Property prices are forever in flux.
House values appreciate in the long term in most cases.
But, in real estate there are no "sure things".
When your home appreciates you have a greater asset to borrow against, and you get a bigger profit when you sell.
Property values in Lexington fluctuate for many different reasons, so how can you be sure what you're investing in this year won't depreciate the day after you close?
It's important that you pick a REALTOR® in Lexington who understands the factors that affect local prices.
The economy is assumed to be the biggest factor affecting real estate appreciation.
there are quite a few factors on a national level that alter your property's value: unemployment, interest rates, quarterly earnings reports, and more.
But the most influential factors that determine your property's value are particular to the local Lexington economy and housing market.
Location in a community - Many of us choose to live in districts with the most useful amenities for homes to succeed, like a close proximity to schools, jobs, and work.
So these areas generally appreciate, or carry their value consistently, year to year.
The latest home sales - You should receive stats on the recent real estate sales in the neighborhoods that you'd like to live in from your REALTOR®. You'll want to analyze figures like how long a house stays on the market and listing price versus selling price.
Appreciation history - Have home prices gone up or down over the past 5 to 10 years? Is the area considered desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have companies moved into or away from an area? Is there a fair mix of work in an area, or does it rely upon just one industry? Is the mix of commercial and residential development changing?
Each of these factors plays a part.