Real estate values are continually changing.
Over a long enough period of time, property values typically go up.
But, in real estate there are no guarantees.
When your house appreciates you have a greater asset to borrow against, and you'll generate a larger profit when you sell.
There are various reasons why property values in Durham go up and down. So, how can you be sure what you're purchasing presently will appreciate over time?
It's imperative that you go with an agent in Durham who can identify the factors that affect local prices.
What is the most critical factor impacting real estate appreciation? Many are convinced that it's the economy.
there are many factors on a national level that affect your home's value: unemployment, mortgage rates, business growth, and more.
But the most significant things that determine your property's value depend on the local Durham economy and housing market.
Access to services - Many of us wish to live in regions with the most accommodating components for families to develop, such as a close proximity to schools, jobs, and work.
So those communities often appreciate, or retain their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions A lot of data can be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a good mixture of business in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing?
Each of these elements plays a role.