Real estate prices are forever in flux. House values appreciate in the long term normally. But there are no guarantees in real estate, of course.
When your house appreciates you have a greater asset to borrow against, and you'll generate a better profit when you sell. There are various reasons why property values in Durham waver. So, how do you know what you're purchasing presently will appreciate over time? The most important thing to consider is that you go with a real estate agent in Durham who recognizes the factors that affect local prices.
What is the most influential factor affecting real estate appreciation? Many think that it's the economy. After all, interest rates, employment, business growth, government programs and many other national factors have a noticeable effect on your property's worth. But the most significant issues that determine your property's value are particular to the local Durham economy and residential market.
Access to services - Proximity to work and schools also have a significant effect on all home buyers' choices. So when it comes to holding their value, these areas generally appreciate much more reliably than areas lacking key features.
Real estate sales trends - How long do homes typically stay on the market? Are sellers having to discount much? A lot of data can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have property prices increased or decreased over the last 5 to 10 years? Is the community believed to be desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice blend of jobs in an area, or does it rely on just one industry? Is the mix of commercial and residential development changing? All these play a role.
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