Over time, the worth of a piece of real estate will go up and down.
Typically, house values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a bigger asset to borrow against, and you get a better profit when you sell.
But how can you be sure what you're investing in this year will appreciate over time? Property values in Winston-Salem change for a variety of reasons.
The most important factor to consider is that you go with a REALTOR® in Winston-Salem who understands the factors that drive local prices.
Many think that the economy is the most critical factor impacting real estate appreciation.
interest rates, unemployment, job growth, government programs and a handful of other national factors have a measurable influence on your property's value.
However, your house's value and the factors that play the most significant role in its appreciation depend on the local Winston-Salem economy and housing market.
Location in a community - Many of us want to live in areas with the most accommodating elements for homes to thrive, such as a close proximity to jobs and schools.
So those regions typically appreciate, or keep their value, best.
Real estate sales trends - How fast are houses selling? What was the selling price compared to the listing price? Some information can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the area believed to be desirable because of its location or affordability? Have house prices increased or decreased over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a fair mixture of business in an area, or does it depend on just one industry?
Each of these items plays a role.