Property prices are constantly moving up and down.
Home values appreciate in the long term in most cases.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have more resources to borrow against, and you'll see a larger profit when you sell.
There are different reasons why property values in Durham shift. So, how will you know what you're buying today will appreciate over time?
Choosing an agent in Durham who recognizes the factors that affect local prices is the most important aspect.
The economy is assumed to be the most influential factor impacting real estate appreciation.
After all,
there are a handful of factors on a national level that affect your property's value: unemployment, mortgage rates, the stock market, and more.
However, your house's value and the aspects that play the biggest role in its appreciation depend on the local Durham economy and housing market.
Location in a community - Proximity to work and schools also have a significant impact on most home buyers' decisions.
So when it comes to keeping their value, these communities often appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive facts and figures on the recent real estate sales in the neighborhoods that you'd like to live in from your agent. You'll need to analyze figures like how long a house stays on the market and asking price as opposed to selling price.
History of appreciation - In the past 5-10 years, have property prices risen or declined? Does location or affordability affect how desirable the community is thought of as?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice combination of work in an area, or does it depend on just one industry? Is the blend of commercial and residential development changing?
All these play a part.