Real estate values are continually changing.
Over a long enough period of time, property values almost always appreciate.
But, in real estate there are no "sure things".
When your home appreciates you have a greater asset to borrow against, and you'll make a bigger profit when you sell.
Property values in Durham go up and down for numerous reasons, so how can you be sure what you're investing in right now won't depreciate the day after you close?
Choosing an agent in Durham who knows the factors that affect local prices is the most important thing.
Many guess that the economy is the biggest factor affecting real estate appreciation.
interest rates, unemployment, business growth, government programs and some other national determinants have a definite influence on your home's value.
But the most important issues that figure your home's value are specific to the local Durham economy and residential market.
Access to services - Many home buyers choose to live in areas with the most useful factors for households to develop, such as a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these communities generally appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should give you facts and figures on the recent home sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have house prices risen or declined over the last 5 to 10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice blend of business in an area, or does it rely on just one industry?
Each of these items plays a role.