Winston Salem home prices: Need some help understanding why they appreciate?

Home prices are continually changing. Typically, house values appreciate in the long term. But there is always a certain amount of risk in real estate, of course.

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

The economy is believed to be the most important factor impacting real estate appreciation. It goes without saying that there are several factors on a national level that change your property's value: unemployment, interest rates, business growth, and more. However, your property's value and the components that play the most significant role in its appreciation are particular to the local Winston Salem economy and housing market.

Let Hedrick Redfearn Street Real Estate help you with your first home purchase in Winston Salem Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values. So these communities consistently appreciate, or keep their value, best.

The latest home sales - You should receive reports on the recent real estate sales in the areas that you're interested in from your real estate agent. You'll want to analyze figures like how long a house stays on the market and seller discounts.

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

The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mix of work in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing? These items play a role.

It's important to understand the factors that play into your house's price. Get an evaluation of your property's value here. And if you have any questions, call me at 336-448-0045 or e-mail me .

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