Will Slowing Cary Growth Increase Home Values? (real estate, 2009)

[SP2SCV]

From what I have been told, the new mayor of Cary would like to see a little slower growth in the town. Given the fact that so many people want to move to Cary (and I can totally understand that ), I feel prices would rise if we have less inventory. Do you feel that once the builders sell off some of their inventoried homes and if the mayor slows growth some, the net result would be increased home values in Cary?

[NedB]

The law of supply and demand would probably cause home values to increase. Demand will probably continue to increase faster than supply so prices would increase.

[saturnfan]

Unless the tech sector tanks.

[JQ Public]

One can only hope...but then so will property taxes.

[slynn41072]

I think it also depends on how the rest of the countries housing markets and job markets are doing. If you can't sell a house, you can't buy a house. If you don't have a job, you can't buy a house.

[SP2SCV]

Originally Posted by JQ Public

One can only hope...but then so will property taxes.

I am fine with the taxes on the increased value, as Wake county plans on cutting the tax rate almost in half in 2009. As I just moved into Cary, I will make out quite well with that.

[SP2SCV]

One advantage to slowing the growth a bit would be to keep pace with fewer people tranplanting, until the national economy picks up next year. Luckily this area is very diverse with the types of jobs (IE...not tech heavy compared to other industry), so we should stay fairly stable with the job situation. Some companies will cut some jobs and others will add. There will not be any employment related issues affecting the real estate prices here. It would be more a matter of fewer people from around the country relocating here.

[saturnfan]

Originally Posted by SP2SCV

One advantage to slowing the growth a bit would be to keep pace with fewer people tranplanting, until the national economy picks up next year. Luckily this area is very diverse with the types of jobs (IE...not tech heavy compared to other industry), so we should stay fairly stable with the job situation. Some companies will cut some jobs and others will add. There will not be any employment related issues affecting the real estate prices here. It would be more a matter of fewer people from around the country relocating here.

That would be a divine intervention.

[MrsSteel]

Originally Posted by SP2SCV

One advantage to slowing the growth a bit would be to keep pace with fewer people tranplanting, until the national economy picks up next year. ...... It would be more a matter of fewer people from around the country relocating here.

That's one of the things I was thinking. It sounds like the slowing market may result in slowed growth without any help at all from the mayor.

[saturnfan]

Well, we surely can't count on responsibility from our politicians.