Real estate values are continually changing.
House values appreciate in the long term by and large.
But, of course, there are no "sure things" in real estate.
When your property appreciates you have a larger asset to borrow against, and you'll realize a better profit when you sell.
There are various reasons why property values in Lexington waver. So, how do you know what you're investing in presently will appreciate over time?
It's imperative that you go with a real estate agent in Lexington who can identify the factors that influence local prices.
The economy is believed to be the top factor impacting real estate appreciation.
interest rates, unemployment, business growth, government programs and some other national determinants have a definite impact on your house's worth.
But the most influential factors that decide your house's value depend on the local Lexington economy and residential market.
Location in a community - Most people want homes in the areas with the most accommodating features, such as our schools and work.
So when it comes to holding their value, these areas usually appreciate better than others.
Recent home sales - What's the time on market? Are sellers needing to discount much? Some information can often be retrieved from public records, but a good agent with access to the local MLS will often provide a more complete picture.
History of appreciation - In the last 5 to 10 years, have property prices risen or declined? Does location or affordability affect how desirable the area is believed to be?
Local economy - Is there a good combination of jobs in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
Each of these factors plays a part.