Over time, the worth of a home will fluctuate up and down.
Over a long enough period of time, home values , in most cases, go up.
But, of course, in real estate there are no guarantees.
When your home appreciates you have more equity to borrow against, and you make a larger profit when you sell.
But how will you know what you're investing in presently will appreciate over time? Property values in Lexington go up and down for a variety of reasons.
Choosing a real estate agent in Lexington who can identify the factors that drive local prices is the most important element to consider.
The economy is believed to be the greatest factor affecting real estate appreciation.
there are a handful of issues on a national level that change your house's value: unemployment, interest rates, inflation, and more.
However, your property's value and the factors that play the most significant role in its appreciation are particular to the local Lexington economy and housing market.
Location in a community - Proximity to schools, jobs, and amenities also have a huge influence on almost all home buyers' decisions.
So when it comes to keeping their value, these areas typically appreciate the best.
Recent home sales - What's the time on market? What was the final sales amount versus the asking price? A lot of data can often be obtained from public records, but a good agent with a login to the local MLS will usually provide a more complete picture.
Appreciation history - Have home prices gone up or down over the past 5 to 10 years? Is the community considered desirable because of its location or affordability?
Local economy - Is there a fair blend of work in an area, or does it count on just one industry? Have companies moved into or away from an area? Are local companies hiring?
All these play a part.