Property prices are constantly moving up and down.
Typically, house values appreciate in the long term.
But, in real estate there are no "sure things".
When your house appreciates you have more resources to borrow against, and you get a better profit when you sell.
Property values in Lexington rise and fall for many different reasons, so how will you know what you're purchasing this year won't depreciate the day after you close?
The most important element to consider is that you choose a REALTOR® in Lexington who understands the factors that affect local prices.
Many think that the economy is the most influential factor affecting real estate appreciation.
there are some issues on a national level that adjust your home's value: unemployment, mortgage rates, business growth, and more.
But the most important issues that determine your house's value are specific to the local Lexington economy and housing market.
Access to services - Many consumers prefer to live in regions with the most conducive amenities for families to succeed, like a close proximity to schools, jobs, and work.
So these regions consistently appreciate, or retain their value, best.
Trends in home sales - What's the time on market? Are sellers having to discount much? A lot of data can be obtained from public records, but a good agent with access to the local MLS will usually provide a more complete picture.
Appreciation history - Have house prices risen or declined over the last 5 to 10 years? Is the neighborhood considered desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a nice mix of work in an area, or does it rely upon just one industry?
These items play a role.