Durham home prices: Need some help understanding why they appreciate?

Over time, the value of a house will go up and down. In most cases, home values appreciate in the long term. But, in real estate there is always a certain amount of risk.

When your house appreciates you have a more valuable asset to borrow against, and you make a higher profit when you sell. But how can you be sure what you're investing in presently will appreciate over time? Property values in Durham rise and fall for many different reasons. Choosing a real estate agent in Durham who is familiar with the factors that drive local prices is the most important aspect to consider.

The economy is assumed to be the greatest factor affecting real estate appreciation. After all, interest rates, employment, business growth, government programs and some other national determinants have a definite impact on your home's worth. However, your home's value and the factors that play the biggest role in its appreciation are specific to the local Durham economy and housing market.

Let FRANK WARD, REALTORS® help you with your first home purchase in Durham Access to services - Proximity to work and schools also have a great influence on almost all home buyers' choices. So when it comes to retaining their value, these areas consistently appreciate better than others.

The latest home sales - You should receive reports on the recent real estate sales in the areas that you're interested in from your agent. You'll want to learn data like how long a house stays on the market and seller discounts.

The appreciation history - Is the area considered desirable because of its location or affordability? Have property prices risen or declined over the past 5 to 10 years?

Local economy - Is there a nice mix of jobs in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring? All these play a role.

It's smart to learn about the factors that affect your property's price. Get an evaluation 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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