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Old 02-11-2007, 07:49 PM
 
16 posts, read 83,347 times
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I am relocating to the Raleigh area and am trying to find neighborhoods that have been steadily appreciating in value, more than the average of what seems to be 3-5% annually. I've visited the area twice and think it is lovely. I've looked in Lochmere, Cary Park, Cameron Pond, and dozens of others. I saw some nice homes in The Park at West Lake but I understand that there is a nearby water treatment plant and that can't be good for resale value. Based on what I've seen in terms of the property appreciation for all of these dozens of neighborhoods, it seems that my best bet is to purchase a brand new home that already has upgrades rather than buying an existing home and upgrading later. I would appreciate any input on neighborhoods with better than average appreciation in value and also new neighborhoods. I'm looking for a 4 bed, 3 bath home with a nice lot size (no postage stamp lots!) for around $400K. Also wondering how much influence the school district seems to have on resale value. Any thoughts would be greatly appreciated!
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Old 02-12-2007, 06:44 AM
 
237 posts, read 1,027,292 times
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We live in Wescott which is off of Sunset Lake. It is a great neighborhood, not too big, no cookie cutter homes, lots of kids, lots of family activities and low HOA fee. Our kids go to either West Lake or Middle Creek elementary school and Holly Ridge middle school. NOt sure which high school as I am not "there" yet. My kids go to Middle Creek. The principal there is great. I think you can't go wrong with either HOlly Springs or Apex. I noticed the subdivisions you mentioned are all in Cary. You'll get more house/land for your money the further you go from RTP. That is why we chose Holly Springs, it was recently voted fastest growing town in NC. We have some great things in the works, library, cultural center. Small town feel with all the conveniences.

Where are you relocating from?
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Old 02-12-2007, 06:42 PM
 
16 posts, read 83,347 times
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I'm relocating from Florida but the company I work for is headquartered in NJ; I work out of my home. They've agreed to let me move to NC. The weather here in Florida is not my favorite - only two seasons, hot and hotter. I want to be where there are all 4 seasons and I loved the Raleigh area when I was up there in December. I'd like to stay within a reasonable commute to RTP in case I decide to change jobs in the future. I worried about Apex after the chemical plant incident a couple of months ago; I've looked also in Wake Forest but most homes there are on septic and many have wells and I didn't want to deal with that. I don't have kids but I know in some areas, the school district has a huge impact on the resale value of the homes. Is that true in the Raleigh area? How much (%) have the homes in Wescott appreciated since you've been there? I'm starting to wonder if I can find a home in my price range that isn't what I call a roof hopper - houses so close to each other, you could hop from rooftop to rooftop.
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Old 02-12-2007, 06:55 PM
 
Location: Raleigh, NC
653 posts, read 2,979,307 times
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If you're looking at the intrinsic value in the neighborhood - quality homes, nice lots, good schools, close to amenities... then the appreciation will be there. I wouldn't recommend buying a home solely on the appreciation, especially since this area has not experienced the explosive run up (and subsequent softening) that other areas in the country have experienced.

To answer your question about schools, yes. That does affect resale. However, schools can change, especially in areas experiencing growth, so the schools you are assigned to when you buy may not be the schools you are assigned to when you sell. Fortunately, Wake County has excellent schools overall, especially compared to Florida (I've taught in both). You can check them at wcpss.net, check test scores at ncreportcards.com, as well as compare schools side by side at greatschools.net.

How soon are you planning on moving out of the house once you find one? If you plan to stay in the house the typical 5-7 years, I would recommend finding a house that has all the features you mentioned: good lot, nice "upgrades", good schools, and then just enjoy living there. Chances are, if it met your requirements, it will be a good buy for someone else in the future when you're ready to move on.

btw, I'm with you on Florida weather - we relocated here from the Tampa area 3 years ago, and what a pleasant change!
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Old 02-12-2007, 07:59 PM
 
237 posts, read 1,027,292 times
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I am not sure what the official appreciation is for Wescott but I do notice that the houses tend to sell quickly unless they are on really undesireable lots (there are a few). I have noticed a few re-sales that seem to go quickly which is a good sign. My husband commutes to RTP and he says it takes about 40 minutes. I think that is an average commute time now-a-days. What is your price range? As I have read in other posts on this board, you tend to get more house for your money in Holly Springs/Apex.

I think the key in buying a house is to not judge it with a "drive by". There are so many upgrades on all the houses we viewed that I would highly recommend getting in houses in your price range before you make a decision. Sometimes outside looks can be deceiving.......
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