Understanding property appreciation in Lexington
Over time, the value of a house will fluctuate up and down.
Over a long enough period of time, home values , by and large, appreciate.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a more valuable asset to borrow against, and you get a better profit when you sell.
Property values in Lexington shift for different reasons, so how will you be sure what you're investing in presently won't depreciate the day after you close?
The most important factor to consider is that you pick a real estate agent in Lexington who can identify the factors that drive local prices.
The economy is believed to be the most crucial factor impacting real estate appreciation.
interest rates, employment, job growth, government programs and many other national factors have a noticeable influence on your property's value.
But the most important factors that determine your home's value are specific to the local Lexington economy and residential market.
Location in a community - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of buyers and will greatly influence home values.
So when it comes to keeping their value, these communities generally appreciate much more reliably than areas lacking key features.
Real estate sales trends - How quickly are homes selling? What was the final sales amount versus the listing price? A lot of data can be obtained from public records, but a good agent with a login 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 to 10 years? Is the community thought to be desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a good mix of job types in an area, or does it rely on just one industry?
Each of these things plays a role.
Knowing the factors that affect your home's worth is important.
to get an evaluation of your home's value.
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with any questions.