The Fredericksburg region demonstrated a boost in number of homes sold in December, according to the latest Long & Foster Real Estate Market Minute Report. Culpeper County had the largest rise with a 24% increase, followed by Fredericksburg City with a 23% incline.
Home sale prices also took an upward turn, with both Caroline County and Stafford County exhibiting 9% inclines. Inventory fell throughout most of the region with Stafford County displaying the largest decline with a 40% fall, while Fredericksburg City had a 13% rise.
Long & Foster Real Estate’s Market Minute report for the Fredericksburg region includes Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties.
“I expect the trend of number of units sold to start to look more challenging in Fredericksburg as well,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. As the number of homes on the market continue to contract, the days on market is expected to start to lower as well.
The economy is booming with low unemployment, rising wages and outrageously high consumer confidence. Home buyers are also plentiful, the only problem being there not being 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 on staying in one place for at least 24 months. There are enormous benefits that come with home buying that include 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.