Over time, the value of a property will fluctuate up and down. Over a long enough period of time, house values generally appreciate. But there is always a certain amount of risk in real estate, of course.
When your house appreciates you have more equity to borrow against, and you'll see a higher profit when you sell. Property values in Durham change for numerous reasons, so how will you know what you're purchasing right now won't depreciate the day after you close? It's critical that you go with an agent in Durham who can identify the factors that influence local prices.
What is the most critical factor impacting real estate appreciation? Many are convinced that it's the economy. It goes without saying that there are a lot of issues on a national level that influence your house's value: unemployment, mortgage rates, inflation, and more. But the most influential factors that decide your house's value are specific to the local Durham economy and residential market.
Access to services - Proximity to work and schools also have a great impact on many home buyers' choices. So those areas typically appreciate, or retain their value consistently, year to year.
The latest home sales - You should receive figures on the recent real estate sales in the districts that you're asking about from your agent. You'll want to analyze figures like how long a house stays on the market and asking price versus selling price.
The appreciation history - Is the community thought of as desirable because of its location or affordability? Have home prices gone up or down over the last 5 to 10 years?
Local economy - Is there a good mix of jobs in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring? Each of these pieces plays a role.
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