Over time, the worth of a piece of real estate will go up and down.
Over a long enough period of time, home values generally go up.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more equity to borrow against, and you'll generate a bigger profit when you sell.
There are many different reasons why property values in Durham move up and down. So, how can you be sure what you're buying now will appreciate over time?
Choosing a real estate agent in Durham who can identify the factors that influence local prices is the most important element.
What is the most influential factor impacting real estate appreciation? Many think that it's the economy.
interest rates, unemployment, job growth, government programs and many other national determinants have a measurable impact on your property's value.
However, your house's value and the things that play the most significant role in its appreciation depend on the local Durham economy and housing market.
Access to services - Many home buyers want to live in areas with the most convenient factors for families to succeed, like a close proximity to jobs and schools.
So when it comes to retaining their value, these areas generally appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive statistics on the recent real estate sales in the districts that you're asking about from your agent. You'll need to know figures like how long a house stays on the market and seller discounts.
History of appreciation - In the past 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the community is thought to be?
Local economy - Is there a good combination of job types in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
All these play a role.