Over time, the worth of a house will go up and down.
For the most part, property values appreciate in the long term.
But, in real estate there are no "sure things".
When your home appreciates you have more equity to borrow against, and you'll create a better profit when you sell.
But how will you be sure what you're buying now will appreciate over time? Property values in Lexington fluctuate for different reasons.
The most important thing to consider is that you pick a real estate agent in Lexington who is familiar with the factors that drive local prices.
A lot of people believe that the economy is the top factor affecting real estate appreciation.
Naturally,
there are numerous issues on a national level that adjust your property's value: unemployment, mortgage rates, the stock market, and more.
But the most significant things that figure your property's value are particular to the local Lexington economy and housing market.
Location in a community - Many home buyers decide to live in districts with the most convenient factors for families to thrive, such as a close proximity to schools, jobs, and work.
So when it comes to keeping their value, these regions usually appreciate better than others.
The latest home sales - You should receive information on the recent real estate sales in the districts that you're interested in from your real estate agent. You'll need to know figures like how long a house stays on the market and seller discounts.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
Local economy - Is there a nice blend of work in an area, or does it rely on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
All these play a part.