The number of homes sold took an upward turn throughout most of the Suburban Maryland Region in December, according to the latest Long & Foster Real Estate Market Minute Report. Aside from Frederick County, which had a 2% decrease, the rest of the region had increases ranging from 32% in Charles County to 11% in Prince George’s County.
Home sale prices rose over half of the region, with Montgomery County exhibiting the biggest incline with a 7% rise. While Charles County had no year-over-year change and Frederick County had a 3% decline.
The Long & Foster Real Estate Market Minute report for the suburban Maryland region includes Charles, Frederick, Montgomery and Prince George’s counties.
As inventory continues to shrink across most regions, one silver lining is that the economy is continuing to thrive. Larry “Boomer” Foster, president of Long & Foster Real Estate, noted that it’s an interesting time in real estate.
The economy is booming with low unemployment, rising wages and outrageously high consumer confidence. Home buyers are also plentiful, the only problem is that there aren’t enough homes to buy.
Whether to rent or to buy is a quandary many people face at one point in their lives. Foster advised that buying is the more attractive option if you plan to stay in the house for at least 24 months. There are enormous benefits that come with buying a home including tax benefits, the ability to write off your mortgage interest and home price appreciation. When doing a cost-benefit analysis on renting versus buying, buying is more cost-efficient as the mortgage you pay will cause the amount you owe to go down, giving you more equity over time.
The first thing you should ask when contemplating homeownership is whether you qualify. You should sit down with a qualified home mortgage professional at Prosperity Home Mortgage and they will be able to talk you through the different qualifications.
To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.