Homes appreciation values - Cary (sale, real estate, mortgage)

[nri]

Which meighborhood ares in Cary or surrounding places have been appreciated more during last 5 years? Whics are expected to be appreciated higher in coming five years?

Thanks in advance.

[sneezecake]

Originally Posted by nri

Whics are expected to be appreciated higher in coming five years?

Can someone please give me back my crystal ball??


(In all seriousness, someone can probably give you a decent answer to your first question, but as for your second...well, good luck

[MikeJaquish]

Originally Posted by nri

Which meighborhood ares in Cary or surrounding places have been appreciated more during last 5 years? Whics are expected to be appreciated higher in coming five years?

Thanks in advance.

The first question is almost too broad.

In Cary, you might see Walnut Hills with a current average sale of about $200,000 currently and Preston with a current average sale of over $600,000 represented with similar appreciation rates.

The second question?
May be similar neighborhoods, or may be newer neighborhoods that haven't hit current charts.

[nri]

Originally Posted by sneezecake

Can someone please give me back my crystal ball??


(In all seriousness, someone can probably give you a decent answer to your first question, but as for your second...well, good luck

My question may sound stupid, but if you have been living in the same area for quite sometime and familier with demographics, certainly you should be able to tell. We had estimated appreciation/depriation values for some neighbhorhoods around, we never went wrong. Some parameters we considered are good schools, hospitals, shopping malls, access to recreational parks,upcoming projects, roadwidenings, flyovers..etc.
There may be small variance in the values, but should not be a big difference unless the country is in great depression or some natural calmities.

[sneezecake]

Those factors are more likely to affect price/value now, not appreciation rates in the future. Yes, the homes located near those great things will likely be more valuable in the long term when talking about absolute value, but when talking about rates of appreciation, in fact you are exactly wrong. The developing areas with the risk/reward are the ones that prove to be the sites of greatest appreciation.

If the year is 2000, I am sure if you choose a nice home in a nice neighborhood in Cary with proximity to good schools, parks, etc, you will not realize a greater rate of appreciation than buying in Brier Creek before it became Brier Creek...when people would have told you that you were crazy and there was nothing there.

Highest property values are very different from highest rates of appreciation. Real estate pros looking to make a ton of money via property value increases don't buy in Beverly Hills, they buy in developing and high ceiling areas.

[lottamoxie]

Well the Wake county tax folks sure think my house has appreciated in the last 2 years! I purchased my house at $219K in June 2006 (single family home, 18 yrs old, 2000 sq ft on 1/3 acre) and they decided it's now worth $245K. That might indeed be accurate, but I wouldn't know exactly unless I were selling and got offers. That's the only true test in the end. I think Cary will trend right along with other good areas in the Triangle. Yearly increase from 3% - 5% is probably not unreasonable to expect (unless the economy here really goes in the tank).

[North_Raleigh_Guy]

Originally Posted by nri

Which meighborhood ares in Cary or surrounding places have been appreciated more during last 5 years? Whics are expected to be appreciated higher in coming five years?

Thanks in advance.

Your question is not stupid by any means, but I agree about the first part being too broad. You can have a 500K home appreciate by 1% over a period of time equalling a $5,000 increase in value and you can have a $150K home appreciate 3% over the same time period but that would only represent an increase in value of $4,500. So the cheaper home appreciated more % wise but less in actual dollars.

The second part of your question is just impossible to answer. Who is to say anything will appreciate in 5 years? I'm sure some places will, other will be flat, and some may even lose ground. Any answer to this question is a guess at best.

[KCfromNC]

Originally Posted by nri

My question may sound stupid, but if you have been living in the same area for quite sometime and familier with demographics, certainly you should be able to tell. We had estimated appreciation/depriation values for some neighbhorhoods around, we never went wrong. Some parameters we considered are good schools, hospitals, shopping malls, access to recreational parks,upcoming projects, roadwidenings, flyovers..etc.
There may be small variance in the values, but should not be a big difference unless the country is in great depression or some natural calmities.

I'd actually be curious to see these predictions people made 5 years ago and how they panned out. I'm with everyone else in having no idea where prices are heading - there are too many events out of anyone's control to be sure.

Does the possibility of 8% mortgage rates count as a natural disaster?