Real estate prices are continually changing.
Over a long enough period of time, home values normally appreciate.
But there is always a certain amount of risk in real estate.
When your home appreciates you have more equity to borrow against, and you'll create a bigger profit when you sell.
Property values in Durham go up and down for different reasons, so how will you be sure what you're investing in presently 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 factor to consider.
Many are convinced that the economy is the most critical factor impacting real estate appreciation.
interest rates, unemployment, business growth, government programs and some other national determinants have a measurable influence on your house's worth.
However, your home's value and the features that play the most significant role in its appreciation are particular to the local Durham economy and housing market.
Location in a community - Proximity to jobs and schools also have a huge impact on almost all home buyers' choices.
So when it comes to holding their value, these areas generally appreciate better than others.
Recent sales - Your real estate agent should provide you with statistics on the recent home sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the neighborhood thought of as desirable because of its location or affordability? Have house prices risen or declined over the last 5-10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mix of business in an area, or does it rely upon just one industry?
These items play a role.
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