Over time, the value of a house will go up and down. For the most part, home values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you'll make a better profit when you sell. There are various reasons why property values in Durham rise and fall. So, how can you be sure what you're buying presently will appreciate over time? Choosing an agent in Durham who knows the factors that affect local prices is the most important aspect to consider.
What is the greatest factor affecting real estate appreciation? Many believe that it's the economy. Obviously, mortgage rates, unemployment, business growth, government programs and many other national determinants have a measurable effect on your house's worth. But the most significant issues that decide your property's value depend on the local Durham economy and residential market.
Location in a community - Proximity to schools and jobs also have a major impact on all home buyers' decisions. So when it comes to holding their value, these regions often appreciate better than others.
The latest home sales - You should receive information on the recent real estate sales in the areas that you're asking about from your agent. You'll want to know data like time on market and seller discounts.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices risen or declined over the past 5-10 years?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good blend of business in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing? All these play a role.
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