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Message
Anyone familiar with the Raleigh real estate market here?
Posted on 1/16/21 at 6:57 pm
Posted on 1/16/21 at 6:57 pm
Long story short I'll be permanently relocating to the area soon. Work will be in the Cary area which I understand is a pretty decent area. I've already sold my home and have plenty of liquid assets for a down payment on a home there but was planning on renting for a year before I get an idea of where I really want to live in the area.
I think this is the conservative approach given I know nothing about the local market and am concerned about a national housing slump with the level of uncertainty.
From what I understand this area might be somewhat insulated from that as the region seems to be growing.
Am I possibly putting myself in a pickle where home costs might be significantly higher in a year?
Any advice is appreciated
TIA
I think this is the conservative approach given I know nothing about the local market and am concerned about a national housing slump with the level of uncertainty.
From what I understand this area might be somewhat insulated from that as the region seems to be growing.
Am I possibly putting myself in a pickle where home costs might be significantly higher in a year?
Any advice is appreciated
TIA
6
Posted on 1/16/21 at 7:28 pm to Powerman
quote:
Am I possibly putting myself in a pickle where home costs might be significantly higher in a year?
Yes. Cary is not insulated from the rising market in the Raleigh/Durham area. In fact, Cary is a high CoL area with a median income of over $100K. Obviously you don’t want to rush into a house purchase but I wouldn’t wait too long. Btw Cary is most definitely the best area to live in that region if you have a family.
Posted on 1/16/21 at 7:36 pm to Powerman
With rising inflation, owning real estate is the best hedge. You could easily be facing higher prices by waiting a year.
Posted on 1/16/21 at 8:02 pm to Powerman
Depending on how long you will be there, Mortgage rates are absurdly cheap, could not be that way in a year.
Who knows how the economy will react post-covid
Who knows how the economy will react post-covid
Posted on 1/16/21 at 8:04 pm to barry
Rates are another consideration for sure. I didn't think they would go much lower after I unloaded my house in Sept but they've dropped since.
Posted on 1/16/21 at 8:06 pm to 13SaintTiger
quote:
Cary is a high CoL area with a median income of over $100K. Obviously you don’t want to rush into a house purchase but I wouldn’t wait too long
I heard some rumblings a couple years ago about apple potentially setting up a second headquarters there but haven't followed that development. Apparently a lot of their senior management is made up of Duke grads.
I don't necessarily have to live in Cary but it's good to hear that it's a good area.
Posted on 1/17/21 at 6:24 am to Powerman
Cary stands for Containment Area for Relocated Yankees.
Posted on 1/17/21 at 9:47 am to Powerman
Look in Apex...some new developments there with kind of a country feeling
Posted on 1/17/21 at 9:54 am to cuyahoga tiger
Office is actually in Apex so I'll definitely look there
Posted on 1/17/21 at 9:28 pm to Powerman
Check out Holly Springs.
Honestly I’d rent for a year unless you have scouted thoroughly and know where you want to be.
Honestly I’d rent for a year unless you have scouted thoroughly and know where you want to be.
Posted on 1/17/21 at 10:49 pm to Powerman
quote:FWIW, the Raleigh market did not fall hard in 2008 as many places did such as Phoenix. But as they say; past performance is not a guarantee of future results.
concerned about a national housing slump
What do your future co-workers recommend regarding a location? Why Cary since the job is in Apex?
Posted on 1/18/21 at 6:25 am to nctiger71
quote:
What do your future co-workers recommend regarding a location? Why Cary since the job is in Apex?
Future co-workers are also new to the area. I suppose Cary was a thought just because I'm more familiar with it and it's a little closer to Raleigh. If Apex is a good area to live then I'll probably just move there. I'd like to find a place that's somewhat close to work and a good gym. Those are my main things to look at if I'm going to start out renting.
Posted on 1/18/21 at 9:55 am to Powerman
First of all, congrats on the move!
I think most everyone who has moved to this area has been happy with the change. I'd say about half of the people I meet on a regular basis are not from here.
I would highly recommend renting for at least 6 months before buying. Housing prices are increasing, but you would be better off paying a little more to be somewhere that you really enjoy.
There are lots of things to consider when looking in the area.
Are you going to be required to go into the office?
How long of a commute are you willing to endure?
What are your priorities in terms of location?
Of course, you can scratch Durham right off your list - terrible schools and high crime. It does have a great little downtown area and the DPAC for a fun weekend night, but don't live there.
As others have said, Cary is HCOL, but there are some perks. There are major development plans for parks and rec there right now.
Check out the American Tobacco Trail. Proximity to this is beneficial if you like to run or bike at all.
Morrisville, Apex and Holly Springs are all large communities with both new and old developments.
If you're not worried about the commute, Pittsboro is a great town on the other side of Jordan Lake. There is a brand new (very large) development underway called Chatham Park. It's the largest planned development ever in NC and includes lots of entertainment and recreational venues. I'll tell you that the drive across Jordan Lake is quite pleasant in the mornings.
You could also check out Fuquay Varina or Clayton. Years ago these were the best places to get the most value in a house, but they are also developing rapidly. Be sure to check out the plans for the 540 loop which were just finalized to see which areas are going to be most impacted.
I think most everyone who has moved to this area has been happy with the change. I'd say about half of the people I meet on a regular basis are not from here.
I would highly recommend renting for at least 6 months before buying. Housing prices are increasing, but you would be better off paying a little more to be somewhere that you really enjoy.
There are lots of things to consider when looking in the area.
Are you going to be required to go into the office?
How long of a commute are you willing to endure?
What are your priorities in terms of location?
Of course, you can scratch Durham right off your list - terrible schools and high crime. It does have a great little downtown area and the DPAC for a fun weekend night, but don't live there.
As others have said, Cary is HCOL, but there are some perks. There are major development plans for parks and rec there right now.
Check out the American Tobacco Trail. Proximity to this is beneficial if you like to run or bike at all.
Morrisville, Apex and Holly Springs are all large communities with both new and old developments.
If you're not worried about the commute, Pittsboro is a great town on the other side of Jordan Lake. There is a brand new (very large) development underway called Chatham Park. It's the largest planned development ever in NC and includes lots of entertainment and recreational venues. I'll tell you that the drive across Jordan Lake is quite pleasant in the mornings.
You could also check out Fuquay Varina or Clayton. Years ago these were the best places to get the most value in a house, but they are also developing rapidly. Be sure to check out the plans for the 540 loop which were just finalized to see which areas are going to be most impacted.
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