What's New This Month
The summer is in full swing! And though time might be moving fast and the market is still as hot as the temperatures, it’s important to slow down from time to time and reflect on a job or jobs well done. As always, thank you for trusting the West Virginia Bankers Title team to help with your transactions all over our great state and surrounding states.

As we reach the peak of the season, we are seeing some more changes and improvements when it comes to housing supply. While things may have been challenging and hectic for buyers, there are signs of a softer market on the horizon. It is projected that fewer bidding wars will occur, and overall intensity in the industry will relax a bit. Many prospective buyers will welcome this, we’re sure.
 
Hopefully, this month brings warm and patriotic feelings all around. We know our attorney and lender friends are extremely busy helping buyers find their dream homes in these market conditions. The team at West Virginia Bankers Title only wishes to help ease the process by providing the best title insurance products in the state.

We hope you enjoy our latest e-newsletter. Matching the spirit of Fourth of July, we would like to extend a warm and heartfelt thanks to the Realtors, lenders, 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
Homebuyers’ Desire to Move to New Metro Still Strong
One of the effects brought on by the pandemic was the switch to remote work, which allowed people to travel and, in some cases, move to different cities. According to a Redfin report, more than 31% of homebuyers are looking to move from one metro area to another, preferably a more affordable city. This Q2 report from Redfin demonstrates that homebuyers are sticking with the trend of moving to cheaper cities in America. For instance, someone living in San Francisco may seek out Sacramento as their next home. Relocating to a new metro area has been a key feature in 2021, where the percentage of those who moved elevated compared to 2020. There are no West Virginia cities mentioned in the report, but we all know how great our communities are.
Preparing for a Shift in the
Housing Market
Even when things are going well, those of us in real estate are always looking for signs of a dip. This story is an example of that. There are definitely some valid concerns for professionals in the real estate industry. Many are wondering if we are heading towards a recession as prices surge. This article from Forbes details tips to prepare for any possibilities/changes that may occur in the near future. It all comes down to engaging in the market and adapting to anything that comes your way, thinking proactively. All in all, it comes down to anticipating the next steps in the industry based on the market cycle. Staying informed with trends and expert insight will be a massive help.
Biden Administration Making It Easier for Student Loan Borrowers to Get a Mortgage
We know student debt can be a barrier for many prospective millennial homebuyers, so this is excellent news for anyone looking to build up their generational wealth by buying a home. The Federal Housing Administration announced a new policy that allows mortgage lenders to use a borrower’s actual monthly student loan payment amount. This new policy makes it much easier for student loan borrowers to secure mortgage approval. Homeownership is a huge part of the American Dream, and this change will make the process more effortless for some. 
Innovation
The pandemic has changed virtually every business as we have seen that working remotely is beneficial for some people. The power of online business in a post-pandemic world is enormous for just about every industry, and that includes the housing market. As this Forbes article notes, technology is “breathing life” into the mortgage industry. A switch to online offers an accessible route for many people, which is why we must keep up with these pace changes. Automation and Big Data, as the Forbes article explains, will drive the mortgage industry to improve efficiency. 
Mortgage Trends
Mortgage rates have stayed at about 3% for months, and professionals in the housing market industry believe it will remain low. Those who haven’t refinanced their houses quite yet could save money if they look to lock in today’s rates. An article by Next Advisor delves into these trends and gathers opinions from those working in the mortgage, finance, and real estate industry. Some great tips include studying the overall economy and how it affects the Treasury bond market, which influences mortgage rates.
Professional Development
The pandemic has not only changed the way the industry works, but it has transformed consumer behavior as a whole. It has scrambled up the way consumers buy and, with that, forcing brands to convert to the digital world. Roughly 55% of people expect to shop online more so than last year. This trend extends into home buying as more and more people look for listings and virtual tours on the internet. Building an online presence has never been more critical than in today’s age. Publishing content more than twice a week and cultivating relationships with previous customers will get you started on this front.
Market Highlights
We see many changes all around, some that may be worrisome; however, there is undoubtedly a great deal of great news in the market. New initiatives in the housing industry plan to help smaller cities implement “promising local housing policies” to advance racial equity. Not only that, but an article published by CNBC explains that the future of homeownership is Latino. Overall, the market is shifting towards a focus on racial equity and inclusion little by little.
Want to attract new clients in 2021?
Even as communities across the country reopen, being up to date on how you respond to the aftermath of the pandemic can attract new clients. An article from Realtor magazine details tips that will ensure there is no stagnancy in your business. Though the article was published in 2020, the advice still applies a year later as we maneuver into a new normal.

  • Humanize your company by addressing the concerns that come with Coronavirus and the obstacles and issues it has raised in the past year. This shows your clients that you are tackling and adapting to the new changes in your business.
  • Assuring stability can get you far with new clients as well. We are in a time where a lot is uncertain, and being the voice to reassure or give hope to someone will genuinely go a long way in a post-pandemic world.