Over time, the worth of a property will fluctuate up and down.
Normally, property values appreciate in the long term.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have more resources to borrow against, and you'll make a greater profit when you sell.
There are various reasons why property values in Winston-Salem waver. So, how will you know what you're investing in this year will appreciate over time?
It's imperative that you pick an agent in Winston-Salem who is familiar with the factors that influence local prices.
Many believe that the economy is the most important factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and several other national factors have a noticeable effect on your home's worth.
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.
Access to services - Proximity to work and schools also have a huge effect on many home buyers' choices.
So those areas often appreciate, or retain their value, best.
Recent sales - Your real estate agent should provide you with data on the recent home sales in the neighborhoods that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area considered desirable because of its location or affordability? Have house prices risen or declined over the last 5 to 10 years?
Local economy - Is there a good combination of jobs in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these pieces plays a part.