Understanding property appreciation in DurhamOver time, the worth of a house will fluctuate up and down. Over a long enough period of time, property values generally appreciate. But there is always a certain amount of risk in real estate.
When your property appreciates you have a greater asset to borrow against, and you get a larger profit when you sell. There is a variety of reasons why property values in Durham waver. So, how will you know what you're purchasing this year will appreciate over time? It's critical that you select an agent in Durham who is familiar with the factors that affect local prices.
A lot of people assume that the economy is the top factor impacting real estate appreciation. Naturally, mortgage rates, unemployment, business growth, government programs and a lot of other national determinants can always change your property's worth. However, your home's value and the things that play the most significant role in its appreciation are particular to 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 buyers and will greatly influence home values. So those areas consistently appreciate, or keep their value, best.
Recent home sales - How fast are houses selling? What was the selling price versus the listing price? Some information can often be retrieved from public records, but a good agent with access to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have house prices increased or decreased over the past 5-10 years? Is the area thought to be desirable because of its location or affordability?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a good mix of business in an area, or does it count on just one industry? Is the mix of commercial and residential zoning changing? Each of these items plays a part.
|Recognizing the factors that affect your house's financial worth is important. Visit this link for an assessment of your home's value. Please call me at (919) 260-2507 or e-mail me with any questions.|