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I have been looking on Realtor.com at houses in the 400-500k range and then check the Wake county records on what they were purchased for and compare that to what they are asking now. Many house's that were built new in 04 ,now are asking $125k more than they paid for them. I also check the tax bills for these and they have been appraised for less than what they bought them for. Does this seem correct? If they are asking 500k for a house that they paid $375k for 2 yr's ago, What should we offer them? I know it's what the market will bear, but these are not houses that were just upgraded, they were built with all the nice stuff to begin with. Would it just be better to have one built instead of buying one of these newer used houses?
We are looking in a similar price range and when we were interested in the comps for making offers, all the comps our realtor pulled up of what houses had recently sold for were right in line with what people were asking for their homes. What made no sense to me were the homes built in say 1985-1995 that were asking the same or more with all original stuff in them )appliances, cabinets, carpet etc.) as newer ones in the same area that were more updated. We were hoping to buy a bit older home for a bit less and then guttings baths and kitchens to update but the prices on those were no lower than the newer updated homes leaving no room r in their price for improvement.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
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Quote:
Originally Posted by scottinmass
I have been looking on Realtor.com at houses in the 400-500k range and then check the Wake county records on what they were purchased for and compare that to what they are asking now. Many house's that were built new in 04 ,now are asking $125k more than they paid for them. I also check the tax bills for these and they have been appraised for less than what they bought them for. Does this seem correct? If they are asking 500k for a house that they paid $375k for 2 yr's ago, What should we offer them? I know it's what the market will bear, but these are not houses that were just upgraded, they were built with all the nice stuff to begin with. Would it just be better to have one built instead of buying one of these newer used houses?
Thanks, Scott
Scott, are you finding this 33% increase over several houses or just a few homes. That's a 33% increase (or 16% increase each year, which is sort of higher than what I would have expected, but I guess I'm not to surprised if it's true).
As long as the comps are for sold home than they can get it, if not it doesnt matter, right now seems to be a buyers market, I should know I am selling my home, and it also depends on where it is, if it is in Cary area they could get it. I am asking for my home only enough to pay it off and pay the commision, other than that I am not getting a dime, but i have only had it a year.
From the listings I get from my realtor, I have seen a lot of price decreases recently...Also note for tax purposes, your tax rate will be based on what you buy it for, if they bought the house 4 yrs ago and $250 and they have not been re-assessed, and they are selling now for $400 and you pay , your tax rate will be based on the $400k
Raleigh area house's appreciate alot in two years!
Quote:
Originally Posted by scottinmass
I have been looking on Realtor.com at houses in the 400-500k range and then check the Wake county records on what they were purchased for and compare that to what they are asking now. Many house's that were built new in 04 ,now are asking $125k more than they paid for them. I also check the tax bills for these and they have been appraised for less than what they bought them for. Does this seem correct? If they are asking 500k for a house that they paid $375k for 2 yr's ago, What should we offer them? I know it's what the market will bear, but these are not houses that were just upgraded, they were built with all the nice stuff to begin with. Would it just be better to have one built instead of buying one of these newer used houses?
Thanks, Scott
All depends on you, Scott. After moving here in 1987 and witnessing unimaginable sustained growth (red that, sprawl) I can tell you the number of new $400-500K houses is at an all time high. There are tons of existing ones too, but those may be in closer to the city you want. Cary is highly desirable, parts of Durham (but they have other problems), and parts of N. Raleigh are very nice. In 1987 a nice two-bedroom condo in Cary was around 40K, five yr later it sold for 90K. That was just the beginning...
Good luck and welcome to the Triangle,
Rainier
Yes, check it out yourself, I find the address, plug it into the W***G**.com
and compare it to their asking price. Sure enough 2 yr old houses asking for 100k more than purchased for 2 years ago! I am glad I came across that site so I can check out the purchase price and the tax records. I can find out exactly what will be the expected taxes. I also have found a flurry of new almost built houses with high end appliances,hardwoods,columns,wainscoat,
Stone fronts, corner tubs with windows,etc. The difference is the new almost finished houses are on small lots,where some of these 2 yr old houses are on 1/2 acre lots so not right on top of your NDN. In Wake Forest you can get a 1 acre lot, a NEW house with all described above for 450-500. Only thing is that its too far to RTP where my wife will be working. So it's location with us and We may have to pay the piper to find something within 25 minutes to work. \
CAKD as far as some of those 10-20 year houses selling for that kind of money, I don't know where they base their appraisal on. I wouldn't even entertain the Idea of buying one of those. I don't want 20 twenty year old appliances to die on me and then spend another 15k to replace them. I would rather put that into the new in-ground pool. I guess they are asking so much because of LOCATION and commuter proximity to RTP.
Weis02, I am corrected on the Real estate tax thing, I was typing while you posted.
Yes, check it out yourself, I find the address, plug it into the W***G**.com
and compare it to their asking price. Sure enough 2 yr old houses asking for 100k more than purchased for 2 years ago! I am glad I came across that site so I can check out the purchase price and the tax records. I can find out exactly what will be the expected taxes. I also have found a flurry of new almost built houses with high end appliances,hardwoods,columns,wainscoat,
Stone fronts, corner tubs with windows,etc. The difference is the new almost finished houses are on small lots,where some of these 2 yr old houses are on 1/2 acre lots so not right on top of your NDN. In Wake Forest you can get a 1 acre lot, a NEW house with all described above for 450-500. Only thing is that its too far to RTP where my wife will be working. So it's location with us and We may have to pay the piper to find something within 25 minutes to work. \
CAKD as far as some of those 10-20 year houses selling for that kind of money, I don't know where they base their appraisal on. I wouldn't even entertain the Idea of buying one of those. I don't want 20 twenty year old appliances to die on me and then spend another 15k to replace them. I would rather put that into the new in-ground pool. I guess they are asking so much because of LOCATION and commuter proximity to RTP.
Weis02, I am corrected on the Real estate tax thing, I was typing while you posted.
My house is 22 years old and new appliances, new roof , new windows, new dual trane havc units, screened porch new, all new duct work and plumbing on .89 acres 10 minutes to Cary, just because it is older doesnt mean it isnt a great house, and I have a great home warranty I am selling with the house.
Gregsbabe1, I stand corrected. I was just generalizing. Did you update to sell the house thinking you were going to get more or were you planning to stay there for awhile and things changed? Where are you moving to? a bigger house? same area?
Gregsbabe1, I stand corrected. I was just generalizing. Did you update to sell the house thinking you were going to get more or were you planning to stay there for awhile and things changed? Where are you moving to? a bigger house? same area?
It's cool , there are alot of people that will just sit and let a great house rot!! No we were going to stay but in the end decided to go, back towards the west. No we did it for the house really before we decided to sell, if I was going to stay I would change out the flooring and put new cabinets in the kitchen, thats all it needs, but most buyers ( no offense) cant see potential and just want new, we bought this with kids in mind, large lot great schools lots of kids, we knew we could change the house but not location!! My hubby is in construction so that helps me view homes differently, I love watching those home shows where people will actually comment on how they cant buy a house based on the sellers furniture color or room paint choices, it's like dang people pick up a paint brush!! I always thought that was the fun in owning a home, to make it yours.!! Sorry so long, I can ramble
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Raleigh area house's appreciate alot in two years!
