Real estate prices are constantly moving up and down.
Home values appreciate in the long term in most cases.
But there is always a certain amount of risk in real estate.
When your home appreciates you have more resources to borrow against, and you'll create a better profit when you sell.
But how do you know what you're investing in presently will appreciate over time? Property values in Durham vary for various reasons.
Choosing a real estate agent in Durham who is familiar with the factors that influence local prices is the most important part.
Many assume that the economy is the greatest factor affecting real estate appreciation.
Obviously,
there are numerous factors on a national level that affect your house's value: unemployment, mortgage rates, quarterly earnings reports, and more.
But the most significant issues that decide your home's value are particular to the local Durham economy and residential market.
Access to services - People typically want homes in the districts with the best and most convenient amenities, like our work and schools.
So when it comes to retaining their value, these communities typically appreciate much more reliably than areas lacking key features.
Real estate sales trends - How quickly are homes selling? Are sellers having to discount much? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have property prices increased or decreased over the last 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good combination of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
These items play a role.