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$500K+ resale houses in JoCo never (since 2004) exceeded a rate of 20 sales/yr until Sept 2017. Then it doubled in 2018 & 2019. Since June 2020, it's gone nuts for some odd reason, peaking at 200/year.
And values may or may not have risen - it's certainly seasonal. Maybe 20% in a decade, but also fall back to 2008's value
There is always an opportunity cost. You can cash in now, use your earnings to generate more cash some other way (put them in diversified index funds and generate safe, passive $$). Or you can wait and see what RE market is going to do. It's pretty crazy right now for sure. You can probably get away without making lots of concessions/fixes. But, who knows what happens tomorrow? I keep reading that Austin market is going nuts and people are buying million dollar houses and foregoing inspections (which is crazy!). Could that happen here? I dunno? Ask Elon Musk tweet something like "Triangle, NC" lol.
To be honest, it doesn't seem like growth will slow down here. People continue to move from high cost areas, so I think inventory in established neighborhoods will always be tight. We bought for the location, because I assume that traffic will only continue to get worse for people who chose new development further out.
To be honest, it doesn't seem like growth will slow down here. People continue to move from high cost areas, so I think inventory in established neighborhoods will always be tight. We bought for the location, because I assume that traffic will only continue to get worse for people who chose new development further out.
We moved from a lower cost area, as many people do.
It was driven by economic opportunity and vastly superior climate. Those two are unchanged and still drive some migration to the area.
Thanks for the thoughtful replies. Very good to have more concrete factors to contribute to a change in our selling timeline:
Yes-we could stay in the alternate local property for several years. It is much smaller but also part of the retirement plan (smaller properties-one local and one coastal). Not as much room for family to gather but manageable. Needs some updating but definitely livable until we are ready to update. Long term tenant just relocated so it’s good timing there.
Yes-we would purge quite a bit. No sense to store a vacuum long term lol! Some things can be used/stored at the other property-others would have to be stored for future home. I kind of have a formula that includes cost to replace, age of item, cost to store, secondhand worth, etc all included. And throw in sentimental a little. I know I will have long term storage costs.
Yes-profits would be definitely be reinvested. Although I fully expect DH to begin a robust search for his new property-it will be his fishing headquarters
If someone decides now, to cash out and grab their tax-free gains on a principal residence ... I say there's no shame in renting, if you *like* having no yard to maintain, and you *want* someone else to fix the plumbing and HVAC. Renting is still cheaper than owning, if you are comfortable in a smaller space and won't miss those extra rooms to heat and furnish.
It's perhaps even easier to deal with difficult neighbors in an apartment complex. Just switch to another unit and let some new tenant endure your old problems. None of the complex paperwork or stress and drama that comes with a home sale.
$500K+ resale houses in JoCo never (since 2004) exceeded a rate of 20 sales/yr until Sept 2017. Then it doubled in 2018 & 2019. Since June 2020, it's gone nuts for some odd reason, peaking at 200/year.
And values may or may not have risen - it's certainly seasonal. Maybe 20% in a decade, but also fall back to 2008's value
Most of my neighbors out here in JoCo are "real estate refugees" who either couldn't afford or refused to pay the prices in the Cary-Apex area.
The 40 and 540 projects currently underway will make getting to the rest of the Raleigh metro area fairly quick, and we expect house/land value to go up substantially when those two things are finished. There is a ton of development going in out here, clearly in anticipation of the new toll road.
Add low interest rates and pandemic cabin fever to the mix, a big house in JoCo sounds like a great idea.
But I'm in OP's boat. We know we wanna move in about 5 years, but are wondering if we'd make more money selling now while inventory is nearly zip in our price/size category.
Most of my neighbors out here in JoCo are "real estate refugees" who either couldn't afford or refused to pay the prices in the Cary-Apex area.
The 40 and 540 projects currently underway will make getting to the rest of the Raleigh metro area fairly quick, and we expect house/land value to go up substantially when those two things are finished. There is a ton of development going in out here, clearly in anticipation of the new toll road.
Add low interest rates and pandemic cabin fever to the mix, a big house in JoCo sounds like a great idea.
But I'm in OP's boat. We know we wanna move in about 5 years, but are wondering if we'd make more money selling now while inventory is nearly zip in our price/size category.
Will the 540 completion really make that big of a difference in real estate value? I'm genuinely curious about what the crystal ball predicts on that.
If so, why not wait until it's finished at least by the 70 bypass ( I think in a couple of years right?) before selling?
Somehow my last post was cut short. I think we will test the waters-nothing to lose right? Shoot for the moon. House paid for and don’t have to sell-might as well see what happens! Neighbor just went under contract in 2 days for $20 sq ft more that houses went for 6 months ago. I wonder if that will appraise?
What's getting WORSE in Clayton/JoCo in the next 90 days?
What's going to look better?
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