Home prices are constantly moving up and down.
Property values appreciate in the long term in most cases.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you'll produce a higher profit when you sell.
There are many different reasons why property values in Winston-Salem move up and down. So, how will you be sure what you're buying today will appreciate over time?
The most important element is that you go with an agent in Winston-Salem who is familiar with the factors that drive local prices.
What is the greatest factor affecting real estate appreciation? Many guess that it's the economy.
interest rates, unemployment, job growth, government programs and many other national factors have a measurable effect on your house's value.
However, your property's value and the elements that play the most significant role in its appreciation are particular to the local Winston-Salem economy and housing market.
Location in a community - Most people want homes in the areas with the best and most convenient places we go often or everyday, such as our schools, jobs, and shopping.
So those areas often 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? What was the final sales amount versus the asking price? A lot of data can often 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 neighborhood thought to be desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?
Local economy - Is there a good combination of work in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these pieces plays a role.