Over time, the value of a piece of real estate will fluctuate up and down.
In most cases, home values appreciate in the long term.
But, in real estate there are no guarantees.
When your home appreciates you have a greater asset to borrow against, and you'll make a higher profit when you sell.
Property values in Winston-Salem move up and down for a variety of reasons, so how can you be sure what you're buying right now won't depreciate the day after you close?
Choosing a REALTOR® in Winston-Salem who is familiar with the factors that drive local prices is the most important element to consider.
What is the top factor affecting real estate appreciation? Many assume that it's the economy.
It goes without saying that
there are some factors on a national level that influence your house's value: unemployment, interest rates, business growth, and more.
However, your home's value and the features that play the most significant role in its appreciation are particular to the local Winston-Salem economy and housing market.
Access to services - Many of us decide to live in regions with the most useful factors for families to succeed, like a close proximity to schools, jobs, and work.
So those areas generally appreciate, or retain their value, best.
Recent sales - Your real estate agent should give you facts and figures on the recent real estate sales in the areas 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 last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mixture of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these factors plays a part.