Home values are constantly moving up and down.
Over a long enough period of time, property values almost always go up.
But, of course, there is always a certain amount of risk in real estate.
When your house appreciates you have more equity to borrow against, and you'll realize a bigger profit when you sell.
But how will you be sure what you're purchasing this year will appreciate over time? Property values in Lexington vary for various reasons.
It's important that you select a real estate agent in Lexington who is familiar with the factors that influence local prices.
Many assume that the economy is the most important factor affecting real estate appreciation.
there are some issues on a national level that change your home's value: unemployment, interest rates, consumer confidence, and more.
However, your home's value and the features that play the biggest role in its appreciation are particular to the local Lexington economy and housing market.
Location in a community - Many home buyers choose to live in regions with the most accommodating factors for homes to thrive, like a close proximity to jobs and schools.
So those areas consistently appreciate, or keep their value consistently, year to year.
Recent sales - Your agent should provide you with stats on the recent real estate sales in the districts that you're asking about. You'll want to know average time on market, selling versus listing price and more.
Appreciation history - Have property prices risen or declined over the last 5 to 10 years? Is the community considered desirable because of its location or affordability?
Local economy - Is there a fair mixture of job types in an area, or does it rely on just one industry? Have businesses moved into or away from an area? Are local companies hiring?
Each of these items plays a part.