Understanding Lexington property appreciation

Over time, the value of a property will go up and down. Over a long enough period of time, house values typically go up. But there is always a certain amount of risk in real estate.

When your property appreciates you have a greater asset to borrow against, and you'll see a larger profit when you sell. There are various reasons why property values in Lexington move up and down. So, how will you be sure what you're purchasing presently will appreciate over time? It's imperative that you pick an agent in Lexington who knows the factors that influence local prices.

A lot of people think that the economy is the most important factor affecting real estate appreciation. After all, there are quite a few issues on a national level that adjust your house's value: unemployment, mortgage rates, business growth, and more. But the most influential things that decide your property's value are particular to the local Lexington economy and residential market.

Let Jason Compton help you with your first home purchase in Lexington Location in a community - Many consumers wish to live in regions with the most conducive components for households to grow, such as a close proximity to schools and work. So when it comes to keeping their value, these communities often appreciate better than others.

Recent sales - Your REALTOR® should provide you with facts and figures on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.

The appreciation history - Is the neighborhood believed to be desirable because of its location or affordability? Have house prices gone up or down over the last 5 to 10 years?

Local economy - Is there a fair mixture of jobs in an area, or does it depend on just one industry? Have businesses moved into or away from an area? Are local companies hiring? All these play a part.

Knowing the factors that play into your property's financial worth is important. Visit this link for an assessment of your home's value. Please call me at (803) 957-5566 or e-mail me with any questions.

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