What causes Winston-Salem home prices to fluctuate?

Over time, the worth of a piece of real estate will go up and down. Property values appreciate in the long term usually. But, of course, there are no "sure things" in real estate.

When your property appreciates you have more equity to borrow against, and you'll see a greater profit when you sell. But how will you be sure what you're investing in this year will appreciate over time? Property values in Winston-Salem change for many different reasons. Choosing an agent in Winston-Salem who recognizes the factors that drive local prices is the most important aspect.

Many guess that the economy is the number one factor impacting real estate appreciation. After all, there are many factors on a national level that impact your home's value: unemployment, mortgage rates, business growth, 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 Location in a community - Most people want homes in the regions with the most useful amenities, like our schools and work. So these communities often appreciate, or retain their value consistently, year to year.

The latest home sales - You should receive figures on the recent real estate sales in the regions that you'd like to live in from your agent. You'll need to analyze data like how long a house stays on the market and listing price as opposed to selling price.

Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the area thought to be desirable because of its location or affordability?

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

Knowing the factors that influence your property's worth is important. Visit this link for an assessment of your property's value. Please call me at (336) 722-9911 or e-mail me with any questions.