What Is a Home Appraisal and Why Is It Important?

If you are planning to buy, sell, or refinance a home, you may have heard of the term “home appraisal”. But what exactly is a home appraisal and why is it important for your real estate transaction? In this blog post, we will explain what a home appraisal is, how it works, and what benefits it can bring to both buyers and sellers.

What Is a Home Appraisal?

A home appraisal is an unbiased professional opinion of a home’s value by a licensed appraiser. It is typically required

149 N. Peace Haven Rd, Winston-Salem, NC 27104 - Home for Sale

Are you looking for a one-level home with a basement? This home is conveniently located of N. Peace Haven Road between Country Club and Robinhood Roads. It has three bedrooms, two full baths and about 1,700 square feet. There is an unfinished basement with a wood burning fireplace and 1-car garage as well. Additionally, there is a dining room, kitchen, living room and den on the main level with a fireplace. Bring your vision and make this house your dream home!

1-Level Living in Winston-Salem 

 1-Story Brick Ranch with Unfinished Basement for Sale in Winston-Salem! 

💲$249,000

 3 bedrooms / 2 full baths

 1,700+ SF

 Super Convenient to the Robin Hood Rd and Country Club Business Areas

 Bring your design creativity and turn this little gem into your dream home!

 Minutes from 421

 Comment below!

 Contact Tony or Kimberly Blackburn Green for more info!

 Call/text us at 336.701.2891

10 Simple Steps to Selling Your Lewisville-Clemmons Home Fast

When trying to sell your Lewisville-Clemmons home, the number of days its stays on the market makes all the difference in how much you get for the property. Every day the house remains unsold is one more day before you can move on with your life. The uncertainty that follows an unsold home will take its toll on you by robbing you of the ability to make other decisions.

This does not even account for the monetary cost of having a home on the market for a long time. On the one hand, you have the carrying cost to think about. On the other hand, the longer a home has been on the market, the less attractive it is to potential buyers. Blue Door Property Management explains, the selling price of a home falls in direct relation to how long it has been on the market.

Speed is paramount when trying to sell your Lewisville-Clemmons home for the most amount.

But are there ways to expedite the sale of a home? What can you do to quickly find a buyer who is

The Two Big Issues the Lewisville-Clemmons Housing Market’s Facing Right Now

How Will the Real Estate Market Perform in 2023?

The start of a new year is always exciting for real estate professionals and homeowners alike. As we look forward to what 2023 has in store for the market, it's essential to consider the current state of affairs and what experts predict for the coming year. With mortgage rates rising, home sales slowing, and uncertainty reigning supreme, many are nervous about the future. So what is the 2023 real estate forecast? We've consulted North Carolina's finest Realtors®, and with their help, we analyzed relevant data, and here's what we've gathered about real estate market trends we can expect in 2023.

Real estate forecast for 2023

With mortgage rates on the rise, home sales slowing, and uncertainty permeating the market, homeowners, sellers, and buyers alike feel uneasy. The average 30-year fixed mortgage rate currently stands at 6.63%, while the inflation rate is a staggering 7.1%. Furthermore, the National Association of Realtors reports that existing homes are selling at the slowest pace observed in 10 years.

So if you're planning to embark on a real estate adventure this year, you must research. That is especially important if you are moving out of state. After all, if you are, let's say, in for an interstate moving from Florida to North Carolina, the easiest thing will be hiring movers. However, the same as you'll need to let experts give a hand when it comes to your move, you'll also need expert help to understand the 2023 real estate forecast.

To gain insight into the future, we reached out to several industry experts for their forecasts and projections. Their evaluations and predictions cover a range of topics, and in this article, we'll focus on the following:

●        Mortgage rates forecast for 2023

●        Home sales forecast for 2023

●        Real estate market trends forecast for 2023

Mortgage rates forecast for 2023

If you plan on buying a North Carolina home in 2023, one of your biggest concerns is the escalating cost of financing a home. Interest rates roughly doubled in 2022, and mortgage rates have followed suit. Will the trend continue in 2023? Experts are divided on the issue.

On the one side, experts predict that 30-year and 15-year mortgage rates will continue to rise throughout 2023, reaching an average of 8.75% and 8.25%, respectively. They cite continued inflation, higher overall interest rates, a potential recession, and geopolitical tensions as the main drivers of this trend.

The other group of experts is, on the other hand, much more optimistic. They believe rates will peak at about 8% and 7.25% for 30-year and 15-year loans in early 2023. Then, it will gradually decrease to around 6.0% and 5.25% over the year. They advise this entirely depends on Federal Reserve’s ability to get inflation under control and ease up on its aggressive rate increases.

Potential scenarios for mortgage rates

Experts from the National Association of Realtors envision three different rate scenarios occurring in 2023:

1. Inflation remains high, and the Federal Reserve continues to raise interest rates, causing mortgage rates to climb to around 8.5%.
2. Inflation slows, and mortgage rates stabilize near 7% to 7.5 % for 2023.
3. The Federal Reserve raises rates to curb inflation, but the economy falls into a recession, causing rates to drop to 5 percent.

Home sales forecast for 2023

While the direction of mortgage rates will majorly impact home sales, the effect on home prices is less clear. Experts predict a mixed bag, with prices rising in some areas and falling in others. For instance, some experts believe that home prices will rise in areas with strong economic growth but fall in areas with weaker growth, while others see prices remaining relatively stable, with only a slight decline in some areas.

All experts agree that the current uncertainty and volatility in the market will make it challenging to predict home prices with any certainty. Factors such as the overall state of the economy, the direction of mortgage rates, and the level of housing supply will all play a role in determining the trajectory of home prices in 2023.

Potential scenarios for mortgage rates

Regardless of which scenario plays out, it's clear that the direction of mortgage rates will majorly impact home sales. Here are three potential scenarios and how it could all go down:

1. With rising mortgage rates, sales will be the most affected, with a significant decline in activity.
2. Sales will be more stable, but still slower than in previous years.
3. With falling rates, sales may pick up, but the overall economic conditions would likely be unfavorable, impacting the overall market.

Real estate forecast on market trends for 2023

A shortage of homes has been a major factor driving the real estate market in recent years. But experts have different predictions for housing inventory in 2023. Some real estate experts believe that inventory will remain low. They point out that current homeowners are unlikely to trade in their low-interest mortgages for new homes with higher interest rates. On top of that, builders have scaled back on housing starts in recent months. That means there will not be a significant increase in supply from new construction.

On the other hand, some experts predict that housing inventory will increase throughout 2023 as homes become less affordable due to high mortgage rates. They believe that as the rates increase and make it more difficult for people to afford the homes, more sellers will put their homes on the market. But that doesn't mean there aren't ways to have a successful sale in case you're planning on selling your North Carolina home.

Potential scenarios for home prices

Experts argue on whether homes will be more or less affordable in 2023. Some believe that high mortgage rates and steady home prices will cancel each other out, and overall affordability will not change dramatically. Some of them agree that overall home affordability won't change much in 2023, while others think that as home prices will not fall proportionally with the increase in interest rates, homes may even seem less affordable.

The Bottom Line

As per the 2023 real estate forecast, it's clear that the real estate market will be marked by uncertainty and volatility. However, one thing is for sure, 2023 will be a challenging year for the real estate market, but it will also be an exciting time for those willing to navigate these specific circumstances.

So whether you're planning to sell or buy your North Carolina home, the key to success in this market will be to stay informed, be flexible, and be ready to take advantage of opportunities. Most importantly, you should reach out to experienced North Carolina Realtors® who'll guide you and ensure you successfully end your real estate adventure.

7 Reasons to Buy a Winston-Salem Home in the Winter

Looking for a perfect home in the Winston-Salem area can be a lengthy process

1.  You can spend less on your home 

As we have mentioned previously, the peak season in real estate starts in spring. This is where the competition gets higher, as well as the prices. More buyers are competing for homes, which allows sellers to set the price tag a bit higher than usual and expect generous offers, too.  Thankfully, the weather in the Winston-Salem, NC area is usually not too cold.  So, if you’re looking for a way to save, don’t let the cold weather stop you from buying a home in Lewisville, Clemmons, Kernersville, or any other Triad area. Home prices tend to be at their lowest during

Homebuyer's Dream Team - Steps to Buying a Winston-Salem Home

Homebuyer's dream team

A journey from the spot you're standing in right now to your Winston-Salem dream home is not linear. It can be quite a bumpy road, and each step needs to be well thought out. As in every adventure, you'll need a travel buddy to help you on the way. The old saying goes, ''the more, the merrier,'' and we couldn't agree more - at least in this case. There are many steps to buying a home. To complete each

Why There Won't Be a Flood of Foreclosures Coming to the Winston-Salem Housing Market

With the rapid shift that’s happened in the Winston-Salem housing market this year, some people are raising concerns that we’re destined for a repeat of the crash we saw in 2008. But in truth, there are many key differences between what’s happening today and the bubble in the early 2000s.

One of the reasons this isn’t like the last time is the number of foreclosures in the Winston-Salem market is much lower now. Here’s a look at why there won’t be a wave of foreclosures

Why Should You Retire in Winston-Salem?

Deciding where you want to retire is a crucial decision you should consider carefully. When deciding where to retire, most people take advice from friends or family. However, doing some research on your own and choosing a city that looks good is also a great choice. One of these cities you might be interested in is Winston-Salem, NC, which is consistently recognized as one of the best cities to retire in the United States. A city which has become more and more popular with retirees recently. So, what exactly makes Winston-Salem such a great location to retire in? We've put together a list of reasons why you should retire in Winston-Salem, and we hope you find it helpful and

VA LOANS - Infographic 

VA loans are an excellent benefit for our military helping them achieve homeownership. Check out the VA Loan Infographic below to learn more.  

veterans

Some Highlights

• VA Loans can help make homeownership possible for those who have served our country.
• These loans offer great benefits for eligible individuals and can help them buy a VA-approved house or condo, build a new home, or make improvements to their house.
• VA Loans typically are $0-down, have better terms and rates, offer limited closing costs. 
• Homeownership is the American Dream. One way we can honor and thank our veterans is to ensure they have the best information about the benefits of VA home loans.

Are You a Veteran/Active-Duty Ready to Use Your VA Loan Benefit in the Winston-Salem Area?

If you are a veteran or serving active duty, and you're ready to use your VA loan benefit to find a Winston-Salem area home, Green Haven Realty is here to help.  You can start your Winston-Salem home search here.  Call/text us at 336.462.9544 for our preferred VA Loan lenders with $0-down, favorable terms and reduced closing costs.