What's New This Month

Welcome to the July edition of the West Virginia Bankers Title, LLC newsletter! This month brings a burst of energy and a sense of joy as we celebrate the freedom that our great nation represents. 


As we navigate this vibrant time of year, we thank our valued lending, banking and real estate partners for choosing us as your trusted ally. We remain dedicated to providing you with unwavering support. 


Embrace this season of warmth and excitement!


Rachel Showalter, Agency Manager of West Virginia Bankers Title

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New Study Reveals West Virginia as One of the Cheapest States to Buy a House

West Virginia has emerged as one of the most affordable states to buy a house. Prospective buyers, especially those working remotely, have taken notice. Rising interest rates have led more people to opt for homeownership, where mortgage payments often match or even undercut rental costs. Lower taxes, affordable living expenses and a favorable geographic location contribute to our state’s appeal.

Why the Median Home Price is Meaningless in Today’s Market

Median home prices are not a reliable indicator of home value in today’s market. According to this article, while some reports claim prices are falling, others show appreciation. Median prices can be misleading due to the mix of homes being sold, while repeat sales indexes are more accurate. Instead, buyers should focus on their monthly mortgage affordability. Lower-priced homes are selling more due to rates and affordability, causing the median price to drop.

Home Builder Confidence Shifts Into Positive Territory

Builder confidence is rising as the National Association of Home Builders/Wells Fargo Housing Market Index rose to five points to 55 in June. This marks the sixth straight month of increased confidence, driven by low levels of existing home inventory and supply chain improvements. Builders are reducing sales incentives, hinting at a gradual withdrawal. The outlook is positive as mortgage rates are forecasted to decline in the coming months. 

Innovation

Smart home technology is revolutionizing how homeowners interact with their houses, offering convenience, energy efficiency and sustainability. This article highlights how smart thermostats, lighting, shades, irrigation systems and energy meters optimize comfort while reducing energy consumption and costs. By promoting these benefits, real estate pros can gain a competitive edge, while homeowners can enhance their quality of life and property values.  

Building in the Same Old Ways Won’t End the Housing Crisis. We Need Innovation to Boost Productivity
Building the Office of the Future
Innovation in Real Estate: Focusing on Real-Life Solutions
Mortgage Trends

Mortgage applications saw a slight increase, with the Mortgage Bankers Association’s survey showing a 0.5% rise in the adjusted Market Composite Index. Purchase applications increased, particularly for conventional and FHA loans, but refinances fell by 2%. The average interest rate for 30-year fixed loans decreased slightly.

Measuring the Success of Borrower Assistance Programs
Federal Reserve: No Rise in Interest Rates This Month
Professional Development

This article explains how to identify your most productive work times and use that knowledge to boost productivity and work quality. It advises understanding your personal focus patterns, keeping track of your daily habits and energy levels and minimizing distractions. Proper workday planning, setting priorities and incorporating breaks and wellness activities are also emphasized for maximizing productivity.  

How Pet-Friendly Pros Are Targeting Animal Lovers
Brush Up on Mortgage Products That Help Buyers Save
7 Surefire Ways to Find a Work-Life Balance This Summer
Market Highlights

Despite a slowdown in housing activity due to higher interest rates, the US homeownership rate continues to grow, particularly among below to median-income families, according to this MReport article. The total homeownership rate has increased from 48% to 53.4% since 2016. The economy as a whole has seen positive Gross Domestic Product (GDP) growth for three consecutive quarters but at a slower pace. 

Homebuyers Remain Motivated Despite Challenging Market Conditions
Existing-Home Sales Edged Higher by 0.2% in May
The Fed’s Inflation-Fighting Tactic Was Effective in Cooling the Housing Market. What Now?

15 Best Airbnbs in West Virginia

West Virginia offers a variety of adventure and natural beauty, making it a top travel destination for many. Airbnb provides unique rentals across the Mountain State. Options include a cozy bungalow with forest views, a secluded yurt near a river gorge, a spacious mountaintop chalet with stunning views, a modern cabin in Lost City, and a tiny private house surrounded by farmland and hiking trails. 

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