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Understanding Lexington home prices
Real estate prices are continually changing.
In most cases, home values appreciate in the long term.
But, of course, there is always a certain amount of risk in real estate.
When your property appreciates you have a more valuable asset to borrow against, and you make a higher profit when you sell.
But how can you be sure what you're investing in right now will appreciate over time? Property values in Lexington move up and down for many different reasons.
Choosing a REALTOR® in Lexington who recognizes the factors that influence local prices is the most important aspect.
A lot of people think that the economy is the most important factor affecting real estate appreciation.
After all,
there are many factors on a national level that alter your home's value: unemployment, mortgage rates, consumer confidence, and more.
But the most influential things that decide your home's value depend on the local Lexington economy and housing market.
Access to services - Many of us wish to live in regions with the most convenient features for families to shine, like a close proximity to jobs and schools.
So those communities generally appreciate, or hold their value consistently, year to year.
Prior home sales - Are homes on the market 30, 60, or 90 days or even longer? Are sellers needing to discount much? Some information can often be retrieved from public records, but a good agent with a login to the local MLS will usually be able to provide a more complete picture.
History of appreciation - In the last 5-10 years, have house prices risen or declined? Does location or affordability affect how desirable the area is thought of as?
The local economy - Are local companies hiring? Have companies moved into or away from an area? Is there a nice blend of job types in an area, or does it count on just one industry? Is the blend of commercial and residential zoning changing?
Each of these pieces plays a part.
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It's vital to understand the factors that affect your house's market price.
Click here to get an evaluation of your property's value.
Call me at (803)358-0888 or e-mail me if you have any questions at all. I'd love to hear from you.
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Today's Rates:
| 30-yr Fixed | 3.87% | 4% | | 15-yr Fixed | 3.16% | 3.33% | | 1-yr Adj | 2.78% | 3.45% |
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Exit Real Estate Consultants 5175 Sunset Boulevard Suite 3 Lexington, SC 29072
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Your Lexington SC Lake Murray Realtor - Lauren Porter Wilbert