Home values are continually changing. By and large, house values appreciate in the long term. But, of course, in real estate there is always a certain amount of risk.
When your house appreciates you have a larger asset to borrow against, and you'll produce a higher profit when you sell. Property values in Durham waver for many different reasons, so how will you know what you're investing in right now won't depreciate the day after you close? The most important aspect is that you go with a real estate agent in Durham who recognizes the factors that affect local prices.
Many think that the economy is the top factor impacting real estate appreciation. Naturally, there are quite a few issues on a national level that affect your house's value: unemployment, mortgage rates, consumer confidence, and more. But the most influential factors that figure your property's value are specific to the local Durham economy and residential market.
Access to services - Many consumers choose to live in areas with the best and most convenient traits for households to thrive, like a close proximity to schools and work. So when it comes to keeping their value, these areas consistently appreciate better than others.
Recent home sales - You should receive reports on the recent real estate sales in the neighborhoods that you're interested in from your agent. You'll want to know things like how long a house stays on the market and asking price as opposed to selling price.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair mix of job types in an area, or does it rely on just one industry? These items play a part.
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