Property values are constantly moving up and down.
Over a long enough period of time, house values , for the most part, go up.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a more valuable asset to borrow against, and you'll generate a higher profit when you sell.
There are different reasons why property values in Durham go up and down. So, how will you be sure what you're buying right now will appreciate over time?
It's imperative that you pick an agent in Durham who recognizes the factors that influence local prices.
A lot of people guess that the economy is the most crucial factor impacting real estate appreciation.
After all,
interest rates, employment, business growth, government programs and numerous other national factors have a measurable effect on your house's value.
But the most important issues that figure your home's value are particular to the local Durham economy and residential market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a big deal to a lot of families and will greatly influence home values.
So those areas generally appreciate, or hold their value, best.
Recent sales - Your real estate agent should provide you with facts and figures on the recent real estate sales in the districts 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 area considered desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?
Local economy - Is there a fair combination of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these things plays a role.