Over time, the worth of a property will go up and down.
Over a long enough period of time, house values generally appreciate.
But, in real estate there are no guarantees.
When your property appreciates you have more equity to borrow against, and you'll generate a better profit when you sell.
There are various reasons why property values in Lexington vary. So, how can you be sure what you're purchasing right now will appreciate over time?
It's critical that you choose a REALTOR® in Lexington who is familiar with the factors that affect local prices.
The economy is believed to be the top factor affecting real estate appreciation.
there are numerous factors on a national level that alter your home's value: unemployment, interest rates, the stock market, and more.
However, your house's value and the components that play the biggest role in its appreciation 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 elements for households to do well, like a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these communities often appreciate better than others.
Recent sales - Your real estate agent should give you stats on the recent home sales in the districts that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community considered desirable because of its location or affordability? Have home prices gone up or down over the past 5-10 years?
Local economy - Is there a fair mix 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.