WVBT May Newsletter

What's New This Month

May has arrived, bringing with it the excitement of warmer days and important moments like Mother's Day and Memorial Day. As we dive into this dynamic month, our West Virginia Bankers Title team is here to support our incredible partners in lending, banking, law and real estate.

Despite recent news, like the Fed's decision to maintain interest rates, we're staying positive and ready to tackle whatever comes our way together. Let's make this month a great one!

Best wishes,

Rachel Showalter, Agency Operations Manager of West Virginia Bankers Title

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Economists Less Confident About Rate Cuts After Fed Decision

It’s not the news we wanted to hear; economists are less confident about rate cuts after the Fed's sixth consecutive hold. Inflation's persistence has dashed hopes for immediate relief, with the Fed emphasizing its commitment to price stability and employment. While this news isn’t ideal, the housing market sees a ray of hope with increasing inventory in some markets. Mortgage rates are expected to remain steady, leaving many hopeful for brighter days ahead.

The Share of All Cash Buyers Highest Since 2014

All-cash homebuyers recently reached their highest level since June 2014, representing 32% of home sales. These are mostly vacation buyers and investors, with some primary residence buyers benefiting from rising home equity and a competitive market. Many repeat buyers skip mortgages. Long-distance moves, popular during the pandemic, persist, especially among retirees and remote workers. All-cash buyers are expected to remain strong in 2024's market.

Boomer Ownership Decline to Free Up 9.2M Homes by 2035, Says Freddie Mac

Freddie Mac predicts a significant shift in the housing market as aging baby boomers release 9.2 million homes by 2035. Currently, boomers own 38% of U.S. homes despite representing only 21% of the population. Homeownership rates decline as they age beyond 75, creating a "silver tsunami" of available homes. Younger generations, like Gen Z, are expected to absorb this supply, potentially reshaping the real estate landscape in the coming years.

Innovation

It’s no secret that the lending landscape has gone digital, with over 70% of institutions adopting digital loan origination for personal loans. Automation accelerates decision-making, reduces errors, and lenders use data and AI for personalized loan offers. Empowered loan officers blend human touch with technology to guide borrowers seamlessly. E-signatures and digital mortgage closing boost efficiency and transparency. The future of lending is all about adaptability and customer-centric innovations, ensuring a streamlined and personalized borrower experience.

Ransomware: Protecting Your Business From Increasing Cyberthreats

Selling Homeowners on Energy-Related Upgrades

Tech Trends Driving Real Estate Innovation in 2024

Mortgage Trends

Despite 7% mortgage rates and inventory challenges, new home sales are on the rise. Homebuyers are drawn to new construction due to better incentives and availability. According to Zillow's Nicole Bachaud, "There’s more opportunity in new construction." About 693,000 new single-family homes were sold in March, up 8.3% from last year. Builders offer incentives like rate buy-downs and price cuts, making new homes attractive amidst high mortgage rates and low inventory.

Mortgage President and CEO Predicts a Rate Cut By Election Day

Gen Z Adults Moving In With Parents Due to High Housing Costs

Mortgage Rates Forecast: Experts Predict How Much Rates Will Drop

Professional Development

We've all heard about boosting customer loyalty and revenue, but what about focusing on your existing customers? Discover strategies like upselling and providing amazing customer service to increase revenue from loyal clients. Leverage social proof and meet customer demands for added value. Explore tactics like leveraging FOMO and offering tailored solutions to keep customers engaged and generate additional revenue. Don't overlook your existing customer base—they can be a goldmine for business growth!

Are You Up-to-Date on Changes From LinkedIn?

Leading Through Turbulence With Nimble Adaptability

8 Essential Tips for Protecting Your Digital Identity–and Your Business

Market Highlights

America’s home builders propose a 10-point plan to address the 1.5 million housing unit shortage and affordability crisis. They urge policymakers to streamline regulations, promote skilled trades and expedite building permits. NAHB calls for ending lumber tariffs, expanding tax credits and updating building codes. By implementing these solutions, policymakers can fulfill the promise of affordable housing for all Americans, aligning with the Housing Act of 1949's goal of providing decent homes and suitable living environments.

Top Homebuyer Destination Holds 57% of U.S. Inventory–and It’s Affordable

Are We Finished With Starter Homes?

5 Best Places to Retire in West Virginia

Are you planning to remain in “Almost Heaven” when you retire? There are so many fantastic spots that offer a mix of amenities and charm. According to Insider Monkey, here are the top five WV cities ideal for retirement:

5. Charleston: Nestled at the meeting point of the Elk and Kanawha rivers, Charleston offers beautiful riverfront areas and is close to Kanawha State Forest for nature enthusiasts.

4. Huntington: Situated on the banks of the Ohio River, Huntington boasts top-notch healthcare facilities and cultural gems like the Huntington Museum of Art.

3. Barboursville: Just east of Huntington, Barboursville features excellent hospitals and the expansive Barboursville Park for outdoor recreation.

2. Williamstown: Although it’s a bit pricier, Williamstown offers exceptional livability and access to Marietta’s Selby General Hospital across the river.

1. Princeton: Perfectly blending comfort and affordability, Princeton is rich in history and outdoor activities, from the Princeton Railroad Museum to the Glenwood Recreational Park.

Whether you’re drawn to the riverfront, the cultural scene or outdoor opportunities, there’s something for everyone right here in our beloved Mountain State!

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