Home values are constantly moving up and down.
Over a long enough period of time, house values typically go up.
But, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you'll realize a better profit when you sell.
But how will you be sure what you're investing in today will appreciate over time? Property values in Durham go up and down for a variety of reasons.
Choosing a real estate agent in Durham who understands the factors that drive local prices is the most important thing.
What is the greatest factor impacting real estate appreciation? Many are convinced that it's the economy.
there are a handful of issues on a national level that alter your house's value: unemployment, interest rates, business growth, and more.
However, your home's value and the aspects that play the biggest role in its appreciation depend on the local Durham economy and housing market.
Access to services - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to a lot of families and will greatly influence home values.
So these areas often appreciate, or retain their value, best.
Recent sales - Your REALTOR® should provide you with data on the recent real estate sales in the neighborhoods that you're asking about. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the past 5 to 10 years, have house prices risen or declined? Does location or affordability affect how desirable the community is thought of as?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice blend of jobs in an area, or does it rely on just one industry?
Each of these elements plays a role.