Tax Value does NOT Equal Market Value! 60 Seconds in Real Estate Cary NC

Wake County Property Taxes do not always reflect true current market value.

We see it routinely in the Cary area. Listing Agents shout, “Priced $Thousands below Tax Value!!”
It doesn’t mean much. If the difference is in the tens of thousands, then a Buyer might wonder if the Seller should have appealed the assessment and tried to have it lowered to a reasonable affordable number.

Wake County Property Tax reassessments are performed every 8 years. The last time was in 2008, with the next reassessment scheduled for 2016. Until then, Wake County will not adjust tax values because of market conditions or soft sales prices.

I have spoken to many homeowners who are afraid to appeal taxes, as they believe that a lower assessment may hurt their home value. That is an error, I believe. If one is contemplating selling their home, a Wake County Property Tax bill that is excessive can discourage a Buyer.

And I got into it in a 60 Seconds in Real Estate episode:

Mike’s No Hassle Mortgage Payment Calculator

Calcmoolator mortgage payment calculator

This mortgage calculator, from the good folks at CalcMoolator can be a big help to you in planning your finances, and knowing what it will take to buy that Cary home.
As a Buyers Agent, I see many real estate buyers who haven’t yet talked to a lender, and have no idea how affordable their home payment may be. Please note, your Wake County Property Tax and Homeowners’ Insurance premium included in the total estimated mortgage payment will vary depending on your property value and which Wake County town you are in.
Also, I expect to offer several more specialized real estate calculators on this page, so check back to see what’s new.

Comps, Competition, and Compelling Pricing

Cary Home Sales set comps. Competitive pricing compels buyers to buy.



Comps, Competition, and Compelling Pricing

Comps, Competition, and Compelling Pricing

Everyone wants to see "Comps," comparable closed sales when fixing a price for a new listing.

I agree.  We have to begin with the end in mind, and the "End in Mind" is a closed sale.  A contract price MUST be supported by market activity, specifically recent, comparable sales that have closed.

However, a smart seller and smart listing agent will also consider "Competition."  And that will include properties outside the specific neighborhood where the home to be listed for sale is located.
See, while the neighborhood activity must support the sales price for appraisal purposes, Buyers have myriad choices outside the neighborhood. 
A home worth $400,000 must compete with and draw attention away from other $400,000 choices.  We just cannot tell Buyers that they can only shop one neighborhood.

So, Sellers have to be competitive across a broader area, perhaps a school district, or a local geographic area in a county or town.
In Cary, and Wake County, NC, the Wake County Public School System manages all public schools at the County level.  Town boundaries do not indicate school assignments, and it is not uncommon to see a neighborhood, all or part, reassigned to another school
So, parents will shop various school assignments, attempt to grasp stability in assignment, and affordable neighborhood options. To do so, they may look in a ten mile radius, or farther.  That search may take them out of Cary, and into Morrisville, Apex, Raleigh or any other local municipality. 
That is why it is smart to consider a wide area of competitive Active listings when pricing a home.

Comps, Competition, and Compelling Pricing, via 60 Seconds in Real Estate, Cary NC:

 


There’s Mortgage Money in the Vault, and It is “On Sale!” 60 Seconds in Real Estate, Cary NC

60 Second mortgage program conversation with Kevin Martini, SunTrust Mortgage.

I grabbed my friend and mortgage money mentor, Kevin Martini of SunTrust Mortgage, and asked him a few rapid-fire questions in the Cary NC, KELLER WILLIAMS® real estate office the other day. Kevin is a favorite of local Buyers agents and listing agents, because he delivers.

Kevin tells me that he has a huge variety of affordable home loan programs to help folks buy, and, of course, he is tickled with current interest rates he can offer.

SOLD! In 8 days! 204 Amberglow Place, Cary, NC 27513: Sparkling and Cute. 3BR/3 full Baths, too!

I just SOLD this great home in BrookGreen Forest. At $217,500 it offers a ton of features. Continue reading “SOLD! In 8 days! 204 Amberglow Place, Cary, NC 27513: Sparkling and Cute. 3BR/3 full Baths, too!”

Business and Best Affordable Suburbs

It’s hard to beat.

Forbe’s ranking of the Raleigh/Cary metro area as #1 in the USA for Business and Careers was just the ticket.  It comes on the heels of last May’s BusinessWeek.com mention of Cary as one of the Best Affordable Suburbs in the South. Continue reading “Business and Best Affordable Suburbs”

Home shopping without mortgage preapproval is hazardous to your wealth!

Mr. and Mrs. Buyer:

That Mortgage Preapproval is good for YOU!  To protect YOU!  To keep YOU from being hurt.

Too many folks hurt themselves by getting under contract on a home purchase when they can’t actually buy a house.  And then the problems start… Continue reading “Home shopping without mortgage preapproval is hazardous to your wealth!”