Over time, the worth of a piece of real estate will go up and down.
By and large, home values appreciate in the long term.
But, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you'll produce a bigger profit when you sell.
There are different reasons why property values in Winston-Salem change. So, how can you be sure what you're purchasing now will appreciate over time?
It's critical that you select a real estate agent in Winston-Salem who understands the factors that affect local prices.
What is the most critical factor impacting real estate appreciation? Many think that it's the economy.
there are some issues on a national level that change your house's value: unemployment, mortgage rates, the stock market, and more.
However, your house's value and the things that play the biggest role in its appreciation depend on the local Winston-Salem economy and housing market.
Access to services - Proximity to schools, jobs, and amenities also have a significant effect on many home buyers' decisions.
So these areas usually appreciate, or retain their value consistently, year to year.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? A lot of data can be obtained 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 neighborhood considered desirable because of its location or affordability? Have property prices increased or decreased over the past 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice blend of business in an area, or does it rely upon just one industry?
All these play a part.