Home prices are constantly moving up and down.
Property values appreciate in the long term normally.
But, in real estate there are no guarantees.
When your house appreciates you have a bigger asset to borrow against, and you make a larger profit when you sell.
There are various reasons why property values in Durham move up and down. So, how will you know what you're buying now will appreciate over time?
Choosing a REALTOR® in Durham who understands the factors that drive local prices is the most important element.
What is the top factor affecting real estate appreciation? Many assume that it's the economy.
After all,
mortgage rates, employment, business growth, government programs and many other national determinants have a measurable influence on your house's value.
However, your property's value and the components that play the most significant role in its appreciation are specific to the local Durham economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to many us and will greatly influence home values.
So these communities usually appreciate, or retain their value consistently, year to year.
Recent sales - Your REALTOR® should give you data on the recent real estate 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 area believed to be desirable because of its location or affordability? Have property prices gone up or down over the past 5-10 years?
Local economy - Is there a fair mixture of job types in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a role.