Home prices are continually changing.
Home values appreciate in the long term in most cases.
But, in real estate there are no "sure things".
When your home appreciates you have more resources to borrow against, and you'll generate a larger profit when you sell.
But how do you know what you're buying today will appreciate over time? Property values in Lexington shift for different reasons.
The most important aspect to consider is that you choose a real estate agent in Lexington who knows the factors that influence local prices.
What is the greatest factor impacting real estate appreciation? Many assume that it's the economy.
interest rates, unemployment, job growth, government programs and many other national determinants have a definite impact on your house's worth.
But the most influential factors that figure your home's value are particular to the local Lexington economy and residential market.
Access to services - Being close to schools, jobs and amenities like shopping, restaurants and entertainment is a priority to many buyers and will greatly influence home values.
So when it comes to holding their value, these areas usually appreciate better than others.
The latest home sales - You should receive information on the recent real estate sales in the districts that you're asking about from your agent. You'll need to analyze figures like time on market and asking price as opposed to selling price.
Appreciation history - Have home prices risen or declined over the past 5-10 years? Is the area thought of as desirable because of its location or affordability?
The local economy - Are local businesses hiring? Have businesses moved into or away from an area? Is there a nice mixture of work in an area, or does it rely on just one industry? Is the blend of commercial and residential zoning changing?
All these play a part.