Over time, the value of a home will go up and down.
Over a long enough period of time, property values typically appreciate.
But, of course, there are no guarantees in real estate.
When your house appreciates you have more equity to borrow against, and you'll generate a larger profit when you sell.
But how do you know what you're investing in now will appreciate over time? Property values in Durham fluctuate for many different reasons.
The most important thing to consider is that you pick an agent in Durham who understands the factors that drive local prices.
A lot of people are convinced that the economy is the most important factor impacting real estate appreciation.
It goes without saying that
there are quite a few factors on a national level that adjust your home's value: unemployment, mortgage rates, the stock market, and more.
But the most important issues that figure your house's value depend on the local Durham economy and housing market.
Access to services - Many home buyers decide to live in districts with the most accommodating characteristics for households to succeed, such as a close proximity to jobs and schools.
So when it comes to retaining their value, these areas usually appreciate better than others.
The latest home sales - What's the time on market? Are sellers needing to discount much? Some information 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 risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
Local economy - Is there a fair mix of job types in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a role.
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