Summer has come and is almost gone. There have been a handful of accomplishments and good news to celebrate in the real estate industry this summer, but now, it’s time to get ready for the Autumn months! Along with celebrating past achievements, it’s the perfect time to look forward to all the innovation and increased business from our lenders, realtors, and attorneys.
As always, our team at West Virginia Bankers Title wishes you the best this fall season has to offer! Each and every one of our attorney and lender friends has been working extra hard this year. We are pleased to help in any way we can by giving you the best customer service that you deserve.
We love helping and serving you! We hope you enjoy our latest e-newsletter that is full of exciting news from the real estate industry. Thank you for trusting West Virginia Bankers Title with your transactions.
Have a wonderful month!
Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
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It may seem like an unnecessary cost. But title insurance is important, and here’s why. |
Time and time again, title insurance proves to be a safety net for those closing houses. An article from the Washington Post demonstrates why it is essential and valuable to have title insurance on your home. Title insurance is a necessary expense and protects against any possible future losses. This step in the home buying process ultimately protects homebuyers who have no real way of detecting past problems before they arise. All in all, title insurance is a necessary step in the process of buying a home.
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Fannie Mae again boosts forecast as refi mortgage market stays strong |
Mortgage forecasts have been adjusted multiple times this year as we all expected economic difficulties due to the pandemic. The good news, however, is Fannie Mae has once again boosted their mortgage forecast. The refinance mortgage has been staying strong despite everyone expecting the worst. Fannie Mae predicted a 42% refi share, but that has now shot up to 44%, along with a projection of $830 billion in total originations. As the article highlights, “The change in the forecast comes from more refis than previously expected, at $1.34 trillion in July versus $1.27 trillion in June.”
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Did you ever think you would hear the words “3D-Printed Home”? It is definitely an out-of-the-box idea, but 66% of more than 3,000 consumers said they’d consider living in a 3D-printed home. Of that 66% of consumers, 75% are millennials, according to Realtor Magazine. As they take charge of the market, it is important to note their interest above all. Not only does this innovation sound pretty futuristic, but it will also help cut down costs of new construction while increasing the number of available and more affordable homes! Now that sounds like a good deal. We are excited to see this development come to life as we continue progressing technologically.
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It’s no surprise that many trends happening in real estate are affected by what is going on in other industries and, overall, the economy. Freddie Mac released data on weekly averages for popular mortgage types. Based on the information, each fixed-rate increased after falling four of the last five weeks. Another article from the Washington Post quickly ties these increases to the July jobs data, which is believed to be the main push for why rates have reversed. Unemployment fell to 5.4 percent, the lowest since the pandemic began. Overall, this is excellent news for the real estate industry and all other sectors as we see more and more jobs opening up.
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An initiative called the 3by30 is a project of the Black Homeownership Collaborative, a coalition working to change the real estate industry. The Department of Housing and Urban Development secretary, Marcia Fudge, announced that by 2030, there would be 3 million new Black homeowners in the US. With history regarding redlining and housing discrimination, this group is working to fix these issues and push for a better future by advocating for those affected by this history. This New York Times article highlights many real estate companies and businesses working to become more inclusive. From the National Association of Realtors to the National Fair Housing League, the real estate industry is changing its ways and advocating.
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A year ago, the average amount of days a house was on the market was 44 days. In July, the average time on the market fell to 23 days, according to Remax’s National Housing Report. More specifically, these numbers were broken down in some of the larger metro areas. Cincinnati came in at nine days on the market, Nashville at 10, while Miami had the longest time at 76 days. Every metro area is different, but there are certain cities where real estate is running hot and will continue doing so as we move closer to the end of this year’s Q4.
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Make sure it's not just all work and no play!
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While the Labor Day holiday is traditionally the end of the summer, the fun certainly isn’t over. We’ve got football season and all things pumpkin to celebrate, and soon enough we’ll all be dressed up in our favorite Halloween costumes. It’s been a busy year for us all, but if you get a moment this fall, slow down and take it all in.
Have a favorite seasonal tradition you want to know about? Feel free to share it on our Facebook page.
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