Property prices are constantly moving up and down.
House values appreciate in the long term in most cases.
But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have a bigger asset to borrow against, and you'll see a larger profit when you sell.
But how will you be sure what you're purchasing today will appreciate over time? Property values in Durham go up and down for a variety of reasons.
The most important aspect to consider is that you choose a REALTOR® in Durham who understands the factors that affect local prices.
What is the number one factor impacting real estate appreciation? Many are convinced that it's the economy.
It goes without saying that
there are quite a few issues on a national level that change your home's value: unemployment, interest rates, inflation, and more.
But the most important factors that determine your house's value are specific to the local Durham economy and residential market.
Location in a community - Many consumers decide to live in districts with the most accommodating factors for households to do well, like a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these areas often appreciate better than others.
Trends in home sales - What's the time on market? What was the selling price versus the asking price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the past 5-10 years? Is the neighborhood thought to be desirable because of its location or affordability?
Local economy - Is there a good combination of business in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these things plays a part.