Over time, the value of a property will fluctuate up and down.
Property values appreciate in the long term by and large.
But, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll realize a larger profit when you sell.
There is a variety of reasons why property values in Durham shift. So, how do you know what you're investing in presently will appreciate over time?
Choosing a REALTOR® in Durham who recognizes the factors that affect local prices is the most important element to consider.
The economy is believed to be the most critical factor impacting real estate appreciation.
Clearly,
there are numerous issues on a national level that influence your property's value: unemployment, mortgage rates, business growth, and more.
However, your house's value and the aspects that play the biggest role in its appreciation are particular to the local Durham economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a major effect on all home buyers' decisions.
So those regions often appreciate, or carry their value, best.
Prior home sales - How long do homes typically stay up for sale before closing? What was the selling price compared to the asking price? A lot of data can often be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
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?
Local economy - Is there a nice mix of job types in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
Each of these items plays a role.