Confidence is definitely the buzzword for the real estate market and the economy overall as we welcome the sunshine of May!
A report by Realtor.com is good news for anyone closely monitoring the housing market. Yes, inventory is still low in many areas of the country as the busy spring homebuying season gets underway. BUT relief is in sight as the economy and consumer confidence continues an impressive rebound.
Consider these projections from Realtor.com’s leading economist:
Mortgage interest rates will remain low, in many cases under 3 percent.
1 in 10 homeowners plan to sell in the next year - with a majority looking to list in the next six months.
A majority of those houses will be priced under $350,000, creating opportunities for first-time home buyers.
Here’s another silver lining: Many American households were able to grow their savings this past year. As we return to normal, the West Virginia Bankers Title team expects some of those savings to be released into the housing market.
We know our lender, attorney and Realtor friends are extremely busy helping buyers and sellers win in these market conditions. Our experienced, close-knit team knows getting to the closing table is Priority No. 1. We have perfected our workflow so securing title insurance is a simple, efficient and stress-free process. Reach out to us today to learn more about how we can help!
Have a great month!
Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
|
|
Why Confident Sellers are Good News for Mortgage Professionals |
It’s a seller’s market, with homes (even ones in need of major upgrades) fetching top dollars and multiple offers. As more property owners look to take advantage of current market conditions, lenders have a unique opportunity to engage these sellers as they look for their next home. A new study of home seller sentiment by NerdWallet found that about half of respondents plan to sell in the coming months, and 90 percent plan to buy a new home. So goes the Circle of Life in any real estate transaction. Sellers turn into buyers, and in many cases, need a mortgage lender, too!
|
|
|
Analysis: How Biden’s Tax Plan Would Reshape CRE Investment |
With any switch in presidential administrations, real estate professionals closely track potential changes to rules and regulations influencing our work. A new proposal by President Biden’s administration stands to make noticeable shifts in 1031 exchanges and other commercial real estate investment tools. For 1031s, his proposal would potentially weaken the tax incentive, barring its use for capital gains above $500,000. Check out this Commercial Property Executive article for more information.
|
|
|
What the Housing Market Looks Like so Far in 2021 - And What That Means for the Rest of the Year |
Can you believe we’re nearly halfway through 2021? The West Virginia Bankers Title team can’t either! This Yahoo Finance article provides a good overview of how the housing market has fared this year and what we can expect in the second half. Hint: Low-interest rates will continue, and housing inventory will increase. Yet, home prices will continue to grow, making it a strong seller’s market.
|
|
|
As the COVID-19 vaccine becomes more readily available, many lenders are facing this question about their workplace setting: What now? A new survey by Fannie Mae found that many lenders will use a hybrid model going forward, with some employees in the office and the rest working remotely. Though the pandemic forced many of us into a work-from-home experiment, many mortgage professionals found the switch helped productivity and saved the company money. For more on the study’s findings, click here.
|
|
With mortgage rates at historic lows, refinancing has definitely been the trendy thing to do as of late. However, as mortgage rates begin to tick up as the economy improves, this HousingWire article predicts the housing market will find its strength in the purchase market. And no need to worry. Rates are expected to remain low enough not to throw water on the heat we’re seeing in housing markets across the country.
|
|
Here’s a shocking statistic: a third of real estate transactions are targeted by wire fraud. The good news is that education and training around spotting fraudulent activity before it can ruin a real estate deal appears to be working. A new survey by the American Land Title Association found that only 8 percent of wire fraud attempts were successful in 2021. Be sure to check out the link or resources your team can use to prevent wire fraud from affecting your operation.
|
|
Millennials are gaining ground in the housing market as they reach peak homebuying age (and let’s face it, the oldest Millennials were born in the early 1980s so they aren’t that young anymore.) Check out this article for how the demographic shift is expected to influence homeownership trends and why this group of buyers is one you should closely watch. Data shows that Millennials made up more than half of mortgage applications in 2020.
|
|
West Virginia Bankers Title is grateful to work with exceptional real estate professionals! Especially in these competitive, unprecedented times, sharing insight into your company on social media is more important than ever. Check out these missteps to avoid so you can successfully climb the marketing strategy ladder.
You can’t go without video. If asked, most people could admit that being recorded on video is low on their list of things they enjoy, but posting virtual tours and promoting your mad real estate skills tracks these days.
Can you promote too much? No, but posting only listings can turn off your audience. Share helpful information like decorating trends, statistics and community events. It brings a personal touch to your brand!
Return the favor. If someone comments on your post or sends a message, make sure you respond. Followers like to see a page with a personality! Bringing that on a regular basis will keep people returning to see what great post comes next.
You can do a lot more with social media, but the biggest thing to remember is stay the course. Mistakes will be made, but giving up isn’t an option. Do your research, look for trends and above all, have some fun! Want to learn more? Reach out to Brad@bowedigital.com for a free 20-minute marketing strategy session.
|
|
|
|
|
|
|
