Happy New Year from your friends at West Virginia Bankers Title! The last year has been full of success all around, and we are pleased to welcome 2022. We are kicking off this new year thrilled to see what the next few months have in store for our team, our community and our partners like you!
We are grateful for the continued support and chance to work with our trusted real estate colleagues to keep transactions running smoothly.
We hope you enjoy our latest e-newsletter as it highlights some exciting news in the industry as well as lets us all know what’s in store for the new year. Once again, all of us at West Virginia Bankers Title extend a huge thank you to the Realtors, lenders, and attorneys who trust us with your transactions. We love what we do for all of you!
Have a wonderful month!
Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
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Kimberly Smith joined West Virginia Banker’s Title in January 2022 as a Title Underwriter. Kim has worked in the real estate industry for 20 years with experience in processing, lending, settlement, and title insurance. In her free time Kim enjoys trips to the mountains in Tucker County, West Virginia and the Smoky Mountains, Tennessee, hiking and spending time in the outdoors. Kim resides in Salem with her husband and children.
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Exciting Expectations for the 2022 Real Estate Market |
Forbes senior contributor, Brenda Richardson, asked several real estate experts about their expectations for the market in the new year. Professionals ranging from National Apartment Association president and CEO Bob Pinnegear to NAHB chief economist Robert Diez have some exciting predictions. As Danielle Hale explains, “We expect a whirlwind 2022 for the housing market. Home sales are expected to increase another 6.6% and home prices to rise another 2.9% on top of 2021 highs.”
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There’s a reason why many economists forecast home-buying demand to remain strong for years to come. It all has to do with Millennials, currently the leading percentage of homebuyers. This article focuses on Alex and Michelle Angert, who, like many of us, faced their own struggles due to the pandemic, but they came out of the other side more pleased than ever. Their story proves to the real estate industry that Millennials are serious homebuyers, and they too want to settle down with their very own place to call home.
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Biden Nominates Sandra Thompson as FHFA Director |
President Biden nominated acting Federal House Finance Agency Director Sandra L. Thompson as the regulator’s full-time leader. If the Senate approves, Thompson will be confirmed for a five-year term. According to The Hill’s article, she will be leading the agency overseeing more than $7 trillion in federally backed home loans. As Senator Sherrod Brown puts it, “Ms. Thompson has refocused regulation of the GSEs on ensuring that they fulfill their mission to provide safe, sustainable access to housing across the country.”
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There’s always something new in the realm of technological innovation in all industries! The latest advances concern Bitcoin-backed mortgages, which some say will transform the Real Estate sector. The three-year-old Ledn Inc. has made moves to upscale its crypto commitment based in Toronto. Alongside bolstering its digital assets lending program, funds will go into the world’s first Bitcoin-backed mortgage product. The purpose of this innovation is to marry Bitcoin’s price appreciation with real estate as an illiquid asset to maintain price stability.
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It’s always important to know who the largest group of homebuyers are. Women are only second to married couples as a homebuying presence in the real estate market, according to the National Associations of Realtors. Currently, 19% of the home buying market are single women, while only 9% are single men and 60% married couples. As the number of single women buyers rises, the share of married couples in the real estate market has dropped.
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In an industry like real estate, where professionals work closely with their employees and customers, empathy is the key to successful leadership. According to research from Catalyst, empathy is an essential driver of innovation, engagement, and inclusion. With the pandemic still fresh in our lives and a 67% decline in mental health, now is the time to put empathy at the top of your list of leadership skills.
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A recent Fannie Mae survey predicts a return to somewhat normal market conditions. For one, consumer demand is expected to remain stable for purchase mortgages, which is excellent news. Likewise, Among the 205 lenders surveyed, 65% predicted that their profit margins would decrease during the next quarter, up from 46% in the second quarter, while 31% indicated their profits would remain the same, and 3% predicted their profit margins would increase.
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Follow us on social media! |
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The WVBT team again wishes you a great start to 2022, and we look forward to continuing our great partnerships with each of you! If you haven’t already, be sure to follow us on Facebook, LinkedIn and Twitter to keep up with the latest news, tips, and trends across the industry.
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