Property values are forever in flux. House values appreciate in the long term almost always. But, in real estate there are no guarantees.
When your property appreciates you have a larger asset to borrow against, and you'll make a greater profit when you sell. There are numerous reasons why property values in Durham rise and fall. So, how can you be sure what you're purchasing today will appreciate over time? The most important part is that you choose a real estate agent in Durham who can identify the factors that affect local prices.
The economy is believed to be the most influential factor impacting real estate appreciation. Naturally, there are some factors on a national level that alter your house's value: unemployment, interest rates, business growth, and more. But the most important issues that figure your property's value depend on the local Durham economy and housing market.
Location in a community - People typically want homes in the areas with the most useful places we go often or everyday, like our work and schools. So when it comes to keeping their value, these regions often appreciate better than others.
Recent sales - Your REALTOR® should give you information on the recent home sales in the regions that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have home prices increased or decreased over the last 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
Local economy - Is there a fair mixture of work in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? All these play a role.
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