Over time, the worth of a property will fluctuate up and down.
Over a long enough period of time, property values normally appreciate.
But there is always a certain amount of risk in real estate, of course.
When your property appreciates you have more resources to borrow against, and you get a better profit when you sell.
But how will you know what you're investing in now will appreciate over time? Property values in Winston-Salem move up and down for a variety of reasons.
It's important that you pick a real estate agent in Winston-Salem who can identify the factors that drive local prices.
The economy is thought to be the number one factor affecting real estate appreciation.
mortgage rates, employment, business growth, government programs and a handful of other national determinants have a noticeable impact on your home's worth.
However, your home's value and the factors that play the most significant role in its appreciation are particular to the local Winston-Salem economy and housing market.
Access to services - Many consumers choose to live in areas with the most accommodating elements for households to shine, such as a close proximity to jobs and schools.
So those regions typically appreciate, or hold 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 selling price versus the listing price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair mixture of job types in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
All these play a part.