What's New This Month
Happy February. This month is Black History Month! We encourage everyone to celebrate the past, present and future contributions of Black Americans–make room for success all year long by supporting Black-owned businesses in and out of our industry!
 
Our West Virginia Bankers Title team is dedicated to providing equal support and resources to all our lender, banker, real estate agent and attorney friends! We’re here to help you and your business in any way that we can!  

Wishing you a fabulous February!

Rachel Showalter, Interim Agency Manager of West Virginia Bankers Title
Celebrating Influential Black West Virginians
Happy Black History Month! This month is about recognizing the struggles and celebrating the triumphs of Black Americans throughout our history. Today, we’re sharing this article about some of American history's most influential black West Virginians. May we all continue to create an environment for success in our industry and throughout our West Virginia communities.
Home Sellers are Making Big Profits
Despite the recent recession in the housing market, home sellers continue to come out on top. The average home seller nets over $110K in profits, up 21% from 2021 and 78% from two years ago. That number rose alongside median home prices. Profits likely hit their peak in 2022, but sellers can still see big returns on their investment.
Additional Resources for Abuse Victims
Survivors of domestic violence, sexual assault and stalking under the Violence Against Women Act (VAWA) are eligible to receive additional resources and protections from the U.S. Department of Housing and Urban Development (HUD), according to this article. New resources include a new VAWA website, a new notice laying out HUD’s enforcement and responsibility under the act and $5 million in funding to provide training and assistance to HUD grantees and other stakeholders. 
Innovation
Real estate professionals are experimenting with the viral new AI chatbot tool, ChatGPT. ChatGPT can generate detailed responses to user prompts in seconds. It has written original essays, stories, song lyrics, emails and research paper abstracts that fooled some scientists. Residential and commercial agents have said that it has saved them time and changed the way they work. 
Mortgage Trends
There is good news for home buyers. The standard 30-year fixed-rate mortgage is down nearly a full point from November when it peaked at just over seven percent. This reduction has brought eager buyers back to the market and made it easier for millions of mortgage-ready consumers to qualify and afford a loan to meet median home prices.
Professional Development
You’ve got to know to grow! Podcasts are a great resource for professionals in every industry to improve their skill set, expand their industry knowledge and stay up-to-date with market news. You can find ten podcasts for real estate professionals in this article. The best part is…you can listen to them on the go.
Market Highlights
The inflation rate has been calming in recent months which has contributed to falling mortgage rates according to this article. Experts predict a 5.5% mortgage rate by the second half of 2023, and the possibility of mortgage rates in the 4% range exists, which would bring more buyers back to the market. 
February Social Media Trends and Tips 
Whether it’s striking a balance between video and images, boosting ads or fixing bugs, social media platforms are constantly going through updates. As social media platforms change and new technology like ChatGPT is introduced, your strategy should change, too. See if you can improve your social media approach and boost your results this month with these six social media tips and trends.