Real estate prices are constantly moving up and down.
Over a long enough period of time, property values , for the most part, appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you'll realize a higher profit when you sell.
There are different reasons why property values in Winston-Salem vary. So, how will you be sure what you're buying today will appreciate over time?
It's imperative that you pick a real estate agent in Winston-Salem who knows the factors that affect local prices.
What is the greatest factor impacting real estate appreciation? Many guess that it's the economy.
there are a handful of issues on a national level that influence your house's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the elements that play the most significant role in its appreciation are specific to the local Winston-Salem economy and housing market.
Location in a community - People typically want homes in the regions with the most useful places we go often or everyday, such as our jobs and schools.
So when it comes to retaining their value, these regions often appreciate the best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount compared to the listing price? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a good blend of work in an area, or does it count on just one industry?
Each of these things plays a role.