Home values are constantly moving up and down.
House values appreciate in the long term for the most part.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you get a greater profit when you sell.
But how do you know what you're investing in today will appreciate over time? Property values in Durham rise and fall for a variety of reasons.
Choosing an agent in Durham who recognizes the factors that influence local prices is the most important part.
The economy is assumed to be the most critical factor impacting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and several other national factors have a definite influence on your property's value.
But the most important things that determine your property's value are specific to the local Durham economy and housing market.
Location in a community - Most people want homes in the areas with the easiest access to amenities, like our schools, jobs, and shopping.
So these communities consistently appreciate, or retain their value consistently, year to year.
Recent home sales - What's the time on market? Are sellers needing 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 often provide a more complete picture.
History of appreciation - In the past 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought to be?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good mix of jobs in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
These items play a part.