Real estate values are constantly moving up and down.
In most cases, house values appreciate in the long term.
But, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll make a larger profit when you sell.
There are different reasons why property values in Durham vary. So, how do you know what you're purchasing today will appreciate over time?
Choosing an agent in Durham who can identify the factors that drive local prices is the most important factor to consider.
A lot of people are convinced that the economy is the major factor affecting real estate appreciation.
After all,
there are numerous factors on a national level that adjust your home's value: unemployment, mortgage rates, the stock market, and more.
However, your house's value and the elements that play the most significant role in its appreciation are particular to the local Durham economy and housing market.
Access to services - Proximity to schools and work also have a great impact on most home buyers' choices.
So when it comes to keeping their value, these regions typically appreciate better than others.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the past 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mix of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these pieces plays a role.