Real estate values are forever in flux. Over a long enough period of time, home values generally appreciate. But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have a bigger asset to borrow against, and you'll generate a higher profit when you sell. Property values in Durham fluctuate for different reasons, so how do you know what you're buying now won't depreciate the day after you close? The most important factor to consider is that you pick an agent in Durham who understands the factors that affect local prices.
The economy is believed to be the most influential factor affecting real estate appreciation. Obviously, there are several factors on a national level that influence your home's value: unemployment, interest rates, inflation, and more. However, your home's value and the components that play the most significant role in its appreciation depend on the local Durham economy and housing market.
Location in a community - People typically want homes in the districts with the best and most convenient places we go often or everyday, such as our schools and jobs. So when it comes to retaining their value, these communities usually appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive figures on the recent real estate sales in the areas that you're interested in from your agent. You'll want to learn figures like time on market and asking price as opposed to selling price.
Appreciation history - Have house prices increased or decreased over the last 5-10 years? Is the community 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 mix of work in an area, or does it depend on just one industry? All these play a role.
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