Raleigh was organized as a city in 1792 which means many of the other cities in our area developed a long time ago too. The Triangle began to grow in population tremendously in the 60s and 70s which means there are a lot of older homes. So, what happens with the communities like Downtown Raleigh and Downtown Cary that have older homes?
As the real estate team at Raleigh Cary Realty, we are seeing a few trends in these older homes and how the communities are developing with older homes.
3 ways that communities with older homes are developing are:
- House Flips: Many of these communities have investors purchasing home, renovating the homes, and selling them at a higher value a few months later. This is great for our local economy because they support the businesses in our area for renovation. It also develops the property but preserves history.
- Build New: One trend we are seeing quite a bit in Cary right now is bulldozing the older home and building an entirely new home. These homes typically have smaller lot sizes and numerous new homes are being built on the one previous lot.
- Fixer Upper: Many individuals are buying the older homes, move in and fix it up slowly over time. These homeowners typically are ready to do a handful of the work on their own.
- Townhome Communities: In highly desirable areas, the goal is to use the space as wisely as possible. This leads to more townhome communities. For example, there are planned townhome communities being built in Downtown Cary within the next 2 years.
Are you interested in these older style homes? Maybe you want one that has already been remodeled by an investor? Our team at Raleigh Cary Realty would love to show you a few options of what is available and how you can purchase it. Contact us today to start home shopping!