Property prices are forever in flux.
House values appreciate in the long term typically.
But, of course, in real estate there are no guarantees.
When your property appreciates you have more resources to borrow against, and you make a larger profit when you sell.
There are various reasons why property values in Durham change. So, how will you be sure what you're purchasing right now will appreciate over time?
Choosing an agent in Durham who knows the factors that influence local prices is the most important factor to consider.
A lot of people guess that the economy is the most influential factor affecting real estate appreciation.
interest rates, employment, business growth, government programs and numerous other national determinants have a noticeable influence on your property's worth.
But the most significant things that figure your home's value are particular to the local Durham economy and residential market.
Location in a community - People typically want homes in the areas with the best and most convenient features, like our schools, jobs, and shopping.
So those communities consistently appreciate, or keep their value, best.
Recent home sales - You should receive statistics on the recent real estate sales in the areas that you're asking about from your REALTOR®. You'll want to know data like time on market and seller discounts.
Appreciation history - Have property prices increased or decreased over the last 5-10 years? Is the area thought to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good mix of jobs in an area, or does it depend on just one industry?
Each of these things plays a part.