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I've lived in Raleigh/Cary since 1973. Before 2008, our homes (we had 3) increased about 4% per year. Outlying areas like Fuquay, Clayton, etc. appreciated about 1%. This was pretty much a given for all those years.
People complained, saying California and Florida were increasing more rapidly and we were just slow and steady.
Then 2008 came.
EVERYTHING went down in price. Our prices didn't go down nearly as much as California and Florida.
Prices started increasing the last few years, very quickly.
I've been in Real Estate for over 20 years. I can't predict the future but up until 2008, I did show folks the stats
and they did show steady appreciation.
The one thing I do know about our area is...appreciation is mostly by area AND neighborhoods. The neighborhood next door to you may sell for a totally different price than yours, even if they are the same square footage.
Yeah, sure, but what was the inflation at those date:
Inflation in 2007: 2.85%
Inflation in 2006: 3.24%
Inflation in 2005: 3.39%
Looks like about what I said as soon as you subtract the realtor fees: more or less in line with the inflation on average.
The one thing I do know about our area is...appreciation is mostly by area AND neighborhoods. The neighborhood next door to you may sell for a totally different price than yours, even if they are the same square footage.
Much of this is due to school zoning.
That will all change if the Wake school board has its way. It's unfortunate a school board can have such an affect on people's investments.
We did. We agreed that places like ITB aren't affected as much by schools, as places like Western Wake are. No?
Not saying it's the case in the entire Triangle, but certainly in Western Wake there are neighborhood price differentials that are due to school zoning. When the school board starts moving people around in order to achieve a diversity goal, that will affect housing prices in some areas.
Frankly, all I care about is that a house nearly identical to mine recently sold for $450K and it was sold for $432K 4 years ago. That’s exactly a 1% per year gain!
However, as lawyers say, “its moot” ‘cause I ain’t selling anytime soon!
It’s also double-moot that I paid $375K in 2004 - it simply has no bearing on the price of bananas...
Frankly, all I care about is that a house nearly identical to mine recently sold for $450K and it was sold for $432K 4 years ago. That’s exactly a 1% per year gain!
However, as lawyers say, “its moot” ‘cause I ain’t selling anytime soon!
It’s also double-moot that I paid $375K in 2004 - it simply has no bearing on the price of bananas...
Look at your price point - your home is priced well outside the norm for salaries. Combined with location(?) and there you have it. From what you posted you also put another $100k into it, probably over-improving it for the area.
In general higher priced homes especially in outlaying areas will appreciate much less. Some maybe not at all or even may go down in value depending on local economics.
Well, we bought a new-built house in Raleigh 14 years ago. I get emails weekly from Real Estate Agents: "Good news! houses in your neighborhood have increasing prices....sell now!"
So I did a quick analysis:
Our house is up in value approx. 25%....in 14 years....which is ~1.3% per year. And this was supposed to be a Wake County hotspot! Good-thing we didn't buy in a coldspot!
Sorry to hear this. My wife and I bought in Raleigh (Brentwood neighborhood, near IHOP on Capital BLVD) in 2005, so also 14 years ago. From our purchase price to today, the value of our home has gone up 61%.
Houses listed in our neighborhood typically stay on the market for about a week or less. There is one house in our neighborhood that has had a sign out for at least two months, but that is an oddity. I wonder what is wrong with it
I had a heck of a time trying to buy a house for my mother in 2016, because every house that I found had been sold before I got to see it, or I was outbid. I finally bought one sight unseen (trusted my realtor). That house has increased in value by 10% since I purchased it.
My mother never made it to her new house, but I am keeping it as a rental. I'll also keep the one that I am currently in as a rental. I have other properties in other markets which I am currently in the process of selling. I will NOT be rolling that money into other real estate as I think (have for a while) we are headed for a downturn.
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