Over time, the worth of a house will go up and down.
Almost always, home values appreciate in the long term.
But there is always a certain amount of risk in real estate.
When your home appreciates you have a larger asset to borrow against, and you'll produce a greater profit when you sell.
Property values in Winston-Salem vary for various reasons, so how will you be sure what you're purchasing now won't depreciate the day after you close?
The most important part is that you choose a REALTOR® in Winston-Salem who is familiar with the factors that affect local prices.
What is the greatest factor impacting real estate appreciation? Many are convinced that it's the economy.
interest rates, unemployment, business growth, government programs and many other national factors have a definite impact on your house's worth.
But the most important issues that figure your house's value depend on the local Winston-Salem economy and housing market.
Location in a community - Proximity to schools and jobs also have a great impact on almost all home buyers' choices.
So those communities often appreciate, or hold their value, best.
Recent home sales - You should receive facts and figures on the recent real estate sales in the areas that you'd like to live in from your REALTOR®. You'll need to know figures like time on market and listing price as opposed to selling price.
Appreciation history - Have property prices increased or decreased over the last 5 to 10 years? Is the community thought to be desirable because of its location or affordability?
Local economy - Is there a nice blend of jobs 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 role.