Home prices are constantly moving up and down.
Typically, house values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a more valuable asset to borrow against, and you'll generate a better profit when you sell.
Property values in Durham fluctuate for numerous reasons, so how will you know what you're investing in presently won't depreciate the day after you close?
It's critical that you choose a REALTOR® in Durham who recognizes the factors that influence local prices.
What is the biggest factor affecting real estate appreciation? Many believe that it's the economy.
Obviously,
there are many factors on a national level that adjust your home's value: unemployment, interest rates, consumer confidence, and more.
But the most significant factors that decide your house's value depend on the local Durham economy and housing market.
Location in a community - Convenient access to schools, employment and amenities like shopping, restaurants and entertainment is a priority to many us and will greatly influence home values.
So those regions often appreciate, or retain their value, best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have house prices increased or decreased over the past 5-10 years?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a good blend of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these items plays a part.