Understanding Winston-Salem home prices

Over time, the value of a house will fluctuate up and down. Home values appreciate in the long term in most cases. But, of course, in real estate there is always a certain amount of risk.

When your property appreciates you have more equity to borrow against, and you'll generate a larger profit when you sell. Property values in Winston-Salem change for different reasons, so how will you know what you're buying this year won't depreciate the day after you close? It's imperative that you pick an agent in Winston-Salem who can identify the factors that drive local prices.

Many believe that the economy is the most critical factor affecting real estate appreciation. It goes without saying that mortgage rates, employment, business growth, government programs and many other national determinants have a noticeable impact on your property's value. But the most important issues that figure your house's value are specific to the local Winston-Salem economy and residential market.

Let Mitchell Prime Properties help you with your first home purchase in Winston-Salem Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values. So these areas consistently appreciate, or keep their value, best.

Recent home sales - You should receive stats on the recent real estate sales in the neighborhoods that you're interested in from your real estate agent. You'll need to learn things like time on market and listing price versus selling price.

The appreciation history - Is the community thought of as desirable because of its location or affordability? Have property prices risen or declined over the last 5 to 10 years?

Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mixture of jobs in an area, or does it rely upon just one industry? These items play a role.

It's vital to understand the factors that play into your house's financial worth. Get an evaluation of your home's value here. Call me at 336-722-9911 or e-mail me if you have any questions at all. I'd love to hear from you.