If you are considering purchasing a home or property in the coming months, you will want to highly consider the Durham region. In March 2015 alone, there were 1,086 residential transactions which was a huge increase of 14.7 percent from just last year. As a buyer, you never want to see the market driving prices up. However, as a buyer, it is also important to think about the long term advantage of purchasing a home on the up swing. Durham is clearly going through a growth stage that presents a very good opportunity for willing buyers to take advantage of. While the prices have increased due to increased competition among different buyers, the competition is there for a reason. Durham is quickly becoming one of the most desirable locations in the entire region.
The average selling price in the region reached as much as $430,291 in March. Just a year prior, the average selling price of a home in the same region was just $380,267. With the rise in prices, you would think that homes are becoming less and less affordable. However, what has coincided with the price increases in homes and properties in the region has been lower interest rates. The lower interest rates are keeping home ownership much more affordable at the market’s current state.
Thee competition between the buyers has also had a dramatic impact on the total sale price over the list price percentage as well. Homes have sold for as much as an average of 101 percent of the actual asking price. This is a huge reason why prices are going up throughout the entire region and it is a very good indication of why it is currently a sellers market. However, this should not sway buyers in the opposite direction to avoid purchasing a home at this point because of the low borrowing rates that they can obtain at this point in time. The low interest rates are actually making home ownership much more affordable than it has been in past recent history. For this reason, most buyers are continuing to view home ownership in the Durham region as a very solid long term investment with a lot of growth potential.
If you are planning on purchasing a home in the Durham region, you will want to do some on the ground research. Be sure that you go throughout the region in order to find a good place for you and your family. It is most important to be happy and comfortable in your new home. Therefore, you should scout out each neighbourhood and see which places appeal most to you and your family’s lifestyle. Once you do this, you will also want to try to predict which areas have the most growth potential and which areas have less growth potential. This is going to help ensure that you make a wise investment in terms of the location that you ultimately buy into. By doing this, you should make a solid investment decision.