Lexington home prices: Need some help understanding why they appreciate?

Over time, the value of a home will fluctuate up and down. Over a long enough period of time, property values generally appreciate. But there is always a certain amount of risk in real estate, of course.

When your house appreciates you have a greater asset to borrow against, and you'll realize a better profit when you sell. There are various reasons why property values in Lexington rise and fall. So, how will you be sure what you're investing in presently will appreciate over time? The most important aspect is that you go with an agent in Lexington who understands the factors that affect local prices.

A lot of people are convinced that the economy is the most crucial factor impacting real estate appreciation. Clearly, mortgage rates, unemployment, business growth, government programs and a lot of other national determinants have a noticeable impact on your home's worth. However, your home's value and the aspects that play the most significant role in its appreciation depend on the local Lexington economy and housing market.

Let Jason Compton help you with your first home purchase in Lexington Access to services - Many of us decide to live in regions with the most conducive features for homes to grow, such as a close proximity to schools, jobs, and work. So those regions usually appreciate, or hold their value, best.

The latest home sales - You should receive reports on the recent real estate sales in the districts that you're asking about from your real estate agent. You'll need to analyze figures like time on market and asking price versus selling price.

Appreciation history - Have house prices gone up or down over the past 5-10 years? Is the community thought of as desirable because of its location or affordability?

Local economy - Is there a nice blend of job types in an area, or does it count on just one industry? Have businesses moved into or away from an area? Are local businesses hiring? All these play a role.

It's smart to know the factors that impact your home's financial worth. Get an assessment of your home's value here. And if you have any questions, call me at (803) 957-5566 or e-mail me .

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