CaryRealEstate.com | Cary NC | Local Specialist for Cary Real Estate
Cary Real Estate Market Update for Days on Market
The median number of days on the market for single family homes in Cary peaked at just over 150 this past spring. At this point it appears to be stabilizing. Please note the graph represents all price ranges – days on market can vary drastically at different price points.
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Residential Single Family Homes
Cary Real Estate Market Update for Number of Homes For Sale
It appears the inventory peaked over the summer as usual and has started the seasonal decline has we move into the fall and winter months.
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Classic Halloween Movies Showing at Cary’s Koka Booth Amphitheatre this October
Cary's Koka Booth Amphitheatre
Looking for something fun and different to do? The Town of Cary offers a great venue for outdoor movies at Koka Booth Amphitheatre and they are serving up Halloween Classics this October. Ticket Prices are $3 with kids 12 and under free. Bring your blanket or lawn chair and enjoy!
- Monday 10/26 Psycho
- Tuesday 10/27 The Shining
- Wednesday 10/28 Night of the Living Dead
- Thursday 10/29 Casper
- Friday 10/30 Double Frankenstein and Dracula
Cary Real Estate Home Buying Tip #17 – Give NickNames to the Homes You Like
When you’re out looking at homes they all tend to blend together! So give them a memorable nickname, at least that’s what I suggest when I’m helping buyers in Cary.
There’s no doubt about it, homes start to blend together after you’ve looked at several. If you’re in a home that makes your ‘keep list’ then pick a memorable feature that stands out about the home and give the home a nickname, like “Red Door” or “Super Kitchen” etc. It’s so much easier than trying to remember street names or MLS numbers! If you have kids, then let them get involved in the process. One of my favorite nick name memories is the ‘dog poop’ house. It was a new construction home at the framing stage & a neighbors dog had taken advantage of the open access to the home. The buyers kids dubbed it the dog poop house – it was funny having phone conversations with the buyers and having them say “We are ready to submit an offer on the dog poop house”. You’ve got to keep it fun!
Dear Cary Real Estate, Why Doesn’t Cary Have Any Public Schools?
What? No Public Schools in Cary? Of course there are public schools in Cary, in fact some of the best public schools in North Carolina are in Cary. So what gives?
Here’s the thing . . Cary is a town located in Wake County and all of the public schools are operated by Wake County. There’s no such thing as a ‘Town of Cary’ school. Instead they are wake county managed schools located in Cary. The same applies across the county, meaning there are no ‘Raleigh’ schools etc. Yes it’s a technicality but many people that relocate to Cary have heard how great the Cary schools are and mistakenly think ‘Cary Schools’. Another very important detail for someone relocating to the Cary area is to realize that due to the growth of the area and the ongoing construction of new schools, the county reviews the student assignment plan every year. The bottom line is no one can guarantee the school that a particular home is assigned to will stay the same year after year. The Cary area is home to over 20 elementary schools, 6 middle schools and 4 High Schools. Here’s a complete list of Wake County Schools.
True or False, the Town of Cary has the Highest Property Tax Rate in Wake County.
Cary has the nicest parks in the area, the highest average income and more advanced degrees than other municipalities in the county, so it only makes sense it would have the highest property tax rate in Wake county, Right? Well it’s false, Cary does not have the highest property tax rate in wake county, in fact, The Town of Cary has the LOWEST tax rate in Wake County!
I’ve overheard people comment “I can’t afford the property taxes in Cary”. I think people look at all the great amenities that Cary provides and assume the taxes would be proportionality higher. While it is true that homes in Cary are more expensive on average than many other parts of Wake County, the reality is a $300,000 tax valued home in Cary will cost you LESS in property taxes than any other town or city in Wake County!
So what is the tax rate and how is it calculated?
Town of Cary’s Population Growth
The Town of Cary hasn’t always been the affluent bedroom community it is today, it’s grown from 22,000 in 1980 to over 130,000 and the population
has doubled every decade since 1960!
I’ve lived in the Cary area my entire life. I remember as a child in the 1970’s that Cary only had one retail store, if you didn’t find it at Rose’s then it was a road trip into Raleigh. My how things have changed! I’m often asked how I feel about the growth, I actually love it! (except for occasionally when I’m stopped at red lights that didn’t use to exist) I’ve had the fortune of ‘growing’ up with the town and I appreciate all of the cultural diversity that now exist.
As for future growth, the current Cary Town Council has a goal of limiting the growth to 3-4% annually.
If you’re curious what the growth pattern has looked like since 1980 take a look at the chart. Read the rest of this entry »
Town of Cary Looks to Improve Intersection of Cary Parkway & Highhouse Road
The Town of Cary announced today plans for a public meeting to discuss a new intersection design for the intersection of Cary Parkway & High House Road. Town of Cary Press Release . .
Cary citizens are invited to a community meeting on Tuesday, August 4, 2009 , at Cary Senior Center , 120 Maury O’Dell Place , from 5 p.m. until 8 p.m. to discuss the results of a recent study of the Cary Parkway and High House Road intersection. As a result of the study, the Town Council approved consideration for amending the Comprehensive Transportation Plan to show an alternative intersection design called a Single Quadrant Intersection as the future design instead of traditional widening. At the meeting, Town staff members will explain how cars, bikes and pedestrians would travel through a Single Quadrant Intersection, address the impacts to the local businesses, discuss the study and its results and answer questions and address concerns. For more, contact David Spencer at (919) 462-3833 or at david.spencer@townofcary.org.
Buyer or Seller Market in Cary NC? How Do You Know & What it Means
Buyer or Seller Market – How Do You Know & What does it mean to me?
It’s an age old question – How’s the real estate market? Is it a buyer’s market or a seller’s market?
First a quick definition:
According to the National Association of Realtors a housing market in balance is roughly 6 months of supply – once you have less than 6 months of supply, the pendulum swings toward a sellers market & anything over 6 months moves towards a buyers market. The more you slide from the 6 month mark, the more extreme the market either way.
Supply: Number of homes on the market
Demand: How many buyers are purchasing each month
Here is the formula:
# of homes for sale divided by # of homes selling each month yields the # of months of supply
The formula works the same either for a city or subdivision etc – if you are looking for market conditions as compared to your home it would look like this:
In order to understand YOUR market, then you need to look at how many homes in your price range, in your area, are for sale and then compare that with how many of those homes are selling each month. In real estate terms this is called ‘absorption rate’
Example:
You own a home in Cary in the $300,000 – $400,000 range
Does it really matter to you what homes in Cary in the 800k range are doing? No, not directly – at this point as a home seller you would be ‘competing’ against other homes in the 300-400k range, not 800k homes
Assume there are 200 detached (not townhomes/condos) single family homes for sale in Cary in the 300-400 range
What does that tell us? Nothing yet.
Assume in the last few months an average of 20 buyers have closed on a home in Cary in the 300k-400k range each month
Now we are getting somewhere – if there are 200 available homes with an average of 20 buyers per month, then we know there is roughly 10 months of housing supply in this range.
So in this example, in Cary, in the 300-400k price range it would be a buyers market. (because it’s more than the 6 month balance point)
This is a basic example of understanding your market – it boils down to how many homes like yours in your area are for sale, compared to how many available buyers are available. This is only one of many factors you would consider in determining a marketing strategy if you were selling your home.
This example does spotlight the fact that if you needed to sell your home and were facing 10 months of supply and competing with 200 other homes for 20 buyers each month the importance of understanding your market conditions and pricing your home strategically.
Curious about your Real Estate Market? Need to sell your home and need a strategy not just a sign in the yard? I’m here to help!
David Williams
919-812-0150
David@CaryRealEstate.com
