What's New This Month
It’s been an interesting year for all of us in real estate, but we’re almost to the halfway point! We can’t believe that it’s already May, and that summer is approaching which means warmer weather, longer days, school breaks and vacations, giving homebuyers more time to search for and tour homes.

When the market activity and summer temperatures heat up, we want to make sure that you - our lender, banker and real estate attorney friends - are prepared to continue doing the great work you already do for the communities of West Virginia! Of course, the West Virginia Bankers Title team is here to help you every step of the way!

MAY you all have a month full of success!

Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
Homebuyers are Navigating an Ever-Changing Market
We are seeing few signs of the housing market slowing down as demand remains high and inventory low. A 2022 Homebuyer Insights Report states buyers are moving quickly with 20% making an offer immediately and 65% within three days. Buying a home is deemed one of the most important investments in a person's lifetime, but buyers are having to save creatively and consider what they are willing to sacrifice in this ever-changing market. Fifty-six percent of homebuyers are willing to consider a second job in order to afford a home. Forty-six percent would sacrifice privacy while others are delaying the purchase of a home because they aren’t willing to make sacrifices on their current lifestyle to meet rising prices.
Housing Market Inventory Could Peak in Summer 2022
Although this has been a wild year in real estate, inventory normally recovers by the end of summer, and the current mortgage rate growth could help bring back some seasonal normalcy. In this article from The Mortgage Reports, experts say more for-sale properties could hit the market as 64% of prospective sellers plan to list by the end of August. Achieving full normalcy takes time, but experts predict inventory will get back to pre-pandemic levels by 2024.
Eliminating Bias In Appraisals 
Many factors go into home appraisal, and there are several reasons why an appraisal would be undervalued or overvalued. An analysis by Fannie Mae uncovered a racial disparity gap in a sample size of 2 million borrowers; there were discrepancies in appraisal values received by people of color vs. white borrowers who were refinancing their homes. As a result, concrete action is being taken to make sure that appraisals are more fair going forward. Read about what changes will be made to eliminate the bias.
Innovation
An exciting new system allows for speedy settlements and an extra layer of safety. Two mortgage fintechs are the first permitting prospects to use DART, a digital lien and eNote registry system and an alternative to MERS. As the real estate industry continues to face cybersecurity threats and consumers demand quick, online service, we expect more advanced alternatives like DART to be developed.
Mortgage Trends
Mortgage rates lowered for the first time in over two months with the average 30-year fixed interest rate dropping from 5.11% on April 21 to 5.10% on April 28. However, The Mortgage Reports explains, with the pandemic’s declining economic impact, that interest rates could continue trending upward…just at a potentially slower pace than previous months. Sellers will continue to have the advantage in this market.
Professional Development
We have good news for real estate professionals! Income is on the rise, and there is a strong correlation between professional development and income according to this Ris Media article. Basically, the more you learn, the more you earn. Staying on top of trends, and defining your values while sticking to both pays off and will earn you customers/fans.
Market Highlights
The Wall Street Journal and Realtor.com released a press release detailing which U.S. cities have the top 20 emerging housing markets in Spring 2022. Rapid City, South Dakota came in first. Followed by Santa Cruz-Watsonville, Californiaand North Port-Sarasota-Bradenton, Florida. The index report is based on which markets display low unemployment and offer amenities and lifestyle options, in addition to access to the outdoors and desirable housing. 
Leverage Video in your Marketing
Video marketing is increasingly important for real estate agents. It can help you form connections with prospective clients and make you stand out from your competition. More and more homebuyers and sellers want an online, interactive experience, and the proof is in the numbers. A survey from the National Association of Realtors found that 44% of buyers start their search online, and 73% of buyers and sellers want to work with agents who use videos. Using video to showcase properties is more engaging for customers and crucial to your success. Videos will help you reach a wider audience, generate reliable leads and improve your search engine rankings. 

It’s important to stand out and continually learn and grow in this competitive and ever-changing market. The West Virginia Bankers Title team is here to help you in any way we can!