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Old 04-11-2015, 02:00 PM
 
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Wake County went up 4% last year on average, and this year we will probably see 4-5% again very easily. That figure includes all of Wake County including the very hot areas, and the areas still struggling. The average days on market has gone down significantly as well. We need the values to go up so those sellers who are underwater can sell and bring more inventory. Once we get the inventory the market will stabilize and reduce the multiple offer situations we are presently seeing on many homes. If anyone is thinking of selling now is the time to do it.
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Old 04-12-2015, 12:58 PM
 
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Is there a public map that shows the hot and struggling areas?
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Old 04-12-2015, 08:22 PM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
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a "public" map? As in, done by the government? Or, some commercial website that would purport to tell you the hot vs struggling areas?

The "struggling" areas based on value vs historical locally are actually some pretty high socioeconomic areas.
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Old 04-12-2015, 09:19 PM
 
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Quote:
Originally Posted by BoBromhal View Post
a "public" map? As in, done by the government? Or, some commercial website that would purport to tell you the hot vs struggling areas?

The "struggling" areas based on value vs historical locally are actually some pretty high socioeconomic areas.
I assume they mean something like a heat map showing year-over-year percent increase in sales price for a given area. The county governments would never dare go near such a thing because it would throw a monkey wrench in how they collect property taxes. The state government doesn't deal directly with the data. Private-sector (or as you said) "commerical" websites can and do make attempts at this sort of thing, but because they aren't "government" someone is always going to say they are lying crooks or trying to sell something, especially if the person making the accusation has a dog in the fight of disagreeing with their evaluations.

Some of these services like Zillow/Trulia and so forth do have such a thing, sort of, but they only aggregate the data by zip code which is meaningless by itself -- it's not granular enough, around here a zip code can be very large and contain both tiny outdated slum-homes and multi-million dollar homes within a couple of miles of each other that skew the average, or be semi-rural close to suburbs where large lots can greatly impact the overall property value (painting a picture of the area that's not really true when averaged, due to fluctuations in density).

The challenge is that like any statistical measure, "hot" is subjective and there are so many factors that can skew the data. Lets say a property at "100 Main Street" sold for $40k in 1980, and sold for $750k in 2015. Should the percentage be amortized over 35 years when figuring the value? Wait, what if that little 800sqft home that was sitting on it in 1980 was torn down and a new 4000sqft Mcmansion was placed there instead? Does that mean its hot or just over improved? Is it fair to compare the value of homes around it which may have received less dramatic improvements over the years? Should that one propertys value affect the "red" on the heat map or be excluded because it is atypical?

The list of challenges goes on.

One thing sites like Zillow do well is plot recently sold on a map, which at least helps with the process of a buyer using their brain to evaluate the situation. Not saying (ahem) it's a substitute for a realtors opinion but it is a tool that should not be ignored completely.
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Old 04-13-2015, 07:18 AM
 
Location: NC
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Things appear to be jumping!

Triangle housing market scores big with 19 percent jump in March sales - Triangle Business Journal
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Old 04-16-2015, 04:38 AM
 
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Meh. We bought a house that had been on the market a long time 2 years ago. Great price. Plan on sticking it out here for a long time (15-20+ years). Hope this boom doesn't affect our home's numbers in the long-delayed tax reappraisal for Durham coming up too much. We're already appraised and taxed for 40k over what we paid. And honestly, homes in our neighborhood including mine really need a lot of updates.

But of course, cool beans for everyone else who benefits.
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Old 04-16-2015, 06:04 AM
 
Location: Morrisville, NC
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That's a good point. It will be likely that by 2016, the values will be up even more so the tax value will definitely not be going down from the 2008 value. On the other hand, most counties just revise the rates to level out with possibly small increases to account for bond debt, when the re-evaluations come so it should not make too much difference in the tax bill, unless your home is in an unusual situation.
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Old 04-16-2015, 06:24 AM
 
Location: NC
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Exactly, Sherifftruman. Many people don't realize that the tax rate is independent of the tax value of a property. If a home was assessed at $200K in 2008 and is reassessed at $300K in 2016 it does not mean that the tax will be 50% more. It is just a different number that plugs into the county and city tax calculations. That is one reason that 'growth' helps many of the people who have lived a long time in their home. New houses often are of higher value (mostly because the average size and cost of building keeps going up) so they take up more proportionally of the total tax burden.

Of course those new property owners are also driving up demands for more special services, so everyone's taxes will go up to some extent. And long term home owners might be in a hot demand spot where the land becomes really valuable, making their tax values go nuts.
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Old 04-16-2015, 09:45 AM
 
79 posts, read 164,162 times
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Quote:
Originally Posted by luv4horses View Post
Exactly, Sherifftruman. Many people don't realize that the tax rate is independent of the tax value of a property. If a home was assessed at $200K in 2008 and is reassessed at $300K in 2016 it does not mean that the tax will be 50% more. It is just a different number that plugs into the county and city tax calculations. That is one reason that 'growth' helps many of the people who have lived a long time in their home. New houses often are of higher value (mostly because the average size and cost of building keeps going up) so they take up more proportionally of the total tax burden.

Of course those new property owners are also driving up demands for more special services, so everyone's taxes will go up to some extent. And long term home owners might be in a hot demand spot where the land becomes really valuable, making their tax values go nuts.
This got me curious about the different property tax rates in Wake County, so I looked up the rates on wake county website:
Tax Rates & Fees
http://www.wakegov.com/tax/taxratesf...xRates2014.pdf

From this, it looks like houses in the same county/city should pay very similar property tax rate (county+city). However I noticed during my search for a new home that the tax rates on the listing of houses in the same region (same county, same city) can be very different. For example, just look at the top 2 results of a property search for 27613 at max 525K price:

This house has property tax rate of 0.98
5124 Killarney Hope Drive, Raleigh, NC | Fonville Morisey Real Estate

but this one has property tax rate of 0.61
5105 Watkinsdale Avenue, Raleigh, NC | Fonville Morisey Real Estate

Can this be right? and if it is, can somebody help me understand why.

Thank you!
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Old 04-16-2015, 09:51 AM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 22 days ago)
 
Location: Cary, NC
43,176 posts, read 76,826,386 times
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Watkinsdale is not in the city and therefore they don't pay Raleigh taxes.
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