Property prices are continually changing.
Normally, home values appreciate in the long term.
But, of course, in real estate there are no "sure things".
When your property appreciates you have a more valuable asset to borrow against, and you'll create a greater profit when you sell.
But how will you be sure what you're purchasing right now will appreciate over time? Property values in Durham go up and down for a variety of reasons.
It's important that you choose an agent in Durham who can identify the factors that influence local prices.
Many assume that the economy is the most critical factor impacting real estate appreciation.
After all,
mortgage rates, unemployment, job growth, government programs and some other national determinants have a definite effect on your house's worth.
But the most significant factors that figure your property's value depend on the local Durham economy and residential market.
Location in a community - Most people want homes in the areas with the most useful amenities, such as our schools and jobs.
So when it comes to keeping their value, these communities often appreciate much more reliably than areas lacking key features.
Recent sales - Your REALTOR® should give you facts and figures on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.
History of appreciation - In the last 5-10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice blend of jobs in an area, or does it rely upon just one industry?
All these play a part.