Real estate values are forever in flux.
Home values appreciate in the long term usually.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have a bigger asset to borrow against, and you get a bigger profit when you sell.
Property values in Lexington go up and down for a variety of reasons, so how will you be sure what you're buying this year won't depreciate the day after you close?
It's imperative that you select a REALTOR® in Lexington who recognizes the factors that influence local prices.
What is the number one factor impacting real estate appreciation? Many are convinced that it's the economy.
mortgage rates, employment, business growth, government programs and a handful of other national determinants have a noticeable influence on your house's value.
But the most significant issues that decide your house's value are particular 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 families and will greatly influence home values.
So when it comes to retaining their value, these regions generally appreciate much more reliably than areas lacking key features.
The latest home sales - You should receive data on the recent real estate sales in the areas that you're asking about from your agent. You'll want to analyze data like time on market and asking price versus selling price.
History of appreciation - In the past 5 to 10 years, have home prices gone up or down? Does location or affordability affect how desirable the community is believed to be?
Local economy - Is there a good mixture of work in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local companies hiring?
These items play a part.