Understanding Durham home prices

Property prices are constantly moving up and down. Property values appreciate in the long term almost always. But, of course, there are no guarantees in real estate.

When your house appreciates you have a greater asset to borrow against, and you'll generate a higher profit when you sell. Property values in Durham change for a variety of reasons, so how will you know what you're investing in today won't depreciate the day after you close? The most important part is that you go with an agent in Durham who recognizes the factors that affect local prices.

What is the number one factor affecting real estate appreciation? Many think that it's the economy. Obviously, mortgage rates, unemployment, job growth, government programs and many other national determinants have a noticeable influence on your property's worth. But the most significant issues that figure your house's value are particular to the local Durham economy and housing market.

Let FRANK WARD, REALTORS® help you with your first home purchase in Durham Location in a community - Many home buyers choose to live in areas with the most useful components for families to develop, like a close proximity to schools and work. So these communities usually appreciate, or carry their value, best.

Recent sales - Your REALTOR® should provide you with data 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 neighborhood thought of as desirable because of its location or affordability? Have house prices increased or decreased over the last 5 to 10 years?

The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good mixture of jobs in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing? These items play a role.

It's wise to be informed about the factors that affect your house's price. Get an estimation of your property's value here. Call me at 919-688-5811 or e-mail me if you have any questions at all. I'd love to hear from you.

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