath, brick home, one car garage on a half acre lot. It was in a great neighborhood in Wilmington, NC and cost a whopping $36,000. That house was a springboard to wealth I could never have accumulated otherwise. Over the years I've bought and sold 13-14 houses. Some I purchased just to flip because the market was great, and some were kept as long term rental investments. My current house is our forever home because my family and I love it dearly and can't imagine living anywhere else.
However, it is never wise to tie up all your assets in one investment vehicle. If accumulated wealth were a table, then real property ownership would be one leg. Other legs to your table might be stock market investments, 401K plans, investment grade insurance etc. That way when any bubble burst, whether its the stock market or the housing scene, or your company went bankrupt and absconded with your 401k or whatever, then your table can still stand.
The right time to buy a stock is when the price is down. Same with real estate. If you need a home for your family or just want to own your own place, don't wait until prices are riding high again. Thats when you want to be selling :-) I'm saying this from an investor view point. My husband and I own rental properties and we are alway looking for the right house in the right location that will appeal to the largest number of possible renters. Investment properties are one of the 4 legs to our table.
Apologies for the lengthy reply. Home, investments- they are my passions (well, so is my husband!)
913 Cambridge Hall Loop...Closed 2/2007...@ $825,000
Assessed Value.........$592,894
Tax Bill......................$6239.80
These are Cary and Raleigh, where the tax rate is about 9% lower than F-V, so one may want to add 9%, or so to the tax bills.
None will hit $8,000 with that adjustment.
813 Oakwealth Drive.... F-V...closed 10/2006 @ $815,000 MLS or $795,000 Wake County
Assessed Value...........$695,132
Tax Bill.........................$5428.12....No City Taxes.
That is common in Breckenridge and some of the Sunset Lake area of Fuquay Varina
What is playing out up here in Maryland is that the houses taking some of the biggest hit in prices were those where there was a big gap between selling price and assessed values. Housing prices have come more in line between the two. Not all 600K houses are equal. Buyers started looking at the assessed value and began to say thats what I will pay.
What is playing out up here in Maryland is that the houses taking some of the biggest hit in prices were those where there was a big gap between selling price and assessed values. Housing prices have come more in line between the two. Not all 600K houses are equal. Buyers started looking at the assessed value and began to say thats what I will pay.
The problem with that here is there is no rhyme or reason to the assessments. To some extent it's the luck of the draw. It's not uncommon to have two virtually identical houses in a subdivision with assessments 10% apart. The values are based in large part on square footage and the measurements are all over the place. I've mentioned this before, but my house is 3709 sf, and there are two other houses with the exact same floor plan in my subdivision. The county says my house has 3400 sf, one of the others has 3700 sf and the third house is measured by the county at 3900 sf.
The problem with that here is there is no rhyme or reason to the assessments. To some extent it's the luck of the draw. It's not uncommon to have two virtually identical houses in a subdivision with assessments 10% apart. The values are based in large part on square footage and the measurements are all over the place. I've mentioned this before, but my house is 3709 sf, and there are two other houses with the exact same floor plan in my subdivision. The county says my house has 3400 sf, one of the others has 3700 sf and the third house is measured by the county at 3900 sf.
Absolutely right.
Wake County Property Taxes are only loosely correlated to Market Value.
Beware the person telling you you are getting a value because it is priced 'below Tax Value."
I glanced through the list. It seems like the cities on there are those that had so much appreciation in the last few years, like Ft. Lauderdale, where the homes were appreciating 10% PER MONTH.
I am surprised to see Charlotte on that list. I don't know Charlotte's real estate market at all but I wasn't under the impression that it had appreciated enough to come down in price.
I guess we'll have to begin collecting all these "predictions" and then go back in 5 years to see who was right and who was wrong!
My clients are all people that are moving here with their families for either a job or for a better way of life. They are buying HOMES, not houses. Since our appreciation rates have been stable in the 30 years I've lived here, it would absolutely shock me if they didn't continue rising. Maybe a bit slower but going down? No, I'll have to see it to believe it.
I glanced through the list. It seems like the cities on there are those that had so much appreciation in the last few years, like Ft. Lauderdale, where the homes were appreciating 10% PER MONTH.
I am surprised to see Charlotte on that list. I don't know Charlotte's real estate market at all but I wasn't under the impression that it had appreciated enough to come down in price.
I guess we'll have to begin collecting all these "predictions" and then go back in 5 years to see who was right and who was wrong!
My clients are all people that are moving here with their families for either a job or for a better way of life. They are buying HOMES, not houses. Since our appreciation rates have been stable in the 30 years I've lived here, it would absolutely shock me if they didn't continue rising. Maybe a bit slower but going down? No, I'll have to see it to believe it.
Vicki
That is simply not true for homes in presumably more desirable places like N. Raleigh, Morrisville, and Cary. They have seen enormous and as such bubble level appreciation, and the recent statistics have shown that prices in the upper 25% percentile range in the triangle area have fallen about 5K, and I think we haven't even gotten started yet with many 2/28 ARMs still resetting and transplant equity funny money from NY, CA, and FL just starting to dry up. Sorry, that's just the way it is. There will always be SOME buyers, there will just be a significantly lower amount of them for the next 5-10 years. Also, on the lower 25% percentile scale, where there is presumably more volume of sales to reduce volatility in future comps, the price has fallen 6K.
Charlotte has been tracking downward according to the S&P Case/Schiller Index, a highly regarded pricing index. It includes metropolitan areas such as Seattle and Charlotte.
Out of the three remaining places in the entire country still appreciating (10012, 1sq mi in Baltimore, and Seattle), Seattle has now been added to the depreciating list.
Last edited by Frudy McRomson; 11-07-2007 at 10:17 PM..
That is simply not true for homes in presumably more desirable places like N. Raleigh, Morrisville, and Cary. They have seen enormous and as such bubble level appreciation, and the recent statistics have shown that prices in the upper 25% percentile range in the triangle area have fallen about 5K, and I think we haven't even gotten started yet with many 2/28 ARMs still resetting and transplant equity funny money from NY, CA, and FL just starting to dry up. Sorry, that's just the way it is. There will always be SOME buyers, there will just be a significantly lower amount of them for the next 5-10 years. Also, on the lower 25% percentile scale, where there is presumably more volume of sales to reduce volatility in future comps, the price has fallen 6K.
Charlotte has been tracking downward according to the S&P Case/Schiller Index, a highly regarded pricing index. It includes metropolitan areas such as Seattle and Charlotte.
Out of the three remaining places in the entire country still appreciating (10012, 1sq mi in Baltimore, and Seattle), Seattle has now been added to the depreciating list.
Oh I'm sure you know more than I do (sarcasm). Lets see, thus far this year, I've sold about 30 homes, quite a few in the areas you have named. How many have you sold? I ask this so I can gauge how experienced you are in this market, since you know so much (more sarcasm).
Vicki
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a thought from bubble country
