Over time, the value of a house will go up and down.
Over a long enough period of time, home values , in most cases, go up.
But there are no guarantees in real estate.
When your house appreciates you have more resources to borrow against, and you'll generate a better profit when you sell.
Property values in Lexington change for numerous reasons, so how do you know what you're buying this year won't depreciate the day after you close?
Choosing a real estate agent in Lexington who understands the factors that affect local prices is the most important aspect to consider.
A lot of people think that the economy is the biggest factor impacting real estate appreciation.
there are some issues on a national level that impact your house's value: unemployment, interest rates, business growth, and more.
However, your property's value and the aspects that play the biggest role in its appreciation are specific to the local Lexington economy and housing market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a big deal to a lot of us and will greatly influence home values.
So those regions often appreciate, or hold their value consistently, year to year.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much or offer concessions Some information can be obtained from public records, but a good agent with a login to the local MLS will often be able to provide a more complete picture.
Appreciation history - Have property prices risen or declined over the past 5 to 10 years? Is the community thought of as desirable because of its location or affordability?
The local economy - Are local companies hiring? Have businesses moved into or away from an area? Is there a good blend of business in an area, or does it count on just one industry? Is the blend of commercial and residential development changing?
These items play a role.