What causes Winston-Salem home prices to fluctuate?
Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, house values , for the most part, appreciate.
But, of course, there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you make a greater profit when you sell.
There are many different reasons why property values in Winston-Salem move up and down. So, how do you know what you're investing in right now will appreciate over time?
Choosing a REALTOR® in Winston-Salem who recognizes the factors that influence local prices is the most important factor.
A lot of people guess that the economy is the most critical factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and a handful of other national determinants have a definite impact on your house's value.
But the most influential things that figure your home's value depend on the local Winston-Salem economy and housing market.
Location in a community - Most people want homes in the areas with the most useful features, such as our schools and jobs.
So these communities typically appreciate, or carry their value consistently, year to year.
Recent sales - Your agent should provide you with data on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is considered?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of work in an area, or does it rely upon just one industry?
All these play a part.
Recognizing the factors that influence your home's worth is important.
Visit this link
for an assessment of your home's value.
And if you have any questions, call me at (336) 722-9911 or e-mail me