Raleigh Real Estate Values Just Increased

For a second straight year Raleigh, N.C. has been awarded the number one spot for Best Places for Businesses and Careers by Forbes Magazine. Business costs are 14% below the national average, and the area boasts one of the most educated labor supplies in the country, with 38% of the adult population possessing a college degree and 12% holding a graduate degree. Raleigh’s secret is out, and people continue to flock to the area. 60% ofistock_000003250471small.jpg Linda Craft and Team, REALTORS buyer sales so far this year have been relocation. Every time we rank high on the best places to live list, it’s like putting money in the bank for you if, you are a homeowner. People all over the world read Forbes Magazine and many of them are looking for places to live and raise a family where the quality of life and employment opportunities are better. It never fails when and article such as this one hits the stand our relocation traffic increases. One of the reasons our home values have not plummeted like other areas is because of the buyers continuing to relocate here. Say thank you to Forbes because articles like this helps all of us. Now our part is to remember when someone moves into our neighborhood to greet them with southern charm and hospitality. When I call my closed buyers I love hearing them tell stories of how several neighbors came by and brought cookies, bread, pies to welcome them to the neighborhood. Did that happen to you when you moved in? It was certainly my experience in 1983 when I relocated to Raleigh and has been my experience every time I move to a new neighborhood in Raleigh.

Forbes has helped us out with positive national news again. On this blog you can help by telling the world your story too. If you love Raleigh and have a story to tell about your relocation please post it here. The world is wondering as they read Forbes if Raleigh is really as good as the magazines say it is. I know I had my doubts when I moved here. My REALTOR kept telling me how great the weather was and how friendly the people are in Raleigh. She was so right! 70’s and sun shining again in beautiful Raleigh.

Make it a great day!

Linda

The Heart of a Mansion

Last week I had the opportunity to tour the inside of the Governor’s Mansion for the very first time. What a beautiful home! I have driven by it many times and have always been impressed with the grounds, fencing and stately exterior appearance but, the inside is really a work of art. Have you ever seen the inside? If so, do you agree?

How I managed to tour the Governor’s Mansion was by accepting an invitation to a presentation by the American Heart Association called Go Red For Women. Have you heard of this? Go Red For Women is a new campaign they are launching to increase awareness of heart disease in women. Did you know that more women die of heart disease than all forms of cancer combined? They even have a free online assessment to help all of us take charge of our hearts and health. I hope you will go to GoRedforWomen.org and click on the heart check up. It will evaluate your risk for having a heart attack or other cardiovascular event within the next 10 years. Do it today. Don’t wait. I learned the main reason women die of heart disease is they stay so busy taking care of everyone else that they never make time to take care of themselves. Women ignore symptoms because we do not have time to be sick.

Last week I learned how beautiful the inside of the Governor’s Mansion is and I also learned that I have 2 out of the 5 risk factors. High blood pressure and heredity. My dad died of a heart attack the day after his 56th birthday. I am 53. Sound like time for a heart check up for me. How about you? Take time. You are worth it. GoRedforWomen.org

Linda

Foreclosures in North Carolina

Triangle Business Journal reported on February 26ththat foreclosures in North Carolina only increased by 14% in January 2008 compared to January 2007. This foreclosure rate was significantly below the 66.5% increase that RealtyTrac reported for all of 2007. Nationally the foreclosures increased 57% from January 2007. What does this all mean?

The North Carolina real estate market is not as bad as the media makes you think it is. We have such a good area for relocation we are going to bounce back faster than other parts of istock_000004833955medium.jpgthe country. My prediction is stable prices the rest of this year and prices starting to rise (slowly) next year. First increase will be in the prime locations of Raleigh and Cary, followed 12 months later in other areas. The further your home is from prime the longer the bounce back will take. Don’t worry however, in time it will be a sellers market and we will see 6% to 10% appreciation again.

Raleigh Home Buyers

It is a great time to buy. If you are thinking about a new home do it now! Interest rates are low and there are a lot of homes priced well to choose from. When the spring market hits, sellers who are not educated to this market will offer their homes for sale at traditionally higher spring time prices. So find your home now while winter pricing is still up for grabs.

Raleigh Home Sellers

You can sell but, you are not going to see any huge gains. In fact, your sales price today will probably be what it was worth in 2006. Your home has to be aggressively advertised, show well inside and be priced competitively or you are not going to sell. You have a lot of competition. It doesn’t matter what something sold for a year ago. It is all about today’s competition. If you are on the market now and struggling to sell, take action. Don’t sit. Try stagers, look at your competition online and drive by them. Remember new homes sell for 5 to 10% more than re-sales and buyers are looking for good values. Do everything to make yours one of the best, make sure they see it advertised and your sold.

Raleigh Foreclosures and Short Sales

I am seeing more short sales than foreclosures in the market right now and this is good. It means that sellers have learned that they have other options than foreclosure. If you are going to buy a short sale you will need to be patient. It can take 4 to 6 weeks to get an answer from the lender. If you are selling your home as a short sale you need to call your lender every day or two to speed the process up. When you call Loss Mitigation I want you to imagine a room full of people with many desk piled sky high with thousands of short sale requests. This is really what the Loss Mitigation department looks like. The file on top of their pile will get the most attention. Call them, call them and call them again. Every time you make a call your file is pulled out of the stack and it is back on top. Your request will get lost in the pile if you do not stay on top of this.

Hope you have a great weekend,

Linda

Real Estate with the Carolina Hurricanes

People ask me all the time “What is it likeHurricanes Game working with the Carolina Hurricanes”? My first thought is “It’s an honor”. But, I rarely respond with this answer because how I feel is not what they really want to know. They really want to know, what are the players like off the ice? They want the inside scoop. We all struggle imagining what a professional athlete or an actor must be like when they are not on stage. We are even tainted a little because of the negative media that follows anyone famous. And in our minds, we wonder…

I love watching the Carolina Hurricanes on the ice but, I have to tell you I love them just as much off the ice. They are real people with huge hearts. Patient, kind and everyone I have worked with have been devoted to their families and treat them with love and respect that is rare to find in most couples today. They care deeply about the happiness of their wife, children and parents. And yes, just like all wives, the hockey player’s wife makes the decision of which house to buy too! Kitchens are important because they cook! They like home theaters, fenced back yards for their dogs and nice guest rooms for their visiting parents. They play ball in the yard with their kids, read bed time stories, and love their dogs too. They have the same life needs and concerns that you and I do. Concerns such as; health, safety for the family, good neighborhoods and schools, finding quality time, and having a date night with their wife. Even with their big salaries they care about making wise real estate investment just like you do. They also feel the stress every time they relocate to a new area as well as the stress of leaving a vacant home that cost them money every month until it is sold. They ask the same questions you do when buying or selling a home. Is this a good investment? What is the appreciation rate for this area? Can you re-sale it in a year or two? I’m moving, what do I need to do to get this home sold?

This description may not be exactly what you envisioned. Especially when you read tabloids about other famous people and how self centered they make them seem. The hockey players may be tough on the ice but, they are gentle with their family and have their priorities in the right place. You can tell that they have been brought up in good homes where they were taught solid values early in life. They automatically do things like saying please, thank you, and they take off their shoes when they enter someone’s home. They also shock me by taking their time to show appreciation for my help by writing kind notes or delivering gifts to say thank you. They are simply some of the nicest people I have ever had the privilege to work with. Yes, they are amazing athletes but, I hope Raleigh can love and respect them for their talent while treating them like other good neighbors. The players tell me in Canada they can not have a real life. The media is all over them and they rarely write anything nice. Where they go, what they do it always makes the news. When they go to dinner they are surrounded by media and people wanting autographs. Because of this it is hard for them to enjoy a night out in a restaurant with their families. So far, all the players love Raleigh because the fans are very supportive and they tell me they like being able to go out in public and fit in to the community.

When it comes to buying and selling real estate emotions can get pretty high and true character always come out somewhere in the transaction. Let’s face it, real estate is a huge financial investment packed with emotion. It is about money, families and future. What a combination for heightened emotions. Stress of making the decision on what to buy, when to sell, physically moving, grief of saying good bye to friends and familiarity, and all the trauma that goes on with kids, pets and even prized positions being lost or broken. And, as a player you never know when you will be traded and have to start the stressful process all over again. Sometimes it is several times in one year. The players spend a lot of time in hotels and their wife’s spend a lot of time alone. When it is game day they have a regimented schedule that the entire family has to fit into. With all of this, it is amazing that they have impeccable character. If anyone has the right to be self centered, pompous or arrogant I believe the hockey players and their wives have earned this right and yet there is not one ounce of this in their behavior. They are amazingly good people and their wives are beautiful, supportive and extremely nice too.

What’s it like working with the Carolina Hurricanes….as the RBC Centura commercial says; “It’s giant to me” because they are just the best on and off the ice. Everyone I know who lives in their neighborhoods, goes to school with their kids or has met them socially always say the same thing. Have you had a similar experience? Help me tell the world how great these families are to have in our town.

Let’s Go Fans!
Linda

P.S. Don’t forget to register for free hockey tickets on my website, www.LindaCraft.com

Senior Citizen Faces Challenge of Leaving Home

I had a phone call about 9 months ago from an elderly man. His wife had passed away 10 years earlier and his children were grown and all living in other states. He said he called me because he had met me about 15 years ago through his wife. I had worked with his wife, (a former REALTOR) and remembered her well. Years later, he was living alone in the home they had built together and was trying to make the hard decision so many elderly people have to face. Is it time to sell the family home and buy a small condo or perhaps move into a retirement center? His children thought he should sell the home and move while he was in good health. He wanted my advice and an idea of what his home is worth. I was grateful he called me and really wanted to help him make the right decision.

The more we spoke on the phone that night I could tell by some of the things he was saying that he must have been an engineer or at least a high C personality. I ask him what he retired from and he told me he was an engineer. I was delighted once again by the gift I have of understanding people. It helps me help them to know how they process information because everyone is so different. With a keen understanding of his personality I told him he needed to take his time because this is a major life change and I have watched my clients over the years make really good moves and I have also been called numerous times to sell the town home or condo they bought in a hurry and was now miserable. I suggested he get more information. Taking your time and getting more information is music to the ears of this type of personality. And, it is also the only way he will ever be able to make a final decision and have peace about it. Here is what I told him to do. I hope the advice I gave him can help you too if you are facing the same dilemma yourself or with a loved one:

1. I told him to visit all the retirement centers in the area and learn what they have to offer. I also told him of a few that I personally knew of where people were very happy and suggested he start looking there.

2. I suggested he get quotes on what it would cost to improve his home so he could stay there. I gave him names and numbers of people that could help him with maintenance and remodeling needs he has now.

3. I gave him the name of someone who I know and trust that can retro-fit any home for handicap living and suggested he get a quote of what that cost would be should he need it in the future.

4. I offered to spend a few hours and show him what one story condos and town homes look like inside in case he wanted to go that direction.

5. I offered to give him names and numbers of people who were in his age group and living in condos or retirement centers so he could interview them.

6. And of course, I gave him a range of value he could expect his home to sell for.

A lot of this information that I gave him can be found on my web site.
Nine months passed and he called back. He had visited Cypress and was pretty excited about the newest retirement community in our town. He wanted to meet with me to get my advice. We met at my office and when I finally got to put a face with the voice on the phone I remembered him from years back. Who could forget him? He is the kind of gentle spirited man who has eyes that always look like they are smiling. You know the type? It is rare, and unforgettable. He reminded me of my grandfather that had the same eyes. He arrived with a big packet of information. I could tell he had taken my previous advice and had done his homework. He proudly showed me the floor plan, reviewed the cost and wanted me to tell him if I thought it was a good investment and if he would be happy there. I know of a few people who have already bought at the Cypress so I could share their experience with him. As far as investment, any retirement community is going to be a good investment. The baby boomers are living longer and developers can not keep up with the need. Supply and demand is the perfect recipe for all good investments.

We spent time together on the computer pulling up homes on the big flat screen monitor in my office. He was pleased that I could blow everything up so big for him to see and commented on how far technology had come. We searched homes in his neighborhood and surrounding areas so he could get an idea of the price range he could expect. We clicked on photos so I could give him staging advice for his home and talked briefly about how to get his home ready to sale. We only talk a little bit about this subject because I didn’t want to overwhelm him. We also researched the idea of sub-dividing his large lot and without a doubt that data showed he could put more money in his pocket to sell his house on a ½ acre and sell the other ½ acre separately. I ask him at the end of our appointment if our time together helped him. He said yes, he had gotten exactly what he needed. Now he just has to decide if he wants to trade all of this, as he pointed to his home on the big screen, for this, as he pointed to the tiny paper floor plan. I said Andy, I can assure you if you keep asking yourself that question, that way, and your answer will always come up no. You’re not trading real estate for real estate you are trading life style for life style. No one would ever want to trade a life time of memories in a home they built, raised a family in and are use to, for the unknown on a piece of paper. I couldn’t do it. Not if I thought about it that way. I suggested he start asking himself a different question. Ask would I like to trade a lifestyle of living alone for another lifestyle of living with others my age with many social activities to enjoy? If you don’t want to live alone it becomes easier to let go and start looking for what lifestyle fits you the best. It also helps you release the guilt of leaving a home full of memories. I told him to take his time and try to look at it as a lifestyle choice and see if that doesn’t help him know what to do. He said: “I hear what you are saying but, the Cypress is going to have a price increase next month”. I told him to not feel pressured because of a price increase. There will be another Cypress when it is the right time for him. With that he gave me a hug and was on his way to asking new questions. The memory of his hug will go down as one of my best days.

I have a team member named JoAnn who placed her mother in a retirement center 3 years ago. Her mother had been so sick and the family was overwhelmed by the responsibilities of daily care. JoAnn really thought she would never have another Christmas with her mother. By the time a condo at Magnolia Glen finally opened up, her mother could barely walk in the door. Now the two of them are out shopping for a “Senior Prom” dress for the party this month. If you ask JoAnn about retirement centers she would say it saved her mother’s life. JoAnn has said “My mother has so much fun; she now has something to live for”.

I am sure many of you are faced with these same situations right now or will certainly face them in the future. Take a moment to write if you will please. You may be able to help someone else by sharing your story. If I can help you in anyway please ask.

Yours Truly,
Linda Craft

10 Things You Should Know About Today’s North Carolina Real Estate Market

The North Carolina Associations of Realtors created a pamphlet titled the 10 things you should know about TODAY’S North Carolina Real Estate Markets. There is so much National news about so many markets that I thought you might like to read another source to draw your own opinion. Personally I believe everything they have listed is true. It is certainly what I am experiencing today in the Raleigh and Research Triangle area.

10 Things You Should Know About Today’s North Carolina Real Estate Market

1. THERE’S NO SUCH THING AS A NATIONAL REAL ESTATE MARKET. If you read the newspapers, it’s easy to get the idea that real estate markets are the same everywhere. If conditions are bad in Orlando or Los Angeles or Chicago, they must be bad everywhere, right? Wrong. All real estate is local. When you’re looking to buy or sell, pay attention first to sales price trends, volume and inventory in your target market or region, rather than to misleading headlines about national sales trends.

2. NORTH CAROLINA HOME VALUES ARE STABLE. In 2007, the average sales price of a North Carolina home grew by 4 percent, an indicator that homes generally are still worth more now than they were just a few years ago. In fact, since 2000, the average home sale price in our state has risen by more than 25 percent. And in a 12-month period through September 2007, North Carolina had the seventh-highest appreciation in home prices in the country.

3. HOUSING DEMAND IN NORTH CAROLINA IS ON THE RISE. Even in what was considered a down year in 2007, there were more than 125,000 existing home sales in North Carolina – that’s the third highest number ever, exceeded only by 2006 and 2005. And estimates indicate that the Tar Heel state’s population will increase by more than 400,000 by 2010. These new North Carolinians will need a place to live!

4. A HOUSE IS WHERE YOU MAKE A HOME, NOT JUST A BUCK. Most purchasers don’t buy a house to flip it. They buy it to live in it, to establish their roots, to raise a family and to build on the American Dream. The value of strong communities, civic pride, comfortable retirement, and a higher quality of life can’t simply be expressed on a balance sheet.

5. THERE ARE HUNDREDS OF REPUTABLE MORTGAGE COMPANIES READY TO LEND. If you have good credit and a realistic understanding of what you can afford, getting mortgage approval to purchase a home can be more easily attained. Help is also available through the North Carolina Housing Finance Agency and other organizations.

6. OWNING A HOME BUILDS WEALTH IN A WAY THAT RENTING CAN’T. According to the Federal Reserve Board, the average renter’s net worth is $4,800. Contrast that to the average homeowner’s net worth of $171,000. Clearly, it pays to own a home, as the hard-earned equity you build will pay future dividends.

7. IT’S A PRIME TIME FOR SECOND HOMES. Savvy investors and prospective retirees understand how important real estate is to their portfolios. Nationally, about one third of all home sales are second homes or vacation properties; in North Carolina, that figure is nearly 40 percent – largely because of our inventory and desirable locations in the mountains and on the coast.

8. IT MAKES SENSE TO USE A NORTH CAROLINA REALTOR®. If you had a $150,000 legal question, would you deal with it without an attorney’s assistance? If you had a $150,000 income tax issue, would you dare risk not consulting a CPA? There are nearly 45,000 REALTORS® in North Carolina, who subscribe to a strict code of ethics and are expected to maintain the highest level of knowledge of the process of buying and selling a home.

9. NOW REALLY IS THE TIME TO BUY. Interest rates significantly dropped twice in January in an effort to stimulate the national economy. While North Carolina’s economy hasn’t suffered as much as some states, we nevertheless can benefit from these lower interest rates. The bottom line is this: If you’re a buyer, this market is for you!

10. AND IF YOU’RE A SELLER, BE PATIENT … AND SMART. Price your home correctly – your home’s value is what someone is willing to pay for it, not the price that you think it should sell for. Competitive pricing is the single biggest reason that a home sells or does not sell. REALTORS® know the marketplace and help you determine an optimum sales price.

Staging Your Home To Sell It Faster and For More Money

In today’s competitive real estate market I know it is important for my sellers to put their best foot forward. Buyers have a lot of choice and they make that choice on how they “feel” about a home. Buying is emotionally driven. Therefore your home is in a beauty contest competing against a lot of other homes trying to capture the heart of the same buyer. There are four key elements in selling. One of them is “presentation”.

Research shows that well-staged homes sell 50% faster than non-staged homes and at 3 to 10 percent more. Staged homes get better offers because they simply create positive emotions. Buyers are looking for the perfect home and will keep looking until they find one. Staging helps make a home look perfect. Buyers are also looking for the best price and home staging supports the value of a home and encourages top dollar with very little cost to the seller. With staging a small home which has an unconventional floor plan can be showcased to maximize the property’s unique features. And, home staging is designed to keep potential buyers in the home longer. The longer potential buyer tours a home, the more likely they will make an offer. Professionally staged homes also show better than other homes in the same neighborhood which gives your home leverage with buyers looking in a particular area.

I am so impressed with the stagers I use to prepare my listings. I use to go out to sellers homes and tell them what to pack, paint, where to place furniture and what to get rid of. I actually thought I was pretty good until I started working with a true professional. Oh my gosh—what a difference! Stagers know how to maximize presentation. So before you take any pictures, virtual tours or bring the first buyer across your threshold make sure you are really ready. I encourage all of my sellers to slow down. Don’t rush to get a sign in the yard. Let’s get the house ready first. We only have one shot at a good first impression and the first few buyers through the door will be the most motivated and qualified. We do not want to lose them to a house down the street that invested an hour or two with a stager.

Give me a call if you need a referral to a good stager. They can also come in after you buy your new home to help you place furniture and hang all those pictures you can’t figure out what to do with. My office number is 919-235-0007.

Hope you have a great day!

Linda

Linda Craft Team Moves to Six Forks Location

We are so excitsix_forks.jpged to be in our new office at 7300 Six Forks Road. All the months of planning and the exhausting move itself is finally over. We now feel like we are at home. Everything is in place, the pictures are hung and life has begun for the Linda Craft Team in our new location. For those of you who have moved recently you know that feeling very well. I always tell everyone on my Team we all need to move frequently so we can relate better to our clients and their total exhaustion on moving week.

This move combined fitting out an office building, repaving a parking lot, bringing in a new phone system and updating all the wiring to accommodate our phones and computer need, moving a server, setting up 19 computers, installing flat screens in the conference rooms, plus all the desks, chairs and files and normal things you think of in an office.

Our move began at 5:00 on a Friday and by noon on Saturday every desk was in the office and set up for business. We actually accomplished all of this with only having our phones shut down for one hour. I also sold two homes Saturday morning and my sellers raced into the office to see who would get to go down in history as the first sale in the new office. They were troopers climbing over boxes to find a place to sit down and sign the contract. Oh by the way…the winner was a seller in Cary.

One of the things that really helped this move go so smoothly was the Team itself. They all pitched in and played a vital part. Brenda had the forethought to hire our appraiser to draw the floor plan and desk configurations and she had each desk placed in the room the way it was to sit. She then numbered each desk, credenza, chair etc. The movers, (Marrin’s Movers) said this really made it easy for them. All of our desks are cherry so I am sure it would have been really confusing to them if it wasn’t marked so well. Debra and Christina volunteered to set up the kitchen. Everyone else packed their own desk and unpacked them. It was a busy day that was ended with an exhausted Team and their spouses enjoying pizza and a champagne toast at the end of a very long day moving day.

I am sure you have some moving experiences or organizational ideas of your own. Please share them with us. If you are in the neighborhood please stop by and see our new home. We will serve you a cold bottle of water or a hot cup of coffee from our Internet Café conference room. 7300 Six Forks Road Raleigh. The corner of Six Forks and Newton. If you get lost call us: 919-235-0007

Are You Wondering How to Contest Your New Wake County Tax Appreciation?

If you are wondering how you can contest your new Wake County tax value here are some tips:

First go to the Wake County webite, www.wakegov.com. Click on Tax, Property & Maps. Print your entire tax report and look for errors. I find errors on every Wake County property report. Keep in mind that the Wake County tax assessor does not come out and physically enter homes. They do not measure every home. I would be shocked if they even drove down the street where your home is located. Trust me; there are errors on your tax record. But be careful so you do not report the errors unless they help you. If they say your square feet is 2,000 and you know you have 2,500 your taxes will go up higher if your report that type of error. The square footage on the tax records are wrong 95% of the time. If your home is smaller than the posted square feet, your tax value will come down. Look for bathroom count. If they have you listed with more bathrooms than you actually have, this will be another adjustment.

Next look at the most recent sold properties in your area. All sold properties can be found on the same web site mentioned above. Click on real estate data to see the value of homes sold around yours. Keep in mind their square feet will not be right either but, if the tax office report shows a home similar in size to yours that sold recently and at a price lower than your new tax value, you have a strong case to get your value reduced.

Last, if you have a recent appraisal of your home that shows a lower value you can also use this. If you refinanced, got an equity line or purchased your home in the past couple of years that appraisal will have a lot of merit for your battle. If you did not get a copy of your appraisal call the lending institute you worked with. They should be able to get you a copy. After all you paid for it so you are entitled to have a copy.

These are all tried and true tips that have worked in the past. I hope they will work for you too. Remember you only have 30 days to appeal so do not procrastinate or you will be stuck with the new tax value for the next 7 years.

The last idea I have (but I do not know if it will work) is to try to talk Wake County tax office down by using Wake County appreciation rates. We know that the past 7 years Wake County as a whole has averaged approximately 4.% appreciation. Some areas have been higher and the tax office will know how will your Township has preformed. Your Township is listed on your tax record. Different Townships have different appreciation rates so if you are going to pull out that card make sure you have the answer. Please email me for a township appreciation rate chart.

I hope this helps you fight the good fight.

The Raleigh Real Estate Tax Assessment

Shocking New Raleigh Real Estate Tax Re-Evaluation!Raleigh Home

No doubt about it, the recent hot news in Raleigh real estate has focused on the new Wake County property tax valuation. Are you wondering if your home could really be worth the tax value the Wake County Tax Office has assigned to your property? If so, you are not alone. My phone has been ringing off the hook and my email box is jammed with messages from people who can’t believe the new tax value Wake County has assigned to their property. If you have questions too, click or call me. I would be happy to help you.

Meanwhile Here is What I Know

I have been selling real estate in Raleigh for many years and I have experienced this phenomenon three times in my career as a Raleigh real estate agent. Every 7 years the Wake County Tax Office re-assess all property tax values. On the 8th year the tax values change. Many other areas change tax values each time a home is sold. The system adopted by the Wake County Tax Office is not in-line with true market values. Here is the problem, our Wake County tax system can be very confusing because many people tend to believe tax value equals market value and it doesn’t. It’s a bit shocking for everyone when they get hit with a 7 year increase in tax value. Here is the “good news”- your tax rate will come down in June and your new tax value will remain the same on your home for another 7 years. It doesn’t matter what price you sell your home for in the next few years, it will not change the tax value. If you’re wondering how much your Raleigh home is worth in the current Wake County real estate market, learn more here.

The Wake County Tax “Fuzzy Math”

Before you break out the calculator and start to crunch the numbers on your new tax value against the current tax rate, keep this in mind. Every seven years the tax value typically goes up while the tax rates actually comes down. This means that even though you will now be paying more due to the increase in value this will be offset by a lower property tax rate. Allow me to offer an example. Let’s assume your original tax value was $300,000. With the current tax rate of 1.113%, your property tax liability was $3390. But now your new tax value is $350,000. But remember, the tax rate is projected to decrease from 1.113% to 1.05735%. Hence $350,000 times the new rate of 1.05735% will be $3700 per year. Unfortunately any way you compute it, your property taxes will increase. If you have an escrow account, count on receiving an adjustment notice early next year.

Stay-tuned! Help is on the way!

On my next Blog I will offer you some timely tips how to fight the new tax value assessment. In the meantime, tell me about your experience with your adjusted tax bill. How bad were you hit by the increase? Have you thought about appealing the new assessed value?

Wishing you all the best,

Linda