Real estate prices are constantly moving up and down.
Home values appreciate in the long term for the most part.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll see a better profit when you sell.
But how do you know what you're purchasing this year will appreciate over time? Property values in Lexington shift for different reasons.
The most important factor is that you pick a REALTOR® in Lexington who knows the factors that drive local prices.
What is the top factor impacting real estate appreciation? Many are convinced that it's the economy.
there are some issues on a national level that impact your property's value: unemployment, mortgage rates, quarterly earnings reports, and more.
However, your house's value and the features that play the most significant role in its appreciation are particular to the local Lexington economy and housing market.
Access to services - Proximity to schools and work also have a major influence on almost all home buyers' choices.
So when it comes to holding their value, these communities usually appreciate much more reliably than areas lacking key features.
Real estate sales trends - What's the time on market? What was the final sales amount compared to the asking price? A lot of data can be retrieved from public records, but a good agent with access 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 5-10 years? Is the community thought of as desirable because of its location or affordability?
Local economy - Is there a nice combination of jobs in an area, or does it rely upon just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a part.