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Unfortunately asking anyone, even a realtor, what the price of a home will be in 3-5 years is just a crap shoot. Ask a financial planner where the S&P will be in the same time period and they will equivocate if they are smart. I think everyone has their thoughts about where the housing market in general is going and it will be primarily related to the direction of the overall economy and wage growth in the next 3-5 years. If any of us knew this, we would be rich. On a more local level, I think Cary overall is a better real estate bet than more remote locations. It has a good reputation, good schools, is centrally located, etc. On the other hand, Cary covers a huge area and it will have micro-markets within the city.
Part of your problem is that you are right in the sweet-spot for housing. I think $300-375k or so seems to be a pretty tight market. My only advice is to not rush into it; there will always be another house if you miss "the one". Also not to buy with the plan that the home value is going to increase X% over the next 5 years. Buy because you like the location, price, features, and need a place to live.
Unfortunately asking anyone, even a realtor, what the price of a home will be in 3-5 years is just a crap shoot. Ask a financial planner where the S&P will be in the same time period and they will equivocate if they are smart. I think everyone has their thoughts about where the housing market in general is going and it will be primarily related to the direction of the overall economy and wage growth in the next 3-5 years. If any of us knew this, we would be rich. On a more local level, I think Cary overall is a better real estate bet than more remote locations. It has a good reputation, good schools, is centrally located, etc. On the other hand, Cary covers a huge area and it will have micro-markets within the city.
Part of your problem is that you are right in the sweet-spot for housing. I think $300-375k or so seems to be a pretty tight market. My only advice is to not rush into it; there will always be another house if you miss "the one". Also not to buy with the plan that the home value is going to increase X% over the next 5 years. Buy because you like the location, price, features, and need a place to live.
This.
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When in doubt, check it out: FAQ
The problem with using Wake county tax records is they don't show you if the seller paid $6,000 in concessions or $500 in concessions.
Finding TRUE comparables isn't as easy as everyone seems to think unless you are looking at townhomes.
Single family homes are sometimes unique. How much value do you give a screen porch? Not the $15,000 you paid for it.
The difference between a 2000 sq. ft. home and a 3000 sq. ft. home is 1,000 sq. ft. (See? I AM good at math)! But...you wouldn't give that 1,000 sq. ft. the same dollar amount that you'd give that 2,000 sq. ft.
Was the comp built in the same year as the home you are considering? Both have 2 car garages or does 1 have a one car garage? How much do you give the value between 1 car and 2 car garages?
What about the lots? Any back to golf courses?
Are they older homes? Any been updated?
How much money do you take away if the house borders something undesirable?
As long as there are New Yorkers North Carolina will grow and grow. I followed the trend for awhile and North Carolina seems to attract a lot of New York folk. I'm originally from New York but found Virginia better suited for my interests. One of my close friends from New York actually lives in Cary and she said it stands for Central Area Relocated Yankees. As far as home prices go it's hard to say really. I think the next bubble to burst is going to be the student loan bubble, not housing. It's mind blowing what these kids are paying for college nowadays with very few jobs available.
The problem with using Wake county tax records is they don't show you if the seller paid $6,000 in concessions or $500 in concessions.
Finding TRUE comparables isn't as easy as everyone seems to think unless you are looking at townhomes.
Single family homes are sometimes unique. How much value do you give a screen porch? Not the $15,000 you paid for it.
The difference between a 2000 sq. ft. home and a 3000 sq. ft. home is 1,000 sq. ft. (See? I AM good at math)! But...you wouldn't give that 1,000 sq. ft. the same dollar amount that you'd give that 2,000 sq. ft.
Was the comp built in the same year as the home you are considering? Both have 2 car garages or does 1 have a one car garage? How much do you give the value between 1 car and 2 car garages?
What about the lots? Any back to golf courses?
Are they older homes? Any been updated?
How much money do you take away if the house borders something undesirable?
Sometimes it isn't quite as easy as it seems!
Vicki
Truth. When the bank appraiser chose comps for our house, she chose one from my neighborhood and one from a similar neighborhood down the street.
The choice of comps makes a HUGE difference. Our home ultimately appraised for almost 30k more than we paid. Our realtor told us that was quite a margin at the time.
Of course, if it was worth what the tax collector thinks...
__________________
When in doubt, check it out: FAQ
Truth. When the bank appraiser chose comps for our house, she chose one from my neighborhood and one from a similar neighborhood down the street.
The choice of comps makes a HUGE difference. Our home ultimately appraised for almost 30k more than we paid. Our realtor told us that was quite a margin at the time.
Of course, if it was worth what the tax collector thinks...
Yes! The "choice of comps" makes a HUGE difference!
Let's say there are 6 GOOD comps for the subject house.
BUYERS will want to use the 3 LEAST expensive and SELLERS will want to use the 3 MOST expensive so they come out with totally different prices!!!
It is up to the Agents to take the emotion out of it and use the BEST comps! And that is what the Appraiser does.
The problem with using Wake county tax records is they don't show you if the seller paid $6,000 in concessions or $500 in concessions.
Finding TRUE comparables isn't as easy as everyone seems to think unless you are looking at townhomes.
Single family homes are sometimes unique. How much value do you give a screen porch? Not the $15,000 you paid for it.
The difference between a 2000 sq. ft. home and a 3000 sq. ft. home is 1,000 sq. ft. (See? I AM good at math)! But...you wouldn't give that 1,000 sq. ft. the same dollar amount that you'd give that 2,000 sq. ft.
Was the comp built in the same year as the home you are considering? Both have 2 car garages or does 1 have a one car garage? How much do you give the value between 1 car and 2 car garages?
What about the lots? Any back to golf courses?
Are they older homes? Any been updated?
How much money do you take away if the house borders something undesirable?
Sometimes it isn't quite as easy as it seems!
Vicki
Indeed.
Comps can vary widely.
The home that hasn't been updated in forty years with a ton of deferred maintenance that the kids sold for a song when Mama moved to Assisted Living is going to be in the mix with the same size home but with a $60K kitchen, plus a screened porch, a deck, hardscaping with a fire pit and professional landscaping.
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