What's New This Month
It’s the season of warm drinks, hot fires, colorful leaves, and pumpkin spiced treats! Fall is right around the corner, and it’s a great time to get cozy and reflect on everything you’ve accomplished so far this year. We’re here to support you so you can finish the year on a high note.

Time will fly once the holidays blow in, but we never want the pace of our industry to stifle the collaboration and support you receive from West Virginia Bankers Title. Our team always has time to cozy up next to you to celebrate all your accomplishments and close new deals! Your clients count on you, and we want you to be able to count on us.

Happy September and Happy Fall to you all!

Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
Key Stats to Watch in the Changing Real Estate Market
The world’s financial markets have been shaky, and the question on all our minds is what will it mean for the future of the housing market? There are some key statistics we should keep an eye on to help predict the changes to come. By looking at homes taking price cuts, buyer demand or immediate sales, homes that were listed then re-listed after receiving no offers, and the Market Action Index (MAI), we can get a better idea of where prices are headed and when we can expect price reductions.
Is Now the Best Time to Buy?
Our short answer: yes! The national inventory of properties for sale was up 27% in August, houses are sitting on the market for longer and sellers are starting to slash their prices. Listing prices have taken the biggest plunge in six years. Today, buyers can be more selective and have more negotiation power and options. 
Sellers Aren’t Disclosing Property Defects
You may want to advise your buyers not to waive the inspection contingency. An alarming 94% of sellers admit to selling their homes without disclosing a known issue. Issues can include anything from electrical to plumbing and beyond. To ensure protection, you should request a completed seller’s disclosure and a thorough home inspection before closing.
Innovation
The shift to remote work and virtual meetings during the pandemic led to a spike in cyber crimes. Businesses are losing billions to fraudulent wire transfers, social engineering attacks and ransomware, and the problem is getting worse as cybercriminals come up with new techniques to scam companies. The good news is that there are ways to minimize the impact of wire fraud and recover your money if you become a victim.
Mortgage Trends
Opting for an ARM can be a wise financial decision to save money, but they’re not for everyone. More borrowers than ever are applying for adjustable-rate mortgages (ARMs), and those borrowers are predominantly from affluent households with larger down payments.  This article explains that today’s typical ARM borrower can withstand increased monthly mortgage payments if rates rise. 
Professional Development
 Women are making strides in commercial real estate and are gaining support from new women-focused organizations like CREW. There are more women-owned businesses, and history shows that female CEOs produce big returns for investors. To continue empowering women in the real estate industry, we all need to provide more resources and mentorship opportunities and prioritize our diversity and inclusion initiatives.
Market Highlights
Good news for buyers finally getting relief from the long-standing seller’s market; houses are sitting on the market for longer. This slowdown in the market may completely change the home buying game. We expect buyers to act with less urgency, contemplate their decisions and make less aggressive offers. However, with limited listings and high prices, sellers still have the power…just not as much.
What Hurts Property Value and How Can You Fix it?
The market is shifting and we want to help ensure that you and your clients get the best price when you sell your house. First, you need to know what can hurt and help your property value. Whether you plan to sell in two weeks or two years, it’s essential to regularly maintain your home so that a small problem like a leak doesn’t turn into a large one like a crack in the foundation. Assess your current situation with home checkups, consider making quality home improvements that buyers will remember, and don’t forget about the outside of your house. Curb appeal is just as important! Many other internal and external factors will affect the value of your property, and not all of them can be fixed. The bottom line is take good care of your home and work with an agent who will take care of you to get the best price when you decide to sell.