Property values are forever in flux. By and large, house values appreciate in the long term. But, of course, there are no guarantees in real estate.
When your house appreciates you have more resources to borrow against, and you'll generate a bigger profit when you sell. Property values in Lexington shift for various reasons, so how will you be sure what you're investing in today won't depreciate the day after you close? It's imperative that you select an agent in Lexington who knows the factors that drive local prices.
The economy is assumed to be the most important factor affecting real estate appreciation. Clearly, there are several factors on a national level that change your house's value: unemployment, interest rates, the stock market, and more. But the most important things that determine your home's value are particular to the local Lexington economy and residential market.
Access to services - People typically want homes in the regions with the most accommodating amenities, such as our work and schools. So those regions usually appreciate, or retain their value, best.
The latest home sales - You should receive reports on the recent real estate sales in the areas that you'd like to live in from your REALTOR®. You'll need to learn data like time on market and listing price versus selling price.
Appreciation history - Have home prices gone up or down over the past 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
Economic factors - Have companies moved into or away from an area? Are local businesses hiring? Is there a nice mixture of work in an area, or does it rely upon just one industry? Each of these pieces plays a part.
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