Over time, the value of a house will go up and down.
In most cases, property values appreciate in the long term.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have more resources to borrow against, and you'll produce a greater profit when you sell.
There is a variety of reasons why property values in Durham shift. So, how do you know what you're buying today will appreciate over time?
It's important that you select an agent in Durham who is familiar with the factors that affect local prices.
Many guess that the economy is the top factor impacting real estate appreciation.
Obviously,
there are quite a few factors on a national level that adjust your property's value: unemployment, interest rates, the stock market, and more.
However, your house's value and the components that play the biggest role in its appreciation are particular to the local Durham economy and housing market.
Access to services - Many home buyers choose to live in areas with the best and most convenient amenities for households to grow, such as a close proximity to jobs and schools.
So when it comes to keeping their value, these communities usually appreciate much more reliably than areas lacking key features.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? What was the selling price versus the listing price? A lot of data can often be retrieved from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
History of appreciation - In the past 5-10 years, have property prices gone up or down? Does location or affordability affect how desirable the neighborhood is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mixture of business in an area, or does it count on just one industry? Is the mix of commercial and residential development changing?
Each of these elements plays a part.