Do You Need an Appraisal Going Through Divorce?

It's never easy to face divorce, but it's even more difficult when you have children or are dealing with a large or inherited home. When dividing your home, both parties need to know all possible outcomes before anything is finalized. Take a look at everything you need to know about getting an appraisal for your home during a divorce.

Is the Winston-Salem Housing Market a Buyer's Market or Seller's Market?

• Many buyers and sellers are curious about the status of the Winston-Salem housing market.  Are we still in a Sellers' Market? Or has it converted to a Buyers' Market?  Interest Rates have increased causing buyer demand to wane slightly.  So does that mean sellers are having to reduce their prices if they want to sell? There are many more price decreases than even three months ago, but that doesn't mean values are falling. The major issue is we still have a very low inventory of homes for sale.

   

  Why the Winston-Salem Housing Market is Still a Sellers' Market

• Check out the infographic below on why it's still a seller's market in Winston-Salem.

  

  Some Highlights of the Winston-Salem Housing Market - September 2022

  • While buyer demand has moderated and housing supply has grown in recent months, it’s still a sellers’ market in the Winston-Salem area because inventory is low.
  • There were 319 active listings at the date of this post with 339 sales over the last 30 day period. This shows less than one month's inventory in Winston-Salem. That was an increase of about 6% from 318 sales for the previous 30-day period.
  • It takes about 6 months of inventory to be considered a balanced market. Anything over 6 months is generally a buyers' market.
  • The average list price for sales over the last 30 days was $347,929 with an average sales price of $349,445, which is about 0.5% over the average list price. The 30 days prior the average sales price was $345,071 or a 1.3% increase.  
  • Over the last 30 days, the average "days on market" before selling was 15 days. The prior 30-day period was 13 days.
  • If you want to be aware of the Winston-Salem Housing Market showing active listings, pending sales and closed sales, you can sign up for our free monthly market report here:  Sign Up for the Winston-Salem Housing Market Report
  • The latest data shows sellers continue to benefit from serious buyers and competitive offers. In July, the average home received 2.8 offers and 39% sold over the asking price according to the National Association of Realtors.
  • You haven’t missed your opportunity to sell. Work with a real estate professional from Green Haven Realty to start the process today.  Don't hesitate to contact us if you have any questions.  We're here to help!

Moving to Winston-Salem Checklist

Winston-Salem is a city with a vibrant community that perfectly combines a rich history, fantastic art, and an entrepreneurial drive. It is perfect for those looking for a new start somewhere else. So, if you plan on relocating here, many things probably weigh on your mind. After all, moving to a new place is no easy task! This is why we have created a moving to Winston-Salem Checklist that will guide you to your new life in this beautiful city.

Get to know the Winston-Salem area

Like with every move, you must get acquainted with everything the new area offers. You should first know which neighborhood you'll call home in the near future. Lucky for you, Winston-Salem has a lot of lovely neighborhoods to choose from, from Historic Ardmore to the sophisticated Buena Vista. You will easily find the neighborhood that works for you based on your preferences. Afterward, it would be best if you got to know all the benefits of moving to Winston-Salem since these will work as a moving drive to push you through the stressful move. Moreover, they will make you (and your family)

Top 10 Reasons to Move to Winston-Salem, NC

There are many reasons to move to Winston-Salem. So, if you look forward to finding a home in North Carolina, this guide is just what you need. By moving to this thriving city, you are ensuring a comfortable and vibrant lifestyle at the same time. There’s so much to see and do. Plus, the costs of living in Winston-Salem are easy to keep in check.

1 - Employment

Winston-Salem is one of the cities in NC with a high employment rate. Rest assured, it won’t be challenging to land a high-paying job. However, keep in mind that some professions tend to be more

What Will the Housing Market Be Like for the Remainder of 2022?

Some Highlights

• The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022.
• Home prices are forecast to rise more moderately than last year. Mortgage rates will respond to inflation, and home sales will be more in line with pre-pandemic years.
• Winston-Salem home prices will rise moderately.
• Connect with our agents at Green Haven Realty so you can make your best move this year.

Does Buying a Winston-Salem Home Make More Sense than Renting?

If rising home prices leave you wondering if it makes more sense to rent or buy a home in today’s Winston-Salem housing market, consider this. It’s not just home prices that have risen in recent years – rental prices have skyrocketed as well. As a recent article from realtor.com says:

“The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for Realtor.com data for the 16th consecutive month.”

That means rising prices will likely impact your housing plans either way. But there are a few key differences that could make buying a home a more worthwhile option for you.

If You Need More Space, Buying a Winston-Salem Home May Be More Affordable

What you may not realize is that, according to the latest data from realtor.com and the National Association of Realtors (NAR), it may actually be more affordable to buy than rent depending on how many bedrooms you need. The graph below uses the median rental payment and median mortgage payment across the country to show why.  The Winston-Salem median rent is $1,795 according to the Zillow Rental Manager.

As the graph conveys, if you need two or more bedrooms, it may actually be more affordable to buy a home even as prices rise. While this doesn’t take into consideration the interest deduction or other financial advantages that come with owning a home, it does help paint the picture that it may be more affordable to buy then rent for that unit size based on nationwide averages. So, if one of the factors motivating you to move is a desire for more space, this could be the added encouragement you need to consider homeownership.

Homeownership Also Provides Stability and a Chance To Grow Your Wealth

In addition to being more affordable depending on how many bedrooms you need, buying has two other key benefits: payment stability and equity.

When you buy a home, you lock in your monthly payment with your fixed-rate mortgage. And that’s especially important in today’s inflationary economy. With inflation, prices rise across the board for things like gas, groceries, and more. Locking in your housing payment, which is likely your largest monthly expense, can provide greater long-term stability and help shield you from those rising expenses moving forward. Renting doesn’t provide that same predictability. A recent article from CNET explains it like this:

“…if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month. That’s an advantage over renting since there’s a good chance your landlord will raise your rent to counter inflationary pressures.” 

Not to mention, when you buy, you have the chance to build equity, which in turn grows your net worth. It works like this. As you pay down your home loan over time and as home values continue to appreciate, so does your equity. And that equity can make it easier to fuel a move into a future home if you decide you need a bigger home later on, or an investment property to grow your wealth even more. Again, the CNET article mentioned above helps explain:

“Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you’re building equity in your home that you can tap into later on. When you rent, you aren’t investing in your financial future the same way you are when you’re paying off a mortgage.”

Green Haven Realty Helps Winston-Salem Home Buyers

If you’re trying to decide whether to keep renting or buy a home in the Winston-Salem area, work with trusted real estate professionals to explore your opportunities. With home equity and a shield against inflation on the line, it may make more sense to buy a home if you’re able to. 

Check out the book our owners, Tony & Kim Green, have authored and are offering it our readers for free at the link below.

FREE Real Estate Book:  THE COMPLETE GUIDE TO BUYING A HOME

Don't hesitate to call/text Green Haven Realty today at 336.462.9544 to evaluate your options.  We're here to help!

What Expenses Will I Pay When Selling My Winston-Salem Home?

Since buying a home is a significant investment, not everyone can afford their dream home from the very beginning. Thus, many choose to invest in a starter home and only later start looking for their forever home. And this is perfectly normal. Nevertheless, once you decide to sell your current home, the excitement can make you blind to some of the crucial aspects. You start dreaming of your future home and fail to properly consider what selling entails. For example, you must know what expenses to expect when selling your Winston-Salem home. Otherwise, you might miscalculate the amount you can invest in your future home. So, let’s break down the costs of selling a home.

What’s Causing Ongoing Winston-Salem Home Price Appreciation?

If you’re thinking about making a move

 to the Winston-Salem area

, you probably want to know what’s going to happen to home prices for the rest of the year. While experts say price growth will moderate due to the shifting market, ongoing appreciation is expected. That means home prices won’t fall. Here’s a look at two key reasons experts forecast continued price growth: supply and demand.

Can I Sell My Inherited Property in Winston-Salem?

Inheriting a property does not happen every day. In fact, such an inheritance might seem like a dream come true.  If you are interested in selling the inherited property in the Winston-Salem area, you of course are wondering if you can sell it.  The short answer is "yes", but the legal and financial responsibilities make selling an inherited home quite challenging.  Each county in North Carolina is a little different, and Forsyth County has its own probate processes for estates. This is compounded by the fact that most people have no previous knowledge or experience with selling an inherited property. Of course, having a certified probate expert on your side definitely

helps.  The bottom line is the inherited property cannot be sold until ownership has conveyed to the heirs during the probate process. However, it is still vital that you are aware of the potential intricacies, benefits, tax consequences, and pitfalls that make up the process of selling an inherited home. Read on to find out more. 

Is an Appraisal Required for Inherited Property in North Carolina?

If you have inherited real estate, you probably have many questions regarding the property.  Should I keep it?  Should I sell it?  What's it worth? And so forth.   If you're an Executor in North Carolina handling an estate that has a home or other real estate, it's most likely the most valuable asset within the estate. It's your responsibility to know what it's worth, for several reasons: to report a taxable gain or loss on the eventual sale; for an inventory, if the estate goes through probate; and to fairly divide estate assets among heirs and/or beneficiaries, if that's what the will called for.

One important question you will have is "should I get an appraisal?"  Well, generally speaking, a real estate appraisal is not required when you inherit property.  However, it's highly recommended that you have an appraisal completed for two primary reasons.