What's New This Month
August marks the end of summer and the start of the school year. While kids head back to school eager to learn and refresh themselves on the basics, consider re-educating your clients on the basics of real estate. The more your clients know, the better they’ll be able to make informed decisions in this ever-changing market…and they’ll have you to thank for it!

As the weather cools down, we want to make sure that your business does not! We’re prepared to help you – our lender, banker and real estate agent and attorney friends, continue showing your value to new and existing clients. We know that value goes beyond securing a great deal, but the West Virginia Bankers Title team is here to help with that, too!

Wishing you all an A+ August!

Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
Calming Consumers’ Housing Bubble Fears
People are searching for the term “housing bubble” on Google, and 45% of home sellers believe the market is headed for a crash. But according to industry experts, those fears may be misplaced, because we are not in a housing bubble and will likely see a correction, not a crash. Hitting on talking points like how today’s mortgages are structured differently, buyer demand remaining high, and how real estate can hedge against inflation can help calm buyers’ and sellers’ fears.
Are Bidding Wars Over?
Inventory is slowly rising, but does that mean the end of bidding wars between homebuyers? Not quite. Sellers still have the power in today’s market, but there are some mistakes that they need to avoid if they want the competitive offers to keep rolling in. This article from realtor.com suggests sellers shouldn’t ignore eligible buyers while hoping for a bidding war, skimp on presentation, accept high offers with sketchy terms or expect homebuyers to bend at their every whim. 
West Virginia Homes At Risk of 100-Year Storm
Your safety and well-being are our priority, and when a 100-year rainfall hits, our West Virginia communities are at risk. Data shows that 29.3% of homes would be impacted by a 100-year storm in West Virginia. Natural disasters and flash floods have already impacted thousands of homeowners this year, before hurricane season has begun. The good news is that the National Flood Insurance Program combats the overall threat of flooding to high-risk communities.
Innovation
In today’s competitive market, real estate agents are looking for ways to win clients over. With technology on the rise, more agents are installing smart home technology, which can be controlled from a mobile device, into their listings to attract more viewers. We expect agents to continue taking initiative to stay up to date on the latest smart home technology innovations in order to keep up with consumer demand and expectations.
Mortgage Trends
A buyer’s credit plays an important role in how much a home ultimately costs. This article from the MReport, shows that a lower credit score will result in higher interest rates on your 30-year fixed-rate mortgage. Before buying, it’s important to understand you or your clients financial picture, what you can afford and your outstanding debts or obligations. 
Professional Development
Some real estate agents have given up on open houses, claiming they “don’t work anymore.” To that we say…you may just need to think outside of the box. This article lists 27 open house ideas that will gain you leads and build your personal brand. If you take advantage of ideas like using courtesy marketing as an excuse to meet the neighbors, running a livestream, and holding other agents' open houses, you will see the value of a great open house.
Market Highlights
The scales of the housing market are finally balancing out and homebuyers are finding relief in the sellers’ market. On average, 7% of homes for sale each week had a price drop, a record high as far back as the data goes. Still, housing remains expensive, but mortgage rates are seeing occasional drops. We’re looking ahead to a more balanced and corrected market.
How to Check Flood Maps and Stay Safe
The phrase “100-year storm” refers to the estimated probability of a storm event happening in any given year. Being in the 100-year flood zone means you have a 26% chance of being flooded over the course of a 30-year mortgage, with just a 1% chance each year. Should a 100-year storm occur, West Virginia could be hit hard. So even though the probability isn’t extremely high each year, it’s still important to be prepared. The Federal Emergency Management Agency (FEMA) site allows you to type in a property address and see if you’re located in a flood zone. If you are, you can take steps to stay safe, including obtaining flood insurance, negotiating price when purchasing property, and minimizing loss by securing your home and belongings.