Property prices are constantly moving up and down.
Over a long enough period of time, house values normally appreciate.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have a bigger asset to borrow against, and you'll see a higher profit when you sell.
But how will you be sure what you're buying this year will appreciate over time? Property values in Durham fluctuate for different reasons.
The most important factor is that you select a REALTOR® in Durham who recognizes the factors that influence local prices.
A lot of people think that the economy is the most crucial factor impacting real estate appreciation.
interest rates, employment, business growth, government programs and quite a few other national factors have a noticeable influence on your property's worth.
However, your house's value and the things that play the biggest role in its appreciation are specific to the local Durham economy and housing market.
Location in a community - Many home buyers choose to live in regions with the most conducive characteristics for homes to grow, like a close proximity to schools and work.
So these communities usually appreciate, or hold their value, best.
Recent sales - Your real estate agent should give you data on the recent real estate sales in the regions 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 thought to be desirable because of its location or affordability? Have home prices increased or decreased over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mixture of work in an area, or does it depend on just one industry?
Each of these elements plays a part.