What drives property values in Lexington to move up and down?

Home values are constantly moving up and down. By and large, property values appreciate in the long term. But, of course, in real estate there are no "sure things".

When your house appreciates you have a bigger asset to borrow against, and you'll make a larger profit when you sell. Property values in Lexington change for a variety of reasons, so how will you be sure what you're purchasing right now won't depreciate the day after you close? The most important aspect to consider is that you select an agent in Lexington who knows the factors that drive local prices.

Many are convinced that the economy is the most influential factor affecting real estate appreciation. After all, there are many factors on a national level that alter your house's value: unemployment, mortgage rates, quarterly earnings reports, and more. However, your property's value and the factors that play the biggest role in its appreciation are specific to the local Lexington economy and housing market.

Let Jason Compton help you with your first home purchase in Lexington Location in a community - Most people want homes in the districts with the most accommodating places we go often or everyday, like our schools and work. So these areas consistently appreciate, or keep their value consistently, year to year.

Recent sales - Your real estate agent should provide you with facts and figures on the recent real estate sales in the neighborhoods that you're interested in. You'll want to know average time on market, selling versus listing price and more.

Appreciation history - Have property prices risen or declined over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?

Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a good mixture of job types in an area, or does it rely upon just one industry? All these play a part.

Recognizing the factors that affect your home's market price is important. Visit this link for an evaluation of your house's value. Call me at (803) 957-5566 or e-mail me if you have any questions at all. I'd love to hear from you.

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