Over time, the value of a piece of real estate will fluctuate up and down.
Normally, property values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a bigger asset to borrow against, and you'll realize a larger profit when you sell.
Property values in Durham shift for numerous reasons, so how will you be sure what you're purchasing presently won't depreciate the day after you close?
The most important element to consider is that you choose an agent in Durham who is familiar with the factors that influence local prices.
The economy is thought to be the most critical factor impacting real estate appreciation.
Naturally,
mortgage rates, unemployment, job growth, government programs and some other national determinants have a measurable effect on your house's value.
However, your home's value and the factors that play the biggest role in its appreciation are particular to the local Durham economy and housing market.
Access to services - Most people want homes in the districts with the most useful places we go often or everyday, like our work and schools.
So these communities generally appreciate, or carry their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much or offer concessions A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
History of appreciation - In the last 5-10 years, have property prices increased or decreased? Does location or affordability affect how desirable the community is thought of as?
Local economy - Is there a good blend of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a part.