|Closing Conducted by:||Attorneys, Lenders|
|Primary Foreclosure Method:||Non-Judicial|
|Process Period:||2 - 4 months|
|Notice of Sale:||Sheriff|
|Redemption Period:||10 Days|
|Median Property Tax:||0.78%|
|Property Taxes by County:||http://www.tax-rates.org/north_carolina/property-tax#Counties|
|Transfer Fee:||0.2% & 0.4% (local option to increase)|
Median Home Value: $324,649
1-Year Appreciation Rate: +23.8%
Median Sales Price: $355,000 (+12.9% year over year)
Homes For Sale: 44,286 (+1.3% year over year)
New Listings: 15,484 (-2.5% year over year)
Median Days On Market: 24 (-12 days year over year)
Median Rent Price: $1,310 (+11.3% year over year)
Price-To-Rent Ratio: 20.65
Unemployment Rate: 3.4% (latest estimate by the Bureau Of Labor Statistics)
Population: 331,893,745 (latest estimate by the U.S. Census Bureau)
Median Household Income: $64,994 (latest estimate by the U.S. Census Bureau)
Foreclosure Rate: One in every 3,673 homes
1 Bedroom: $1,150
2 Bedroom: $1,230
Tax Lien or Deed: Tax Deed State (Auctions called: Property Tax Foreclosure Sales)
Redemption Period: 10 day upset period after sale. Anyone can bid 5% of $750.00 more, and with this trigger a re-sale
Relatively low interest rates may simultaneously offset high acquisition costs and increase monthly cash flow from properties placed in operation.
Insufficient inventory levels will force even those who want to buy to continue renting, effectively mitigating the risk of vacancies for landlords.
While flipping remains a viable exit strategy, profit margins are growing slimmer with each passing month.
Winston-Salem should see an influx of buyers: With a median home value of $238,243, the Winston-Salem real estate market is well below the state average. As a result, there’s a good chance more people will look to Winston-Salem as a means of escaping today’s relatively high prices everywhere else. The added attention should turn into more buyers and create more activity, which will bode well for local investors. The unique affordability, combined with appreciation potential, may be able to create the perfect investor environment.
Foreclosures should continue to rise: With one of the highest foreclosure rates in the country already, it is fair to assume the trend will continue before it gets better. Expect foreclosure filings to rise as the economy starts to slow and inflation increases, taking buying power away from homeowners.
Home values will increase: Despite having already risen 23.8% over the last year, home values in the North Carolina real estate market are expected to keep rising. If for nothing else, there are not nearly enough listings to keep up with demand. With interest rates as low as they are and more people able to save money over the last year, demand is higher than ever. Still, the North Carolina housing market doesn't have nearly enough supply. Until new homes are brought to market, prices will continue to rise—albeit at a slower pace than in recent history.