Home values are constantly moving up and down.
For the most part, house values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your house appreciates you have a more valuable asset to borrow against, and you'll generate a bigger profit when you sell.
But how will you know what you're buying this year will appreciate over time? Property values in Durham waver for various reasons.
Choosing an agent in Durham who can identify the factors that affect local prices is the most important part.
A lot of people think that the economy is the most important factor impacting real estate appreciation.
Obviously,
there are many issues on a national level that influence your home's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most influential issues that determine your house's value are specific to the local Durham economy and residential market.
Location in a community - Many consumers wish to live in regions with the most accommodating elements for homes to grow, like a close proximity to schools and work.
So when it comes to keeping their value, these communities usually appreciate much more reliably than areas lacking key features.
Recent home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much? A lot of data can be retrieved from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have home prices increased or decreased over the last 5-10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a fair combination of job types in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing?
Each of these items plays a part.