Property prices are continually changing.
House values appreciate in the long term for the most part.
But, of course, in real estate there are no guarantees.
When your house appreciates you have more equity to borrow against, and you'll generate a better profit when you sell.
There is a variety of reasons why property values in Winston-Salem go up and down. So, how will you know what you're investing in today will appreciate over time?
It's imperative that you choose a REALTOR® in Winston-Salem who is familiar with the factors that drive local prices.
What is the major factor affecting real estate appreciation? Many believe that it's the economy.
It goes without saying that
interest rates, unemployment, business growth, government programs and a lot of other national factors have a measurable influence on your house's value.
But the most significant issues that figure your house's value are specific to the local Winston-Salem economy and residential market.
Location in a community - People typically want homes in the areas with the most convenient amenities, like our work and schools.
So those communities generally appreciate, or keep their value consistently, year to year.
Recent sales - Your REALTOR® should give you stats on the recent home sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood considered desirable because of its location or affordability? Have home prices gone up or down over the past 5 to 10 years?
Local economy - Is there a nice blend of business in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.