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Typically when they re-assess and the value of the properties in your municipality increase, the millage rate decreases so your property tax bill stays relatively flat. My property tax bills were highest in 2015 and 2019 for the 12 years I have been living in my current West Cary home.
My property taxes have increased significantly for the past two years. We get hit with both Raleigh city and Wake County tax increases, plus every new bond that gets passed increases our property taxes even more. People don't think about the financial consequences when they vote to pass new bonds but then wonder why their annual property taxes or monthly rental costs are raised. Some retired people on fixed incomes will eventually be forced out of their own homes because they can't afford the property taxes anymore.
Completely out of curiosity is this cash buyer a person who plans to live here and are they from here originally?
If you'd rather not post it, I understand, but it's interesting to hear friends who have sold for cash recently discuss these odd situations where they have cash buyers and homes later become corporate-owned rentals or Airbnbs.
Opendoor is still actively buying homes in the area. They bought my neighbors home and have been doing renovations for the past month or so. They paid $409K so it will be interesting to see how much they jack up the price when it goes back on the market in a few weeks.
Completely out of curiosity is this cash buyer a person who plans to live here and are they from here originally?
If you'd rather not post it, I understand, but it's interesting to hear friends who have sold for cash recently discuss these odd situations where they have cash buyers and homes later become corporate-owned rentals or Airbnbs.
My understanding is that they're planning to live here. Seems like they're from Colorado. One of the other strong offers we go were putting down 50% cash and were going to use this house as their "summer house".
(My house was listed at $680,000 FYI - I wish I could afford to buy that for a summer house!)
My understanding is that they're planning to live here. Seems like they're from Colorado. One of the other strong offers we go were putting down 50% cash and were going to use this house as their "summer house".
(My house was listed at $680,000 FYI - I wish I could afford to buy that for a summer house!)
Why would anyone want to purchase a house in Cary as a summer house? It isn't the mountains or the beach, plus it is very hot and humid. There must be some other reason they purchased it? Perhaps they live in a podunk town without any amenities? Maybe they have family that currently lives in the area or have plans to move to the area in the near future? Perhaps they plan on renting it out when not living there? Just seems like an odd place to purchase a summer house. Everyone I know with second or third homes, purchase them closer to the coast or the mountains, and they remain unoccupied when they aren't there.
About a year ago, there was a house near my old stomping grounds that listed for $480k. Since we were in the area, we took a look during open house.
1900 sq. ft. home with a small loft, no garage, wood siding. Small kitchen. I thought $480k was reasonable, maybe even $550K at inflated prices. It sold for a whopping $100k over asking.
The Redfin estimate still places it underwater. If it went on the market today, it might not get as much as it sold for.
My clients submitted an offer on that house; a little over $500k. There were comps that sold higher just a few months later but hard to place where it would sell now; not much turnover in that neighborhood.
Have seen some houses for sale in West Cary, drop prices by around 20-30k, maybe even twice. Others who don't drop prices, stop the sale because no offers or offers that the buyer is not happy with. The 7% interest is biting and people lowering their purchasing power.
Why would anyone want to purchase a house in Cary as a summer house? It isn't the mountains or the beach, plus it is very hot and humid. There must be some other reason they purchased it? Perhaps they live in a podunk town without any amenities? Maybe they have family that currently lives in the area or have plans to move to the area in the near future? Perhaps they plan on renting it out when not living there? Just seems like an odd place to purchase a summer house. Everyone I know with second or third homes, purchase them closer to the coast or the mountains, and they remain unoccupied when they aren't there.
We didn't end up selling to them as the other offer was a better offer BUT they were from NY and I think they have friends that were local to this area. They didn't even come and look at the house - they had their friends and their realtor look and then they submitted an offer right away! So I guess they specifically want to be in this location? Maybe they plan a future full time retirement here. Who knows!
I dunno. If I had to buy my house over again, I won't be able to afford it.
Seems like unless you got in early, you're out of luck even at a later point in life where presumably you have more earning power.
THIS. Our income was 1/3 of our house value when we bought it in southern Wake. 30 years later, it is not as its value has skyrocketed. While I like the idea of my home value being so high, I just have no idea how far my kids would have to move away from the very jobs they need to also attain a house that is only 1/3 their income.
I realize every generation complains about this... But it feels different this time.
Opendoor is still actively buying homes in the area. They bought my neighbors home and have been doing renovations for the past month or so. They paid $409K so it will be interesting to see how much they jack up the price when it goes back on the market in a few weeks.
We have noticed here in Garner they bought homes in our neighborhood months and months ago and still have not put them on the market. One house it has to be a year now and still not listed for sale, and it is still empty. I don't understand why they would do that. Is it basically withholding inventory to further drive up prices? Would that be the reason?
We didn't end up selling to them as the other offer was a better offer BUT they were from NY and I think they have friends that were local to this area. They didn't even come and look at the house - they had their friends and their realtor look and then they submitted an offer right away! So I guess they specifically want to be in this location? Maybe they plan a future full time retirement here. Who knows!
That makes sense. I figured they had some reason to want a part-time, summer residence in Cary.
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