Over time, the worth of a piece of real estate will fluctuate up and down.
Over a long enough period of time, house values normally go up.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you get a greater profit when you sell.
But how can you be sure what you're investing in today will appreciate over time? Property values in Durham move up and down for numerous reasons.
Choosing an agent in Durham who understands the factors that drive local prices is the most important factor.
Many assume that the economy is the top factor impacting real estate appreciation.
Naturally,
interest rates, unemployment, business growth, government programs and many other national factors have a noticeable effect on your home's worth.
But the most important factors that determine your home's value depend on the local Durham economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a great effect on all home buyers' decisions.
So those areas consistently appreciate, or keep their value consistently, year to year.
Recent home sales - You should receive data on the recent real estate sales in the districts that you're asking about from your REALTOR®. You'll want to learn data like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the area considered desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a good blend of work in an area, or does it count on just one industry?
Each of these factors plays a part.