Over time, the value of a property will go up and down.
Property values appreciate in the long term in most cases.
But, of course, in real estate there are no "sure things".
When your house appreciates you have a more valuable asset to borrow against, and you'll realize a higher profit when you sell.
But how do you know what you're purchasing now will appreciate over time? Property values in Lexington change for many different reasons.
It's critical that you select a REALTOR® in Lexington who is familiar with the factors that affect local prices.
Many assume that the economy is the most important factor impacting real estate appreciation.
there are a lot of factors on a national level that affect your home's value: unemployment, mortgage rates, consumer confidence, and more.
But the most significant factors that decide your property's value depend on the local Lexington economy and residential market.
Access to services - Proximity to schools and work also have a significant effect on most home buyers' choices.
So those communities typically appreciate, or keep their value consistently, year to year.
Recent home sales - You should receive figures on the recent real estate sales in the regions that you'd like to live in from your agent. You'll need to analyze figures like time on market and asking price versus selling price.
History of appreciation - In the last 5 to 10 years, have house prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a nice mixture of work in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
These items play a role.