Over time, the value of a property will fluctuate up and down.
Over a long enough period of time, house values usually appreciate.
But, of course, in real estate there is always a certain amount of risk.
When your home appreciates you have a greater asset to borrow against, and you get a larger profit when you sell.
There are numerous reasons why property values in Durham waver. So, how will you be sure what you're purchasing presently will appreciate over time?
Choosing a real estate agent in Durham who can identify the factors that drive local prices is the most important thing to consider.
Many are convinced that the economy is the number one factor impacting real estate appreciation.
It goes without saying that
there are several issues on a national level that change your house's value: unemployment, mortgage rates, the stock market, and more.
However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Durham economy and housing market.
Access to services - Many home buyers prefer to live in districts with the most accommodating characteristics for homes to thrive, such as a close proximity to jobs and schools.
So these communities generally appreciate, or retain their value, best.
The latest home sales - How long do homes typically stay on the market? What was the final sales amount versus the asking price? Some information can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have house prices increased or decreased over the past 5 to 10 years? Is the community considered desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice blend of work in an area, or does it depend on just one industry?
These items play a role.