Relocating to NC from NJ (Raleigh, Cary: sales, real estate, power lines)

[akot783]

Hi folks,

We are planning to move to North Carolina from NJ. We are hoping to buy a 3 bedroom townhome in Cary or nearby. (Please suggest if there is any city/neighbourhood that I should be looking).

Following are my considerations for my purchase:
- Price max of 250,000
- Good school district
- Good residential neighbourbood

Also, what will be an approximate yearly property tax for such a property?

Thanks for the advices!

[MikeJaquish]

Originally Posted by akot783

Hi folks,

We are planning to move to North Carolina from NJ. We are hoping to buy a 3 bedroom townhome in Cary or nearby. (Please suggest if there is any city/neighbourhood that I should be looking).

Following are my considerations for my purchase:
- Price max of 250,000
- Good school district
- Good residential neighbourbood

Also, what will be an approximate yearly property tax for such a property?

Thanks for the advices!

Quite a few neighborhoods in Cary will be available at <$250,000.
Oxxford Hunt, MacArthur Park and other Parkway neighborhoods, Trappers Run, Park Village, Dutchess Village, Scottish Hills, Northwoods, Silverton, etc.

Schools are administered by Wake County. www.wcpss.net So, Cary does not run the schools. The county controls school assignments and schedules.

Property Taxes: http://www.wakegov.com/NR/rdonlyres/...xRates2009.pdf

In Cary you would figure 0.86% of the assessed value.
At $250,000 assessed value, you are looking at approximately $2150 in property tax plus $15.00 vehicle decal fee, and $20.00 Wake County Recycling Fee.
But assessed value is not linked to market value, so taxes could be up to 10% either way.

[mishellina]

We live in Apex and moved here from NJ 5 years ago. The tax rate for us is about 1.1 percent. You will save when it comes to property taxes, house prices and car insurance.

Not sure what your job situation is but please be sure you are either transferring, have one lined up or have enough $$ in the bank to live off of. I'm not trying to scare you from moving - we did it without having jobs but A- the real estate bubble had not burst and B - jobs were around. Now I didn't expect to make what I did in NJ but for me being in IT I'm not making what I hoped I would be but up side is we have a house we love, in a town we love, weather and people are great and commute is better.

[VickiR]

To keep it simple...figure your tax bill to be 1% of your sales price. It is an ESTIMATE but close. For example...a house that cost $250,000...your tax bill will be $2500 per year. It is easier than trying to figure the different areas because Cary's tax rate is different from Raleigh's tax rate and Holly Spring's tax rate, etc.

Vicki

[akot783]

Thanks for the comments.

Yes. Job is not a problem, I am getting transfered.

Couple of questions,
- How did the real estate debacle affect Raleigh/Cary markets? Is this near bottom prices now or is it still going down or has it started recovering now?
- Also, are there good new construction options available right now in the area that any one recommends? (NJ its all 25-30 year old properties for these prices)

[MikeJaquish]

Originally Posted by akot783

Thanks for the comments.

Yes. Job is not a problem, I am getting transfered.

Couple of questions,
- How did the real estate debacle affect Raleigh/Cary markets? Is this near bottom prices now or is it still going down or has it started recovering now?
- Also, are there good new construction options available right now in the area that any one recommends? (NJ its all 25-30 year old properties for these prices)

Yes, the Raleigh-Cary market has taken some whacks. But, of course, hardest hit are luxury, or homes on compromised lots (power lines, backing to highways, steep driveways, flood plains, etc), or poorly kept homes.
Our rise was not so steep and fall not so precipitious as other areas. IOW, you aren't coming to South Florida.

New construction under $250,000 is readily available, mostly by tract builders, with a few exceptions.
In Cary, you will be able to see homes at that price in Stonewater by Lennar.
The neighborhoods I listed above are central to Cary, but homes are in that 10--30 year old age bracket.
You may consider other areas than Cary. Apex, Holly Springs, Fuquay Varina can accommodate you, with plenty of neigbhorhoods offering new homes in that bracket.
Ballentine Farms in Fuquay Varina comes to mind immediately. David Weekly homes is close to closing out, with only a handful of homes and lots left, so it may be possible to pick up a real value.
Your tax rate would be slightly higher, but home prices lower, so tax bills would be approx a wash out.

[NJJEEP]

We moved here from NJ a few months back and live in Morrisville - right next to Cary. Church St Townes (Townhouses) and we love it here. Check them out - good value for the money. Taxes are about 1%. Say hi when you get down here!

[akot783]

Originally Posted by MikeJaquish

Yes, the Raleigh-Cary market has taken some whacks. But, of course, hardest hit are luxury, or homes on compromised lots (power lines, backing to highways, steep driveways, flood plains, etc), or poorly kept homes.
Our rise was not so steep and fall not so precipitious as other areas. IOW, you aren't coming to South Florida.

New construction under $250,000 is readily available, mostly by tract builders, with a few exceptions.
In Cary, you will be able to see homes at that price in Stonewater by Lennar.
The neighborhoods I listed above are central to Cary, but homes are in that 10--30 year old age bracket.
You may consider other areas than Cary. Apex, Holly Springs, Fuquay Varina can accommodate you, with plenty of neigbhorhoods offering new homes in that bracket.
Ballentine Farms in Fuquay Varina comes to mind immediately. David Weekly homes is close to closing out, with only a handful of homes and lots left, so it may be possible to pick up a real value.
Your tax rate would be slightly higher, but home prices lower, so tax bills would be approx a wash out.

Thanks. This is good information. We were actually looking at older homes in realtor.com. But it looks like there are good townhomes available at these prices in and around Cary. We will defenitely focus on the new construction options.

[MikeJaquish]

Originally Posted by akot783

Thanks. This is good information. We were actually looking at older homes in realtor.com. But it looks like there are good townhomes available at these prices in and around Cary. We will defenitely focus on the new construction options.

You know, I missed the townhome reference.
All my references have been to single family detached homes.

Oh, yes. You have tons of new construction townhome options.

[bobbis]

Once again, great info from Mike. OP....Best of luck on your relocation!