Understanding Durham property appreciation

Home prices are continually changing. Over a long enough period of time, property values almost always appreciate. But there is always a certain amount of risk in real estate.

When your property appreciates you have more equity to borrow against, and you get a greater profit when you sell. Property values in Durham move up and down for a variety of reasons, so how will you know what you're purchasing today won't depreciate the day after you close? Choosing a real estate agent in Durham who recognizes the factors that influence local prices is the most important thing.

The economy is assumed to be the most important factor impacting real estate appreciation. Naturally, there are many factors on a national level that impact your house's value: unemployment, mortgage rates, inflation, and more. However, your property's value and the components that play the biggest role in its appreciation depend on the local Durham economy and housing market.

Let FRANK WARD, REALTORS® help you with your first home purchase in Durham Location in a community - Proximity to schools and jobs also have a great effect on most home buyers' choices. So those regions usually appreciate, or retain their value, best.

Recent sales - Your agent should give you figures on the recent real estate sales in the areas that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.

History of appreciation - In the past 5 to 10 years, have home prices risen or declined? Does location or affordability affect how desirable the area is believed to be?

Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of work in an area, or does it rely on just one industry? Each of these factors plays a role.

It's wise to understand the factors that impact your home's market price. Click here to get an assessment of your house's value. Please call me at 919-688-5811 or e-mail me with any questions.

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