Over time, the worth of a house will fluctuate up and down. Over a long enough period of time, property values , for the most part, go up. But, in real estate there are no guarantees.
When your property appreciates you have a bigger asset to borrow against, and you'll generate a higher profit when you sell. But how will you know what you're investing in today will appreciate over time? Property values in Durham move up and down for a variety of reasons. Choosing an agent in Durham who recognizes the factors that affect local prices is the most important aspect.
The economy is believed to be the greatest factor affecting real estate appreciation. It goes without saying that there are some issues on a national level that adjust your property's value: unemployment, mortgage rates, business growth, and more. But the most influential things that determine your home's value are particular to the local Durham economy and housing market.
Access to services - Many home buyers prefer to live in areas with the best and most convenient factors for households to do well, such as a close proximity to jobs and schools. So those areas generally appreciate, or carry their value, best.
Recent home sales - You should receive facts and figures on the recent real estate sales in the areas that you're asking about from your agent. You'll want to learn data like how long a house stays on the market and seller discounts.
Appreciation history - Have house prices gone up or down over the last 5-10 years? Is the community considered 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 mix of job types in an area, or does it depend on just one industry? Is the mix of commercial and residential development changing? All these play a role.
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