A lot is being said in the media about correction in housing which makes consumers understandably concerned about whether now is a good time to get into the housing market. In a great many cases we can thank the media coverage of the real estate market “correction” for unfounded consumer concerns. In the greater Winston-Salem market for example, the median home price is around $150,000 yet in this price range there are approximately 2400 homes for sale. Price appreciation here was modest during the boom years, so when Winston-Salem buyers stay out of the market you know there’s a lot of misunderstanding about today’s market. Now is a good time to buy a home in the greater Winston-Salem area; inventories are high and prices remain steady as does appreciation. Some areas of the country saw a 150% price increase during the boom years but not so in this area. Interest rates are still around the 6% mark.  Any Winston-Salem buyers sitting on the fence waiting for prices to shift down may end up missing out on good rates and a good inventory to choose from.
 

Local consumers are often influenced by the negative news they hear from the national media about the housing market. The average number of days homes stayed on the market in this area increased last year, but  the Winston-Salem market remains very strong with a wide range of home prices.

 

The last few weeks have been very frustrating, everywhere one turns there is another doom and gloom story about how terrible the real estate market is in the United States. Let's look at some facts.

 

First:  All real estate is local.  The Winston-Salem/Forsyth housing market continues to experience home APPRECIATION, not depreciation.  There are several markets around the country where housing values have dropped, but not in our area. The fact is, if you have lived in your house for more than four years, your home value is probably higher than when you bought it.

 

Second: Only if you sell your house for less than you paid for it have you truly lost money, and even then there are exceptions. The homeowner who keeps their property in good condition and looks to improve it will nearly always come out financially ahead by owning a home. Homewoners have time and time again shown that purchasing a home helps to create financial wealth and security.

 

What does all this mean? The real estate market is still moving forward, although not at the rapid pace of 2005 and 2006. Existing homes in our area will continue to appreciate and be a good investment. Interest rates are low, there are plenty of housing options to choose from and there may not ever be a better time to buy a house!  To quote the HBA  "Buy smart-Buy now!"

 

If you're  thinking of moving to the Piedmont-Triad area of NC or thinking about moving up or downsizing then I can help you. Please e-mail, phone me or fill in the form below and Submit.

 

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