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s Chatham County continues to experience rapid growth and development, the local real estate market is facing a multitude of challenges and opportunities. With property re-evaluations underway this year, residents are grappling with changing home values and tax rates. I spoke with Eric Andrews of Carolina Realty World to delve into the current state of the Chatham County real estate market, highlighting key trends, the impact of property evaluations, and the implications for young families and potential buyers navigating this evolving landscape.
Every four years, Chatham County conducts property re-evaluations to ensure that property values reflect current market conditions. This year's evaluations have sparked discussions among homeowners about the accuracy of their assessments and the implications for their property taxes. Eric emphasizes the importance of these evaluations, stating that they provide essential data for municipalities to make informed decisions regarding budgeting and tax rates.
Despite the rigorous process, Eric acknowledges that not all evaluations are perfect. However, he believes that the county generally does a commendable job, balancing the need for accurate valuations against the workload involved. The proposed tax rate for the upcoming fiscal year is set at 60 cents per $100 valuation, a reduction from last year's rate of 72.5 cents. While this may seem promising, homeowners whose properties have increased in value by more than 20% may still face higher tax bills, despite the lower rate.
The cost of living in Chatham County continues to rise, making it increasingly challenging for young families to afford housing. With a median income of approximately $88,000, these families are often pushed to the outskirts of the county or even into neighboring areas like Lee County in search of more affordable options. Eric notes that the disparity in housing prices is stark, particularly when comparing different regions within the county.
One potential solution to the housing crisis is the increased acceptance of manufactured housing. Despite the stigma surrounding these homes, Eric argues that they can offer affordable options for families looking to establish roots in the area. "Manufactured housing is affordable housing in a rural area," he states, highlighting the need for local municipalities to reconsider regulations that may hinder the development of such housing options.
Recent developments in the local economy, particularly concerning companies like Wolfspeed and VinFast, have raised concerns about job security and economic stability in Chatham County. Wolfspeed's recent bankruptcy announcement has left many residents worried about the future of Siler City and the potential loss of jobs that were expected to come with the semiconductor manufacturer.
The proposed Disney project in Asteria has generated excitement and skepticism among residents. While the project promises to bring new jobs and economic growth, the anticipated housing prices in the area could further strain affordability for local families. Eric suggests that the project's target demographic – young grandparents with children – may shift the market dynamics, making it challenging for first-time homebuyers to compete.
Despite the challenges facing Chatham County's real estate market, there are also numerous opportunities for growth and development. Projects like Disney's planned development in Pittsboro and the ongoing Chatham Park initiative are expected to attract new residents and businesses to the area. Eric believes that these developments will have a significant impact on the local housing market, potentially driving up prices and attracting a demographic of young families and retirees.
As the county prepares for significant economic developments, residents must stay informed and engaged to advocate for their needs and interests. For young families and prospective buyers, navigating this complex landscape may require creativity and flexibility.
