Over time, the worth of a home will go up and down.
Over a long enough period of time, house values , for the most part, go up.
But, in real estate there are no "sure things".
When your house appreciates you have a greater asset to borrow against, and you'll generate a greater profit when you sell.
But how will you be sure what you're investing in this year will appreciate over time? Property values in Lexington fluctuate for different reasons.
The most important part is that you pick an agent in Lexington who knows the factors that affect local prices.
A lot of people think that the economy is the greatest factor affecting real estate appreciation.
interest rates, unemployment, business growth, government programs and a lot of other national factors have a measurable influence on your property's value.
However, your property's value and the factors that play the most significant role in its appreciation are specific to the local Lexington economy and housing market.
Location in a community - Proximity to schools and jobs also have a great impact on many home buyers' decisions.
So these communities consistently appreciate, or hold their value consistently, year to year.
Recent sales - Your REALTOR® should provide you with 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 community thought of as desirable because of its location or affordability? Have home prices increased or decreased over the last 5 to 10 years?
Local economy - Is there a fair combination of job types in an area, or does it rely upon just one industry? Have businesses moved into or away from an area? Are local businesses hiring?
These items play a part.