Real estate values are continually changing.
Over a long enough period of time, house values generally appreciate.
But, of course, in real estate there are no guarantees.
When your home appreciates you have a greater asset to borrow against, and you'll make a better profit when you sell.
Property values in Lexington move up and down for various reasons, so how can you be sure what you're buying now won't depreciate the day after you close?
Choosing an agent in Lexington who understands the factors that affect local prices is the most important thing.
What is the greatest factor affecting real estate appreciation? Many think that it's the economy.
It goes without saying that
there are several issues on a national level that affect your home's value: unemployment, interest rates, business growth, and more.
However, your property's value and the things that play the biggest role in its appreciation are particular to the local Lexington economy and housing market.
Access to services - Many of us choose to live in regions with the most conducive factors for homes to do well, such as a close proximity to schools, jobs, and work.
So when it comes to retaining their value, these regions consistently appreciate much more reliably than areas lacking key features.
Recent home sales - You should receive stats on the recent real estate sales in the districts that you're asking about from your agent. You'll want to analyze data like how long a house stays on the market and seller discounts.
History of appreciation - In the past 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the neighborhood is considered?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a fair mix of business in an area, or does it rely upon just one industry?
Each of these factors plays a part.