Property prices are continually changing.
Over a long enough period of time, house values , for the most part, go up.
But, of course, in real estate there are no "sure things".
When your home appreciates you have a bigger asset to borrow against, and you'll realize a greater profit when you sell.
Property values in Durham change for different reasons, so how do you know what you're purchasing right now won't depreciate the day after you close?
It's important that you choose a REALTOR® in Durham who recognizes the factors that affect local prices.
The economy is thought to be the number one factor affecting real estate appreciation.
mortgage rates, employment, job growth, government programs and a lot of other national factors have a noticeable impact on your property's worth.
But the most influential issues that decide your house's value are specific to the local Durham economy and housing market.
Location in a community - Convenient access to schools, jobs and amenities like shopping, restaurants and entertainment is important to a lot of families and will greatly influence home values.
So when it comes to retaining their value, these regions usually appreciate better than others.
Recent sales - Your REALTOR® should give you facts and figures on the recent home sales in the areas 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 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 good combination of business in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a part.