Property values are continually changing.
Property values appreciate in the long term usually.
But, of course, in real estate there is always a certain amount of risk.
When your property appreciates you have a bigger asset to borrow against, and you'll generate a bigger profit when you sell.
But how will you know what you're investing in now will appreciate over time? Property values in Lexington vary for different reasons.
The most important thing to consider is that you select an agent in Lexington who knows the factors that affect local prices.
The economy is believed to be the number one factor impacting real estate appreciation.
It goes without saying that
mortgage rates, unemployment, job growth, government programs and a lot of other national factors have a noticeable impact on your property's value.
But the most significant things that determine your home's value are particular to the local Lexington economy and residential market.
Location in a community - Many of us choose to live in regions with the best and most convenient factors for families to succeed, like a close proximity to schools, jobs, and work.
So those communities often appreciate, or keep their value consistently, year to year.
Prior home sales - How quickly are homes selling? Are sellers needing to discount much or offer concessions A lot of data can be obtained from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
Appreciation history - Have property prices gone up or down over the past 5 to 10 years? Is the area thought of as desirable because of its location or affordability?
Local economy - Is there a fair mixture of business 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.