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A quick look on Zillow shows, there aren't many homes/townhomes selling for less than $200k in Morrisville /Cary anymore. A couple of years ago, there were many on the market (I looked for them).
In my North Raleigh neighborhood there's been more than a subtle shift in the market. Most homes sat on the market in the past few years lagging right around their most recent appraised value. This year they are moving quickly and priced between 5-10% over their most recent appraised value. A house that remained unsold last year for $360k is closing next week for $380 (a friend of my wife).
As I'm probably a decade away from moving this is mostly irrelevant, but for the first time since buying in 2007 I'm confidant I could make a profit by selling.
In my North Raleigh neighborhood there's been more than a subtle shift in the market. Most homes sat on the market in the past few years lagging right around their most recent appraised value. This year they are moving quickly and priced between 5-10% over their most recent appraised value. A house that remained unsold last year for $360k is closing next week for $380 (a friend of my wife).
As I'm probably a decade away from moving this is mostly irrelevant, but for the first time since buying in 2007 I'm confidant I could make a profit by selling.
Same here. I think it's time for us to sell our other house.
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I've noticed the homes in my neighborhood for sale have taken a huge jump in price
compared to last spring. The prices have surpassed to 2006 prices by a margin it seems.
Seems kind of fast to me, but not sure if it's good news or not.
In your specific neighborhood or even Raleigh as a whole? Time will tell.
There are a LOT of people clamoring for too few spots that can't help but push prices up.
Remember: the 2006 prices were themselves a bubble.
The now NINE years since then have seen a lot of economic turmoil
and a fair bit of profit taking too... but not much overall growth.
Last edited by MrRational; 04-08-2015 at 07:40 AM..
I focus on downtown Durham property, and most homes are selling for twice or three times tax value here or more. Literally homes with a tax value of 60-80K are selling (after being gutted and completely renovated) for $250,000+. We are talking 1,300 sq foot bungalows with 3 bed/2 bath max. Downtown Durham, in almost all parts, even areas once considered sketchy, is just exploding right now.
Quote:
Originally Posted by VickiR
To clarify...
I AM seeing homes going up in prices in the more desirable areas. I AM seeing many of these homes being sold for close to their tax value and a few that exceeded it.
I focus on downtown Durham property, and most homes are selling for twice or three times tax value here or more. Literally homes with a tax value of 60-80K are selling (after being gutted and completely renovated) for $250,000+. We are talking 1,300 sq foot bungalows with 3 bed/2 bath max. Downtown Durham, in almost all parts, even areas once considered sketchy, is just exploding right now.
Well, if they are gutted and renovated, its not a true comparison to tax value as that was based on an unrenovated state.
But I can definitely see areas close to DT Durham being popular.
I focus on downtown Durham property, and most homes are selling for twice or three times tax value here or more. Literally homes with a tax value of 60-80K are selling (after being gutted and completely renovated) for $250,000+. We are talking 1,300 sq foot bungalows with 3 bed/2 bath max. Downtown Durham, in almost all parts, even areas once considered sketchy, is just exploding right now.
Gentrification.
Nobody cares what the old tax value was. They care about what it'll appraise for now.
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