Fluctuating home prices in Winston-Salem, North Carolina: What causes this?

Property values are constantly moving up and down. Over a long enough period of time, house values usually appreciate. But there are no guarantees in real estate.

When your home appreciates you have a more valuable asset to borrow against, and you'll see a higher profit when you sell. But how can you be sure what you're investing in right now will appreciate over time? Property values in Winston-Salem go up and down for a variety of reasons. It's imperative that you go with a real estate agent in Winston-Salem who recognizes the factors that influence local prices.

What is the most crucial factor impacting real estate appreciation? Many are convinced that it's the economy. Obviously, there are quite a few issues on a national level that influence your house's value: unemployment, interest rates, quarterly earnings reports, and more. However, your home's value and the factors that play the most significant role in its appreciation depend on the local Winston-Salem economy and housing market.

Let John-Mark Mitchell's Realty Group help you with your first home purchase in Winston-Salem Access to services - Many of us choose to live in regions with the most convenient components for households to develop, like a close proximity to schools, jobs, and work. So those regions typically appreciate, or keep their value, best.

Recent sales - Your REALTOR® should provide you with data on the recent real estate sales in the regions that you're interested in. 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 thought to be?

Local economy - Is there a good mixture of business in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring? All these play a part.

It's important to be informed about the factors that influence your property's financial worth. Click here to get an estimation of your property's value. Please call me at (336) 722-9911 or e-mail me with any questions.