Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly feature will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers.
For this week’s edition of Boring Title, we have three great pieces of information for you:
- An interview with one of the largest wholesalers in the area
- June market update (from what we’ve seen).
- D.C. specific market update
We interviewed the CEO of 4 Brothers Buy Houses, Jon Carcone. 4 Brothers Buy Houses is one of the largest wholesalers in the DMV, and they do things very differently from other wholesalers. If you have a property that you are interested in selling a property, or want to partner with 4 Brothers Buy Houses, check them out at www.4BrothersBuyHouses.com.
June 2020 Market Statistics (From what we’ve seen)
- June Refinances Closed were 831% higher YoY
- Q2 Refinances Closed are up 141% from Q1
- June Purchases Closed were our most ever in a month, up 64% from May
- June Deals Closed were 186% higher YoY
- June Deals Opened were our most ever in a month, up 174% YoY
The D.C. area housing market has observed one of the quickest rebounds in the U.S.
The D.C. market is comprised of high-earning, younger individuals. The stable employment industries of D.C. provide job safety for residents during COVID-19. As these people can accumulate savings amid the pandemic, combined with low mortgage rates, it poses great opportunities for home buyers. Moreover, underwriting is tight, so more people are buying houses without risk of overwhelming mortgage payments.
The massive growth in refinancing volume stems from dropping mortgage rates resulting from the fed cutting rates to near zero in March. As the market regains efficiency and participation, we expect to become more purchase dominant.
The recent increase in listings whilst demand remains high allows for an efficient, thriving housing market. With an increase in seller sentiment, do not expect this growth to slow down any time soon. The success of the housing market appears to be propelling economic recovery in the area.
Have questions related to title insurance? Email Latane and Matt at [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company!