Property prices are continually changing.
House values appreciate in the long term generally.
But, of course, there are no "sure things" in real estate.
When your house appreciates you have more equity to borrow against, and you make a better profit when you sell.
Property values in Durham waver for different reasons, so how can you be sure what you're purchasing presently won't depreciate the day after you close?
It's important that you select a REALTOR® in Durham who is familiar with the factors that influence local prices.
The economy is believed to be the most critical factor impacting real estate appreciation.
mortgage rates, unemployment, business growth, government programs and several other national factors have a noticeable effect on your property's value.
However, your property's value and the aspects that play the most significant role in its appreciation are specific to the local Durham economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a great influence on all home buyers' choices.
So when it comes to holding their value, these communities typically appreciate much more reliably than areas lacking key features.
The latest home sales - Are homes on the market 30, 60, or 90 days or even longer? What was the final sales amount versus the asking price? Some information can be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have home prices gone up or down over the past 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a nice mix of business in an area, or does it rely upon just one industry?
Each of these pieces plays a role.