Property prices are continually changing.
For the most part, property values appreciate in the long term.
But, of course, there are no guarantees in real estate.
When your house appreciates you have a larger asset to borrow against, and you'll realize a larger profit when you sell.
Property values in Lexington vary for a variety of reasons, so how will you know what you're purchasing presently won't depreciate the day after you close?
The most important thing to consider is that you pick a real estate agent in Lexington who knows the factors that drive local prices.
A lot of people are convinced that the economy is the most critical factor impacting real estate appreciation.
It goes without saying that
interest rates, unemployment, job growth, government programs and many other national factors have a measurable effect on your property's worth.
But the most influential things that determine your property's value are specific to the local Lexington economy and housing market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So when it comes to holding their value, these areas generally appreciate the best.
Real estate sales trends - Are homes on the market 30, 60, or 90 days or even longer? Are sellers having to discount much or offer concessions A lot of data can often be retrieved from public records, but a good agent with a login to the local MLS will often provide a more complete picture.
The appreciation history - Is the community thought to be desirable because of its location or affordability? Have home prices increased or decreased over the last 5 to 10 years?
Economic factors - Have companies moved into or away from an area? Are local companies hiring? Is there a nice mixture of job types in an area, or does it count on just one industry?
Each of these things plays a role.