Real estate prices are continually changing.
Almost always, home values appreciate in the long term.
But, in real estate there is always a certain amount of risk.
When your property appreciates you have a larger asset to borrow against, and you'll see a larger profit when you sell.
But how do you know what you're investing in presently will appreciate over time? Property values in Lexington shift for many different reasons.
Choosing a REALTOR® in Lexington who knows the factors that influence local prices is the most important part.
A lot of people think that the economy is the greatest factor affecting real estate appreciation.
there are a lot of issues on a national level that impact your house's value: unemployment, interest rates, inflation, and more.
But the most influential things that decide your house's value are specific to the local Lexington economy and housing market.
Location in a community - People typically want homes in the regions with the most useful amenities, like our schools and jobs.
So when it comes to keeping their value, these areas consistently appreciate better than others.
The latest home sales - You should receive information on the recent real estate sales in the areas that you'd like to live in from your agent. You'll need to analyze data like how long a house stays on the market and seller discounts.
History of appreciation - In the last 5-10 years, have home prices risen or declined? Does location or affordability affect how desirable the neighborhood is thought to be?
Economic factors - Have businesses moved into or away from an area? Are local companies hiring? Is there a fair combination of work in an area, or does it depend on just one industry?
These items play a role.
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