Over time, the worth of a house will fluctuate up and down.
Usually, home values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your home appreciates you have more resources to borrow against, and you'll see a bigger profit when you sell.
Property values in Durham move up and down for a variety of reasons, so how can you be sure what you're purchasing now won't depreciate the day after you close?
It's important that you pick a real estate agent in Durham who recognizes the factors that affect local prices.
Many are convinced that the economy is the biggest factor affecting real estate appreciation.
Clearly,
interest rates, unemployment, business growth, government programs and a handful of other national factors have a noticeable influence on your property's value.
But the most influential issues that figure your property's value depend on the local Durham economy and residential market.
Access to services - Many consumers want to live in regions with the most useful features for families to do well, like a close proximity to schools, jobs, and work.
So when it comes to holding their value, these communities often appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should provide you with information on the recent real estate sales in the areas that you're asking about. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community believed to be desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair mix of work in an area, or does it rely upon just one industry?
These items play a part.