Eddie Patella Examines Why Now is The Time to Buy Commercial Real Estate in Winston-Salem
Eddie Patella loves buying and selling real estate in the Winston-Salem, North Carolina, region and thinks that now is a great time to start buying. He understands that the recent upward market trend has many people doubting the intelligence of buying. However, he thinks that this region is prime for a huge short-turn increase in sales that could help you make great money if you jump in now. Waiting much longer may cause you to miss this important moment.
Eddie Patella Discusses the Winston-Salem Market
Over the last few years, Eddie Patella has watched this region increase in sales prices. For example, it was already trending up by 13.1{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} yearly since 2019, with prices getting up to $189.9K on the median. Those prices have only increased, leaving owners in a very good position. They can make great profits now, with many properties now worth double what they were before the pandemic started in 2020.
The unique thing about this situation is that prices have yet to go down and aren’t likely to any time soon. Many experts are estimating that prices will finally start decreasing in five years, at which point the real estate market may experience a sudden burst. That’s five more years that you can invest in property! The Winston-Salem area has seen prices go well over $250K on the median in recent years.
Eddie Patella believes that these prices will only go up further, though it will become harder and harder to sell these homes as time passes. That’s why it’s time to strike while the iron is hot, he argues. In two years, prices may plateau or even decrease slightly because supply may outstrip demand. In other words, people may end up staying where they’re at or simply renting to avoid excessive purchase prices.
This problem has already started happening in some areas, with real estate slowing down considerably and prices not reaching the peaks they have in Winston-Salem. However, the demand for property in this area is still high. Salem is consistently voted as one of the top places to live in the nation because of its natural beauty and its proximity to many unique and engaging North Carolina cities.
That’s why Eddie Patella thinks prices could go up further and buck national trends by having properties stay in high demand. Just think of this statistic for a while. In 2019, homes were leaving the Salem market in 52 days. In 2021, they were leaving in closer to 5-10 days. Demand had reached such high points that sales prices were going through the roof on most homes.
It’s not too late, he argues, for people to join in and make good money. He states that Winston-Salem real estate tends to follow general buying and selling trends a little slower than other regions. As a result, the bottom might not fall out of the market for another six years. But any delay is a serious potential problem. Investing now, he argues, will help you get in on the last of this pandemic-inspired buying and selling spree.
