The Winchester Region saw the number of homes sold in December increase, according to the Long & Foster Real Estate Market Minute Report. Shenandoah County displayed the largest surge in home sales with a 50% increase, followed by Frederick County with a 39% rise. 

Home sale prices also rose across, with the exception of Warren County which had an 11% decline, while Winchester City had a 29% incline. Inventory took a dip throughout, with both Frederick County and Warren County exhibiting a 26% decrease.  

The Long & Foster Real Estate Market Minute report for the region includes Frederick, Shenandoah and Warren counties, and the City of Winchester. 

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 being there are not 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 that includes 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. 

While renting is beneficial for those who want flexibility, buying a home is the surest way for wealth creation. Besides the tangible benefits to homeownership, there are also psychological benefits. Such as knowing that you have a safe and secure place to live in or raise a family. 

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.