In this Cary Spotlight Issue…

💭Spotlight Hook Trivia

🔥 Daily Quote

🏡 Cary Real Estate: Properties Sold in Cary Last Week

💡 Home Equity Near Record Highs, But High Rates Create Hurdles

This is the Real Estate Edition: local news and events will be back on Tuesday.

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Properties Sold in Cary, NC for Week of 30 June 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 24 properties sold in Cary, NC during the past week. Please note that we exclude land sales and townhouses. Here are a few statistics based on the sales from this past week:

The average price for all properties sold is $927,433

The average size in square feet for houses sold is 3,090

The average price per square foot for houses that sold is $299

The number of homes sold by Postal Code:

• 27511: 3 homes

• 27513: 4 homes

• 27518: 4 homes

• 27519: 13 homes

• 27539: 0 homes

The properties are listed from highest SOLD PRICE to lowest:

 Click on the address to view listing.

Address: 202 Annandale Dr, Cary, NC 27511 Sold Price: $3,832,500 
Beds: 4 Baths: 4.5 Size: 6000 sq ft

Address: 133 Plaudit Pl, Cary, NC 27519 Sold Price: $1,360,000 
Beds: 5 Baths: 4.5 Size: 4590 sq ft

Address: 1913 Edgelake Pl, Cary, NC 27519 Sold Price: $1,277,000 
Beds: 6 Baths: 5.0 Size: 5354 sq ft

Address: 421 Waverly Hills Dr, Cary, NC 27519 Sold Price: $1,185,000 Beds: 5 Baths: 3.5 Size: 4690 sq ft

Address: 3104 Banks Knoll Dr, Cary, NC 27519 Sold Price: $1,150,000 Beds: 6 Baths: 5.5 Size: 5013 sq ft

Address: 109 Greyfriars Ln, Cary, NC 27518 Sold Price: $1,125,000 
Beds: 4 Baths: 3.5 Size: 3810 sq ft

Address: 229 Keythorpe Ln, Cary, NC 27519 Sold Price: $1,000,000 
Beds: 4 Baths: 3.5 Size: 3251 sq ft

Address: 108 Frehold Ct, Cary, NC 27519 Sold Price: $930,000 
Beds: 3 Baths: 2.5 Size: 2609 sq ft

Address: 725 Weavers Ridge Dr, Cary, NC 27519 Sold Price: $875,000 Beds: 4 Baths: 3.0 Size: 3174 sq ft

Address: 1012 Stockwell Ln, Cary, NC 27519 Sold Price: $859,000 
Beds: 5 Baths: 3.0 Size: 3101 sq ft

Address: 4515 Triland Way, Cary, NC 27518 Sold Price: $856,000 
Beds: 5 Baths: 4.0 Size: 3600 sq ft

Address: 7000 Carpenter Fire Station Rd, Cary, NC 27519 Sold Price: $765,000 Beds: 3 Baths: 2.0 Size: 1535 sq ft

Address: 103 Picardy Village Pl, Cary, NC 27511 Sold Price: $750,000 
Beds: 4 Baths: 3.0 Size: 3205 sq ft

Address: 104 Widecombe Ct, Cary, NC 27513 Sold Price: $750,000 
Beds: 4 Baths: 2.5 Size: 2699 sq ft

Address: 110 Sonoma Valley Dr, Cary, NC 27518 Sold Price: $725,000 Beds: 4 Baths: 2.5 Size: 3089 sq ft

Address: 107 Bell Arthur Dr, Cary, NC 27519 Sold Price: $720,000 
Beds: 5 Baths: 2.5 Size: 2795 sq ft

Address: 4106 Overcup Oak Ln, Cary, NC 27519 Sold Price: $671,000 
Beds: 3 Baths: 2.5 Size: 2366 sq ft

Address: 129 Longbridge Drive Dr, Cary, NC 27518 Sold Price: $558,000 Beds: 3 Baths: 2.5 Size: 2224 sq ft

Address: 1417 Abbotsford Way, Cary, NC 27519 Sold Price: $520,000 Beds: 2 Baths: 2.0 Size: 1534 sq ft

Address: 117 Trackers Rd, Cary, NC 27513 Sold Price: $490,000 
Beds: 3 Baths: 2.5 Size: 2444 sq ft

Address: 549 Tomkins Loop, Cary, NC 27519 Sold Price: $479,900 
Beds: 2 Baths: 2.0 Size: 1244 sq ft

Address: 114 Bourke Pl, Cary, NC 27511 Sold Price: $475,000 
Beds: 3 Baths: 2.5 Size: 2984 sq ft

Address: 136 Skipwyth Cir, Cary, NC 27513 Sold Price: $475,000 
Beds: 3 Baths: 2.5 Size: 1612 sq ft

Address: 803 Kingswood Dr, Cary, NC 27513 Sold Price: $430,000 
Beds: 3 Baths: 2.0 Size: 1245 sq ft

Click Here For the Full List of All Properties Sold Last Week

Home Equity Near Record Highs, But High Rates Create Hurdles

Homeowners in the United States are experiencing near-record levels of home equity, with total equity for mortgage holders rising to $17 trillion in the first quarter of 2024, just shy of the peak set in the third quarter of 2023, according to CoreLogic. The average equity per borrower has increased by $28,000 over the past year, reaching approximately $305,000.

However, tapping into this wealth has become increasingly challenging due to high interest rates. Financial advisors point out that options such as home equity lines of credit (HELOCs), reverse mortgages, and selling homes are less attractive than in previous years.

HELOCs, a common method for accessing home equity, currently carry an average interest rate of 9.2%, significantly higher than the 7% rate for a 30-year fixed mortgage. Despite this, HELOCs still offer lower rates compared to credit cards, which average around 23%. Borrowers can generally access up to 85% of their home value minus outstanding debt, but financial advisors caution homeowners to have a solid plan for repayment.

Reverse mortgages provide another avenue for older homeowners to access their equity. These loans, available to those 62 and older, do not require monthly payments but accrue interest and fees over time. While they can offer a vital source of retirement income, they typically result in less inheritance for heirs.

Selling a home and moving to a less expensive property is another option, but the current high rates and increased property values in desirable areas make this less feasible for many. Additionally, cash-out refinancing, which allows homeowners to replace their existing mortgage with a larger one and pocket the difference, is generally seen as a last resort due to the higher interest rates and increased monthly payments involved.

Financial advisors urge homeowners to carefully consider their options and thoroughly crunch the numbers before deciding how to leverage their home equity. Read Full Story

Editor’s Note: To make sense of Cary Real Estate consult a local Real Estate Agent with knowledge and expertise in the local market.

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