Wow, we can’t believe it’s already August! Just like the weather, the real estate market keeps heating up each month. For one, sales on previously owned houses have increased since June, which is excellent news for everyone.
Though summer may be coming to an end, the movement and changes to the real estate business are doing quite the opposite. Our team at West Virginia Bankers Title wishes you the best in the final weeks of summer. We know our attorney and lender friends have been busy these last few months. Our team only hopes that we can help ease some of the process by giving you the best title insurance products in the state.
Matching the spirit of this season, we would like to extend a warm and heartfelt thanks to the lenders, investors, Realtors and attorneys who trust West Virginia Bankers Title with your transactions. We love what we do - helping and serving you!
Have a great month!
Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
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For Home Buyers, Length of Commute Drops in Importance |
The last year and a half has changed pretty much everything, including the flip-flopping of some trends in real estate. For one, before the pandemic, homebuyers valued the length of their job commutes; however, it is no longer an important factor when looking for a new home. An article published by Fox Business explains how home prices have accelerated in metro areas with shorter commutes, and why many prospective homebuyers are knowing saying an extended commute is okay with them. Hint, it has to do with lower prices. This certainly opens up more possibilities for real estate agents and their customers.
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Sales of existing homes rise slightly as more listings finally hit the market |
For the last four straight months, sales of previously owned homes had been on the decline. But, good news is finally here! In the month of June, sales of these homes rose by 1.4%. Furthermore, the article from CNBC explains that home selling prices are in no danger of a decline due to the low level of inventory. Not to mention that the inventory of home for sale improved from May with just over 2.6-month supply. As we’ve said before, any increase in inventory right now is a good thing.
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RON (Remote Online Notarization) legislation has passed in Illinois, New Jersey, and Oregon. This makes a total of 37 states with RON, and yes that includes us here in West Virginia. Remote Online Notarization makes it much more convenient to sign notary documents from home – or anywhere else. Legislation is currently pending in New York and New Hampshire, according to our friends at the American Land Title Association (ALTA), and there is a federal bill in Congress, too. Overall, it goes to show how more businesses are switching over to more high tech technology, which will make finalizing closings and other things just that more easier.
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A TV spot from CBS news covers how the real estate market in major cities is skyrocketing. Millions of people left cities such as New York City after the pandemic started. Now, after a year, people are starting to move back into the city. Manhattan real estate brokers alone have reported that the number of sales has been higher than ever in the last six years, which is excellent news for sellers!
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We may all be a little tired of hearing about COVID-19, but there are so many changes from this time that it’s hard not to talk about it. One of the many features in the real estate industry that are here to stay is virtual house tours. Though they have not replaced in-person open houses, it is a great new tool for those who may not make it to a real-life showing. Zillow reported that listings with a virtual house tour feature were up by 200%. This high-tech tool can help people who are looking in different states. It is convenient and can open a lot more possibilities for new customers.
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As the HousingWire article puts it, “Sellers, rejoice.” Things are looking up for sellers as Fannie Mae reports that over 77% of respondents to their Home Purchase Sentiment Index said now is a great time to buy a home. This percentage increased by 67% from just the month before, a massive increase in people. The only affordability concerns for people are hitting first-time homebuyers. However, mortgage rates are at historically low levels, which is excellent news for most homebuyers.
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How to stay motivated when you're supposed to be the motivator.
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The key to maintaining a successful business is by staying motivated. While that may sound relatively easy, the last year has created new challenges that may hinder many people’s motivation levels. Working from home means you sometimes have to be your boss and push yourself into motivation.
Here are some tips to staying motivated when you are supposed to be the Motivator:
- Create a more open space with colleagues. This is important as it can sometimes feel lonely, especially during these outrageous times. Being more relaxed with your coworkers and cultivating a support system can make a big difference in staying motivated. After all, you are all working together to make your business successful.
- Seek out work that brings out your passion! It can be challenging to stay on top of things when you don’t inspire you very much. Focus on the aspects of your career and seek out opportunities that bring a smile to your face, something that reminds you of why you took this job in the first place.
- Taking care of yourself and your basic needs is another crucial factor in staying motivated. Burnout comes from stress and a lack of downtime, which is why you must give yourself time to rest. You will thrive in your workspace if you give yourself the attention as well as your workload.
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