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Today we are going to talk to you about some interesting items that have come across the wire, both nationally and in Northern Virginia.
More homeowners are tapping into their home's equity and treating their castles like cash registers. Borrowers took about about 230,200 home equity lines of credit in the 1st quarter of 2014, which amounted to about 23.4 billion dollars.
At the same time, we are also dealing with a lot of sellers right now who are downsizing their homes. It's an interesting thought process, where on one hand you have a lot of folks who are taking cash out of their homes, and on the other hand a lot of people are of the mindset where they are reducing their stress and liability by downsizing
In late July, specifically in Northern Virginia, we are seeing homes on the market a little bit longer, around 30 or more days. With that being said, next week we will be talking about some information that you should be aware of. If you are thinking about refinancing, please reach out to our fantastic preferred lender, Melissa Hoover at (703) 928-7074 or MHoover@HighlandsMortgage.com. If you are thinking about buying or selling, please give us a call. We wish you the best and hope to talk to you soon!
