Tag Archive for: forsythcounty

North Carolina Ranks High on Forbes List of Best Places to Start a Business

For many Americans, the dream of starting their own business ranks high, whether it’s to ditch an unsatisfying job or seeking an opportunity that offers more fulfillment and, hopefully, more income. While it can be a daunting task, a key component in success can be finding the right place to lay the groundwork for that new venture.

For budding entrepreneurs, North Carolina ranks high among states when it comes to finding a fertile environment for new business. Forbes Advisor recently placed North Carolina fifth on its list of top states in which to start a business in 2024, ranking behind only North Dakota, Indiana, South Dakota and Arkansas. The Forbes study analyzed 18 key metrics across five categories, taking into consideration factors that impact businesses and their ability to succeed, such as business costs, business climate, economy, workforce and financial accessibility in each state.

North Carolina Supports Small Business Growth and Success

According to Forbes, “North Carolina offers a blend of supportive business elements. The state’s formation fee is reasonably set at $125, striking a balance between accessibility and quality service. A significant advantage for entrepreneurs is the business survival rate of 77%, suggesting a nurturing and stable environment for startups. This rate reflects the resilience and potential for growth of businesses in the state.

“Financially, North Carolina is poised to aid small businesses, offering an average funding of $22,019 via grants and incentives. This level of support shows the state’s investment in fostering entrepreneurial ventures. The cost of living index here is 0.96, aligning closely with the national average and ensuring affordability for business owners and workers alike. With 65% of its population in the working-age category, North Carolina provides a large labor pool. The state’s scaled score of 84 out of 100 reflects these combined advantages, making it a practical and promising location for new businesses.”

Why Move When You’re Already in the Right Place

Maybe we’re biased, but if you already live in North Carolina there’s no reason to even consider a move to the Dakotas, Indiana or Arkansas. According to Forbes, you’re already in the right place.

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W-S Real Estate Market Remains Healthy & Steady

While many real estate markets across the country continue to cool, activity in Winston-Salem remains relatively steady. Even with mortgage rate increases and lower inventory, home sales remain positive, according to Triad MLS data as of July 30.

  • The average sales price for all types of residential real estate rose to $345,925 in July, an increase of 30% compared to $265,867 in January 2023.
  • Price per square foot improved to $167 in July compared to $145 in January. Even with that healthy improvement, however, Winston-Salem remains a good value in relation to other metro areas in the state.
  • The number of homes closed in the Winston-Salem market totaled 376 in June, dropping to 267 in July. While a seasonal drop is not uncommon, it is again at least partially attributable to fewer homes on the market.
  • The percentage of listing price realized at closing has ranged from 98% to 101% thus far in 2023.
  • Days on the market again fell to just 18 at the end of July, compared to 38 days in February, which was the 2023 high to date.
Inventory remains low, making buyers more aggressive

One revealing statistic is that the current month’s home inventory stands at a very low 1.3 months. Generally, a supply of five to six months is considered a balanced market. This means active buyers have fewer choices and are more aggressive as shown by sales closing at or near the full listing price. However, the bidding that drove up prices and overheated markets in 2021-22 has cooled, lending more stability to the sales process.

Winston-Salem offers strong home values

Overall, the Winston-Salem market continues to move forward at a steady and realistic pace that should benefit both buyers and sellers. And it’s very clear this is a city that offers outstanding value to homebuyers, especially to those currently living in the state’s larger metro areas where home prices, property taxes and traffic have skyrocketed.

For additional information or answers to questions, contact us at bluebirdrealty11@gmail.com.

Image Courtesy of Visit Winston-Salem

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Winston-Salem Real Estate Stable in 2022, Positive for 2023

An arial view of the Winston-Salem skyline in the evening.

The hope is we’ve survived the chaotic up-and-down 2022 real estate market with minor distress here in the Winston-Salem area, and can look forward to a more stable and manageable 2023. Here’s a quick recap of residential real estate activity in our area for 2022 (January – December):

— Despite overall uncertainty, the average sales price for residential properties (homes, condominiums and townhomes) rose 11.2% to $295,783 at year’s end, up from $265,950 in January 2022. The highest average came in June at $322,323 as the market was at its hottest.

— Price per square foot remained stable at roughly $150 over the course of the year. The highest price came in May at $176, but fell back to $150 at the end of 2022.

— Strong buyer demand and limited inventory kept theBlueBird Realty logo percentage of listing price received at close to 100% during 2022, moderating slightly to 98.5% at year’s end. May/June were again the hottest months, with the percentage topping 103%.

— In January 2022, the average days a home spent on the market was 26 days; however,  that number dropped drastically to just nine days in mid-year as the market hit its most active point. By year-end, average days on market had settled at 28 days.

— The local market has slowed some, particularly during the fourth quarter of 2022. Closed sales dropped from 267 in January to 246 in December, while new listings dipped from 276 to 186.

— Continued buyer interest and reduced inventory have kept activity on a positive note in the Winston-Salem area. But higher mortgage rates have affected buyer activity and confidence, with indications buyers are waiting and watching to see where interest rates and the overall economy trend.

— Realtor.com has projected home prices in the Winston-Salem market will increase by 5% in 2023, a positive note for prospective sellers.

Conclusion: For sellers, the increase in average pricing during 2022 appears holding into 2023, presenting a potential opportunity to cash in, particularly for those looking to downsize, retire or relocate. Buyers likely will remain cautious as they watch mortgage rates and the health of the overall economy. However, indications of lower rates and improved economic activity, plus more inventory, will encourage a pool of buyers motivated to move for more space, family growth, remote work space, etc.

In overall terms, the state of the Winston-Salem area residential real estate market appears positive heading into 2023.

Rise in Winston-Salem Home Prices May be Better Than Projected

A street view of several homes with city buildings in the background.

In what perhaps came as a pleasant surprise to Winston-Salem homeowners earlier this year, Realtor.com projected a 5.8% increase in the city’s average home prices for 2022.

That’s the highest percentage rise among North Carolina’s major metro areas and impressive against other U.S. metro areas.

However, it may be that the news ultimately will be even better than projected. Based on current results through July, the average sale price for a home in Winston- Salem/Forsyth County has risen 16.5% thus far in 2022 to $323,162. The average sale price in January 2022 was $285,701, indicating that the local market has remained surprisingly robust.

Several items showcase the unusual nature of the current market in light of economic issues and lingering effects of the pandemic, particularly in terms of market supply. Part of the rise in prices is due to a reduction in new property listings, which dipped 21.6% in July after a high for the year in May. Interestingly, the number of homes on the market at the end of July was 758, which contrasts with a low of 313 homes in January 2022.

 So, the number of homes for sale has risen since the beginning of the year, but the number of homes now coming on the market has dipped. It will be interesting to watch these two data points during the second half of the year.

Back on the positive side, the average number of days on the market was just 11, proof that buyers continue actively seeking opportunities. The average percentage list price at closing was 102.7% through July as reduced inventory continues to produce strong buyer reactions. And the average price per square foot of homes in Winston-Salem and Forsyth County rose 19% to $172.

Add up the numbers and it’s obvious that the Winston-Salem real estate market remains healthy to this point, and is posting impressive results in comparison to many other U.S. markets. At the same time, the local market continues to offer outstanding value that should prove attractive to buyers and offer opportunities for sellers.

For more information or questions, please contact the Bluebird team. We’re always available and happy to share data and provide anything you need to better assess our local market.

 

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by Triad MLS®.