Random Thoughts (or, I’m woefully unprepared and just decided to say whatever is on my mind)

With Thanksgiving last week, I took some much-needed time off. Which means I didn’t prepare anything for this week’s blog posting. At least I’m honest. So here are a few things off the top of my head:

Mortgage rates have dropped! If you’re looking to refinance, now might be the time. Rates for 30-year fixed loans are down below 6%, which is just awesome. Same with 15-year loans. Do refinance if you have steady income, good credit, and your house is worth more than what you owe. Don’t even think about it if none of the above applies to you.

More good news: the number of homes sales is increasing in our area. In both Northern Virginia and Montgomery County, prices have dropped from October ’07 to October ’08, but the number of units sold has increased. In NoVA, sales are up almost 30%, while prices have dropped nearly 18%. In Montgomery County, sales are up just over 7% and prices are down 8.5%.  Not bad, and I think it’s a sign that our market is stabilizing.

That’s it for now. I hope you all had a great Thanksgiving and are working through all the leftovers in your fridge! Peace out.