Over time, the value of a property will fluctuate up and down.
Home values appreciate in the long term by and large.
But there are no guarantees in real estate, of course.
When your property appreciates you have a bigger asset to borrow against, and you'll make a greater profit when you sell.
Property values in Durham vary for many different reasons, so how do you know what you're purchasing presently won't depreciate the day after you close?
The most important part is that you pick a REALTOR® in Durham who can identify the factors that affect local prices.
What is the most crucial factor impacting real estate appreciation? Many are convinced that it's the economy.
there are some issues on a national level that impact your house's value: unemployment, mortgage rates, inflation, and more.
However, your house's value and the factors that play the biggest role in its appreciation are specific to the local Durham economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is important to a lot of us and will greatly influence home values.
So when it comes to keeping their value, these regions generally appreciate better than others.
Trends in home sales - How long do homes typically stay on the market? What was the selling price versus the listing price? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have property prices gone up or down over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice combination of work in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these elements plays a part.