Property prices are constantly moving up and down.
House values appreciate in the long term generally.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll realize a greater profit when you sell.
But how will you know what you're purchasing presently will appreciate over time? Property values in Lexington rise and fall for different reasons.
Choosing a REALTOR® in Lexington who understands the factors that influence local prices is the most important part.
A lot of people think that the economy is the biggest factor affecting real estate appreciation.
After all,
interest rates, unemployment, job growth, government programs and a handful of other national factors have a measurable effect on your house's worth.
But the most influential issues that determine your property's value depend on the local Lexington economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to many families and will greatly influence home values.
So when it comes to holding their value, these regions generally appreciate better than others.
Recent sales - Your agent should provide you with statistics on the recent home sales in the districts that you'd like to live in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the area thought of as desirable because of its location or affordability? Have property prices gone up or down over the last 5 to 10 years?
Local economy - Is there a good combination of jobs in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
These items play a role.