Please Note the Following Holiday Closures

December 22nd

Many Virginia Courthouses are closing at Noon

December 23rd

Virginia Courthouses

December 26th

Virginia Title Center and Virginia Courthouses

January 2nd

Virginia Title Center and Virginia Courthouses

How Inspirational Leaders Motivate Others to Action: 7 Traits

by InnovativeOne Leadership Institute

Despite what others may have you believe, effective, inspirational leadership has less to do with personality, age, or genetics than with skills you can learn, work on and grow into. In fact, research supports that leadership is more about exhibiting certain inspirational traits rather than a having a certain type of personality. With that said, there are some traits, like consistent negativity, acting like a dictator or just plain being a jerk, that are not going to cut it with a team looking to succeed. Click HERE to learn about the seven traits for inspirational leaders to motivate others to action.

Don't Expect a Drop In Home Prices in 2023, NAR Economists Says

By Angelica Leicht

While elevated mortgage rates, sluggish home sales and high inflation have taken a significant toll on the housing industry, it’s unlikely that these issues will cause home prices to drop next year, at least according to National Association of Realtors (NAR) Chief Economist Lawrence Yun. In fact, we may see a further uptick in home prices in 2023, even if mortgage rates stay at or near 7%. While the unprecedented uptick in mortgage rates led to a lack of demand from buyers, it has also acted as a deterrent for homeowners, who are hesitant to list their homes for sale in a tough market. In turn, purchase inventory levels have stayed low in most markets. The housing market conditions are also fundamentally different than they were during the Great Recession. As such, it’s unlikely that there will be a significant increase in distressed property inventory on the market — or a subsequent decline in housing prices — in the near future. Click HERE to read on.

A Letter From a Lawyer is No Substitute for Title Insurance

by Eric Miller

Federal policy has been focused on making it easy to get people into homes. However, the addition of permissive policies like attorney letters is flawed. These policies can result in sub-optimal lending decisions and fraud. History has taught us that there is no substitute for title insurance. Unlike attorney letters, title insurance provides coverage for the unknown risks associated with a property purchase. Weakened housing standards puts the U.S. on the path to another housing crisis. Click HERE to learn more.

Bank Leaders Are the Make-or-Break For Innovation

by Terry Badger

Between tech advances and new competition, banking institutions need to be innovators to keep pace with the trendsetters. Paul Steenkamp, a former banker and author offers insights on how banks can better embrace change. Following are a few takeaways:

• The industry needs more commitment at the top to seeing complex changes through over time – short-termism is the biggest killer of innovation.
• Buy-in from the C-suite is indispensable for any attempt at innovation to succeed, and banking leaders need to be marathoners, not sprinters.
• Not every innovation needs to be a game-changer. Smaller innovations are lower risk and can be used to create momentum for bigger changes.

Click HERE to gain greater insights into the the conversation between Steenkamp and Badger.

5 Powerful Ways Having a Positive Attitude Can Be A Game Changer

by Lolly Daskal

When you reshape your mindset to positivity, you find opportunity in challenges and benefits in drawbacks. People with positive attitudes remain hopeful and see the best even in difficult situations. In contrast, those with negative attitudes are often pessimistic and disagreeable, and they typically expect the worst in tough situations. A positive attitude may not make you less stressed, but it can give you the skills you need to cope with stress in a healthier way. Click HERE to learn more about some of the benefits of positivity that you can experience.

Meet the Likely Buyers of Independent Mortgage Banks in 2023

by Bill Conroy

By the time 2022 is wrapped up, mortgage lenders will have originated about $2.2 trillion in loans, about half of 2021’s $4.4 trillion in volume, according to industry forecasters. But Brian Hale, who is assisting several buyers in their hunt for independent mortgage bank acquisition targets, sees an even more brutal landscape ahead. He projects that over the next 12 months, mortgage originations nationwide could come in as low as $1.3 trillion to $1.7 trillion. That’s an ugly scenario. With such a drastic downturn, the pressure for industry consolidation increases dramatically. Click HERE to read on and learn more about the buyer profile.

5 Technology Trends Agents and Brokers Should Embrace in 2023

by Stuart Sim

Over the past 12 months, real estate professionals have faced significant market disruption and increased competition. Meanwhile, real estate tech innovation exploded, prompting strategic agents to learn how to leverage for the benefit of their business in 2023 and adjust their strategies to better meet the needs of increasingly savvy home buyers and sellers. Looking to the year ahead as interest rates continue to climb, agents have no choice but to let go of an attachment to legacy business practices, lean into technology for increased business and consider how to expand their capabilities to serve even more clients. Click HERE for the five trends agents, teams and brokerage owners should consider in 2023 to find success.