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I'd have to say getting worse. But I'm a Raleigh native so I can remember the good old days...and having just bought our second house it was depressing at what we could get and/or where we had to move to get it. It used to be we could go out and get 2 burgers and 4 beers for <$30 and that really wasn't that long ago. Everything has increased in price here while salaries haven't at the same rate. Traffic is a lot worse than it used to be. I do like that the restaurant & activity options hae improved.
I'd have to say getting worse. But I'm a Raleigh native so I can remember the good old days...and having just bought our second house it was depressing at what we could get and/or where we had to move to get it. It used to be we could go out and get 2 burgers and 4 beers for <$30 and that really wasn't that long ago. Everything has increased in price here while salaries haven't at the same rate. Traffic is a lot worse than it used to be. I do like that the restaurant & activity options hae improved.
This is everywhere - not just in the Triangle.
Being your 2nd house, you should have come out far in the green on your first house right? It's all relative - you can't sell higher buy lower. Higher real estate prices = quicker appreciation = more money in your pocket.
Being your 2nd house, you should have come out far in the green on your first house right? It's all relative - you can't sell higher buy lower. Higher real estate prices = quicker appreciation = more money in your pocket.
We did but there were still some areas we were priced out of that would have been options a few years ago. Definitely not more money in your pocket at the end of the day. We're happy with where we wound up but I was just pointing out that prices have skyrocketed.
ETA: This is obviously everywhere. I just speaking about the OP's questions.
Being your 2nd house, you should have come out far in the green on your first house right? It's all relative - you can't sell higher buy lower. Higher real estate prices = quicker appreciation = more money in your pocket.
To be fair, if we hadn't had the floodgates open during the recession and people hadn't poured from higher COL areas to his area like cheap wine at a bachelorette party, I don't think that prices would've risen (particularly on new construction and more desirable locations) as sharply as they have. Which, I think, was anna's point.
And, one cannot always be guaranteed a fat rate of return on a 1st house to buy a 2nd house if that 1st house was purchased prior to the crash because we did actually take a hit, some of us, if we bought at peak. Prices recovered, but it didn't make anyone a real estate tycoon.
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To be fair, if we hadn't had the floodgates open during the recession and people hadn't poured from higher COL areas to his area like cheap wine at a bachelorette party, I don't think that prices would've risen (particularly on new construction and more desirable locations) as sharply as they have. Which, I think, was anna's point.
And, one cannot always be guaranteed a fat rate of return on a 1st house to buy a 2nd house if that 1st house was purchased prior to the crash because we did actually take a hit, some of us, if we bought at peak. Prices recovered, but it didn't make anyone a real estate tycoon.
I may have incorrectly assumed that the poster had been in the first house for quite a while.
I guess my point is, growth isn't a bad thing especially from a financial perspective. I would rather live in a high growth area where my home is an investment, not a savings account. I'd rather buy a house for 300k and sell it in 15-20 years for 450k, than buy a 150k house and sell it for 200k. I realize money isn't everything, but if you're trying to build a nest egg then growth is on your side. It's not all bad.
I may have incorrectly assumed that the poster had been in the first house for quite a while.
I guess my point is, growth isn't a bad thing especially from a financial perspective. I would rather live in a high growth area where my home is an investment, not a savings account. I'd rather buy a house for 300k and sell it in 15-20 years for 450k, than buy a 150k house and sell it for 200k. I realize money isn't everything, but if you're trying to build a nest egg then growth is on your side. It's not all bad.
Oh, I'm with you. Growth is good. I am not entirely sure that rampant growth is good. Farther and harder to fall when the area doesn't ease into the growth.
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The question asked is going to bring out a lot of perceptions.
I came from a small town in NC that has not grown. It has become stagnant. Stores have shut down. I still have high school friends that live there and they enjoy the small town. Would I go back? NOT WILLINGLY!
I've lived in Raleigh for 43 years. I've seen it grow and prosper. Do I like the traffic? No. Do I enjoy the stores that have moved here because of the growth? Yes.
Those folks that are overjoyed due to the opening of another Publix couldn't have that if there weren't enough people in the area to support that Publix. Same with all the new burger places. And with that growth comes traffic.
I may have incorrectly assumed that the poster had been in the first house for quite a while.
I guess my point is, growth isn't a bad thing especially from a financial perspective. I would rather live in a high growth area where my home is an investment, not a savings account. I'd rather buy a house for 300k and sell it in 15-20 years for 450k, than buy a 150k house and sell it for 200k. I realize money isn't everything, but if you're trying to build a nest egg then growth is on your side. It's not all bad.
You have to account for inflation though. 300k at 2% inflation after 15 years is 404k. Don't forget the 6% selling fees if you use a realtor. So you're pretty much breaking even for what you're selling at.
To be fair, if we hadn't had the floodgates open during the recession and people hadn't poured from higher COL areas to his area like cheap wine at a bachelorette party, I don't think that prices would've risen (particularly on new construction and more desirable locations) as sharply as they have. Which, I think, was anna's point.
And, one cannot always be guaranteed a fat rate of return on a 1st house to buy a 2nd house if that 1st house was purchased prior to the crash because we did actually take a hit, some of us, if we bought at peak. Prices recovered, but it didn't make anyone a real estate tycoon.
yeah we bought in 2006. Had we bought during the recession we would have fared better but luckily happened to buy near north hills which resulted in a net gain.
Can't have it both ways. And in this streamlined capitalism era of businesses and developers calling the shots, if you don't bend over backwards and/or offer incentives, the opportunity moves on very quickly to who will bend over and offer the biggest incentive. This is far from a perfect scenario, but cities not named NYC, SF, Wash, Seattle should do all they can to bring in work and growth opportunities. The upsides far far outweigh the negatives that it brings.
I fully realize this isn't ideal for everyone, but unfortunately that's how it works all over. Not to be insensitive, but those long time residents who don't like the changes can sell their homes at a price far above what it would have been worth if Raleigh did not develop like it has. And unfortunately the same can be said for people on the opposite side of the fence in terms of growing up in a stagnant region. They had to move also, which disrupted their quality of life, but did not receive the incentive of selling higher.
It's a broken but functioning system of the most transient nation in world. But again, I'm glad we are in the economic position we are in compared to the vast majority of Euro nations. The upsides far outweigh the downsides.
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