What's New This Month
It’s July, and homebuyers and sellers are soaking up what’s left of the summer real estate market! Soon enough, people will be sending their kids back to school and preparing for colder weather and the holiday season. So, this is their last chance to make a move in warm weather without uprooting the kids.

As the end of summer creeps in, we want to make sure that you – our lender, banker and real estate agent and attorney friends – are prepared to help your clients secure their dream home before school is back in session! Of course, the West Virginia Bankers Title team is here to help you welcome them home!

Wishing you all a very successful July!

Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
Understanding Equity: Now is a Good Time to Buy a House
Despite high prices, now is a good time to buy a house. The reality of today is that the sellers’ market is here to stay, and as Millennials and Gen Z reach peak home-buying age, prices will continue to soar to record highs and the same goes for rent prices. So, it’s better to invest and buy now rather than wait and let prices increase even more. The good news is that rising prices help to create home equity wealth, meaning a home that’s purchased now will go up in value year after year.
Title Insurance is Vital to Protecting the American Dream
Title insurance is so important to protecting the American dream that title insurance professionals were deemed essential throughout the pandemic. In this opinion piece from Housing Wire, an expert explains that title insurance does more than just ensure the borrower’s ownership rights to a property. It also plays an essential role in the economics of homeownership and protects various parties involved in the purchase, sale, or refinancing of a home. As the economy and housing market begins to slow, we must avoid the temptation to move away from well-regulated products like title insurance that are a key part of protecting lenders and homeowners.

Winning Over Gen Z Versus Millennials
Gen Z and Millennials are entering the homebuying market, and while they may seem similar, the two generations have some distinct differences. This article compares the two groups and explores how they shop, interact with brands, and view money. Growing up during a recession, Gen Z is pragmatic and harder to win over while millennials who were raised during an economic boom are idealistic. We feel it’s important to understand the differences between the two groups in order to appropriately target and communicate with them.
Innovation
In today’s competitive market, real estate agents are looking for ways to win clients over. With technology on the rise, more agents are installing smart home technology, which can be controlled from a mobile device, into their listings to attract more viewers. We expect agents to continue taking initiative to stay up to date on the latest smart home technology innovations in order to keep up with consumer demand and expectations.
Mortgage Trends
Mortgage rates dropped for the second time in two weeks with the average 30-year fixed interest rate dropping to 5.30% on July 7. That’s .50 percentage points over the last 2 weeks according to chief economist at Freddie Mac, Sam Khater, which will lure buyers back into the market. Still, mortgage rates remain well above those seen during the past two years, but the housing market is expected to normalize over time. 
Professional Development
New data shows Americans know less about real estate than you may think. In fact, most adults failed Zillow’s basic real estate knowledge quiz, proving that they possess minimal knowledge of housing matters. This is good news for real estate agents! It means you have the opportunity to showcase your expertise and fill in the gaps for American homebuyers and sellers in today’s market.
Market Highlights
We can expect a housing correction, not a collapse, according to Moody’s Analytics Chief Economist, Mark Zandi. CNBC released this video explaining that high credit scores, low vacancy rates and good underwriting are positive signs that the housing market should adjust and see a correction. Some markets will be affected and more at risk than others.
Perfecting Your Elevator Pitch
There is a lot of competition between real estate agents who want to win over new clients. With so many options, it’s important to be able to effectively communicate with potential clients about what your “value proposition” is. Having a strong elevator pitch is essential in our fast-paced world. You should be able to identify what makes you and your business unique and then be able to deliver that message to your audience in a concise way in a variety of professional and casual settings. Perfecting your elevator pitch can go a long way in winning over potential clients.

Selling your services isn’t enough…you need to sell yourself too in order to stand out from the competition! The West Virginia Bankers Title team is here to help you in any way we can!