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I have a question about the real estate market in Raleigh. On Long Island, the real estate market has been on a roller coaster. My question is, how much do the prices seem to fluctuate in Raleigh? For example my home was purchased last year for $315, but within the last 5 years was up in the low to mid 400k range. For example, if a home in the beltline is properly valued today at $300k, does that mean it dropped from 400k? Or better yet, I'm basically trying to see if the homes in that area fluctuate as greatly as they do in my area so when my house goes up in value and I sell high, will I be also buying in Raleigh just as high?
The Raleigh market is segmented by price and location. Some areas have declined, and some have held steady or increased.
When you are looking at $300,000 or less and ITB, and you see an appealing property, expect to be in a multiple offer situation and competing with cash buyers, as that is the price of a building lot with a scraper house on it in many neighorhoods. To get a habitable home for $300,000 that needs few repairs or updates means going small.
Mordecai, Longwood Gardens, Belvidere Park, Capitol Heights, and various etceteras may work.
You might get lucky in Historic Oakwood, but again, if it doesn't need $150,000 in historic renovations (or even if it does need that) you will have stiff competition.
Higher end neighborhoods may have $700,000+ scraper building lots.
The housing bubble and subsequent bust on Long Island was fairly unique to a few areas - metro NY, certain counties in California, the usual suspects. You aren't really going to find the same kind of roller coaster here. I have a few friend who bought in 2006 and seriously overpaid, but still they aren't underwater the way they'd be if they had done the same thing in NY. For instance, we had neighbors in NY who paid $650K for a house, tore it down and rebuilt a house in its place (had to close minimum $300K for the rebuild) and it's now worth about $800K. Ouch. You don't really see that around here. The people I'm talking about probably lost 15% at the bottom of the market and it's climbed since then.
Since there are no school districts around here it's a totally different animal. I suggest you get with a knowledgeable buyer's agent when the time comes. You NEVER see RE priced by the square foot on LI. It's more like "are you in the Northport school district or are you in the Brentwood school district?" - same house, two vastly different values. Not so down here. Location is still absolutely a variable, but it's just different.
The Raleigh market is segmented by price and location. Some areas have declined, and some have held steady or increased.
When you are looking at $300,000 or less and ITB, and you see an appealing property, expect to be in a multiple offer situation and competing with cash buyers, as that is the price of a building lot with a scraper house on it in many neighorhoods. To get a habitable home for $300,000 that needs few repairs or updates means going small.
Mordecai, Longwood Gardens, Belvidere Park, Capitol Heights, and various etceteras may work.
You might get lucky in Historic Oakwood, but again, if it doesn't need $150,000 in historic renovations (or even if it does need that) you will have stiff competition.
Higher end neighborhoods may have $700,000+ scraper building lots.
Thanks Mike. I'm more so asking about how much do you see the price of homes go up and down within the last 5-10 years? And wondering if its the same as where I live which like I mentioned, I purchased mine last year for 315, and about 7 years prior it was valued at about 480k. My goal is to sell mine high in about 3 years, probably not THAT high, and buy in another state, but also avoid buying in a high market in that state. Which is why I'm hoping the Raleigh market is less volatile then NY and the price I'm looking at now will more or less be the same in the next few years if that makes sense.
Thanks Mike. I'm more so asking about how much do you see the price of homes go up and down within the last 5-10 years? And wondering if its the same as where I live which like I mentioned, I purchased mine last year for 315, and about 7 years prior it was valued at about 480k. My goal is to sell mine high in about 3 years, probably not THAT high, and buy in another state, but also avoid buying in a high market in that state. Which is why I'm hoping the Raleigh market is less volatile then NY and the price I'm looking at now will more or less be the same in the next few years if that makes sense.
The market in the center of Raleigh is more stable than that. Some folks did get goofy and go over the top in purchase or construction, but land values which underpin housing are good.
Al markets will be tied to the cost of money 3 to 5 to 10 years from now. We are still on Money Holiday, and unsure how long that will last.
OP - are you 100% committed to buying? Why not rent for a couple of years.
Saucy, I was set on renting being I was a 26 year old college grad still living with his parents, but the timing was just too good. The interest rates were at an all time low and so were the prices of homes so I went for it. Since day 1 of closing I and my dad have been renovating my house top to bottom with extremely low cost but tons of hard work so I'm hoping to sell much higher then I bought, thats a given. I'd like to do the same when I move, buy a house in a great neighborhood that needs a little love. I'm not expecting to turn as big of a profit in another state which is fine, but I've always leaned toward owning to build equity and a variety of other financial reasons. What are some reasons you'd suggest renting?
Thanks Mike. I'm more so asking about how much do you see the price of homes go up and down within the last 5-10 years? And wondering if its the same as where I live which like I mentioned, I purchased mine last year for 315, and about 7 years prior it was valued at about 480k. My goal is to sell mine high in about 3 years, probably not THAT high, and buy in another state, but also avoid buying in a high market in that state. Which is why I'm hoping the Raleigh market is less volatile then NY and the price I'm looking at now will more or less be the same in the next few years if that makes sense.
Wow, this really is some long range planning you are doing!
I'm no expert, but I think there is every chance prices will do better in Raleigh over the next few years than they will on LI.
Ah ok that's good news for sure. LI and NY real estate has been a roller coster the past 5-10 years making timing everything, lot's of friends are upside down on their homes do to poor timing and crazy volatility.
Oh, yeah. We had that here, but things have slowly settled down.
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