Nearly the entire Winchester region saw continued drops in housing inventory last month, according to the Long & Foster Real Estate Market Minute report. Frederick County was the only outlier, with a notable rise of 21 percent in the number of homes for sale. With downward trends in inventory, both Shenandoah and Warren counties enjoyed boosts in their median home sale prices, with Warren County seeing double-digit growth.
“Inventory challenges have defined much of the real estate market in 2018, both in the Winchester region and the country as a whole,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “With the low supply of homes for sale, especially in the first-time and move-up buyer price range, prices are rising in many markets.”
Foster recommended that consumers who are thinking about making a move in the coming year should start their planning today. “In real estate, spring begins in January, and it pays for would-be buyers and sellers to meet their Long & Foster Real Estate agent now and prepare for the year ahead,” Foster noted.
Working with a Long & Foster agent, buyers gain access to the company’s expansive network of 10,000+ agents, who are not limited to what’s currently on the market for sale today. The company itself offers a Coming Soon Portal that allows its associates to share properties that are soon to be listed for sale, and a luxury-focused private exclusive feature that showcases high-end homes that are being sold privately by Long & Foster associates.
Likewise, Prosperity Home Mortgage consultants are located in almost every Long & Foster office and can help buyers with all their financing needs. While mortgage interest rates remain at historic lows, they’ve risen above the all-time lows of a few years ago. As rates increase, the cost of homeownership grows, so it’s critical that would-be buyers connect with a mortgage consultant like those at Prosperity to get pre-approved and lock in their rates today, Foster said.
For home sellers, Foster advised that “now’s a prime time to go on the market because buyers who are shopping are serious about their home purchase.”