What are the top real estate industry issues out there now?
There are a variety factors impacting the industry right now. Many of these trends are continuing to develop and will over the months to come.
Many are to be discussed at the 2016 ALTA Conference this October as industry leading title insurance professionals work to formulate and spread new best practices. Here are some of the factors to pay attention to as we move into 2017, and the mastery of which will quickly differentiate the top performers in the real estate sales, mortgage lending, and title insurance facets of the business…
There are still a lot of questions about TRID. Getting it right is essential. The Michigan Investment Title team has been among the leaders in this space in our state. We’re always happy to answer your questions and make sure you ace compliance.
Real Estate Marketing
As real estate markets across the US begin to shift and rotate more notably, in different directions, and both seniors and millennials play a big role in transaction volume new marketing is needed. This includes efficiently tackling online advertising, online reviews, and new technology.
Vacant Homes & REOs
Detroit had over 64,000 vacant homes as we moved into Q4 2016. RealtyTrac reports that bank owned ‘zombie’ REOs have risen by almost 70% nationwide since last year. This stock needs to be tackled, and brings big opportunities.
While Michigan may boast the most affordable real estate in the nation other states and major metros are clearly at crisis point when it comes to housing affordability. How that it dealt with could change the overall economy or at least population migration trends.
Some have posed that uncertainty is a good thing. Some have posed that Wall St. wants a Clinton white house specifically to continue the uncertainty and stimulus. If there is one thing we can be certain of, it is that there will continue to be many uncertain factors. Control what you can, be prepared to be flexible.
ID theft, funds safety, data theft, hacking, and the resulting CFPB regulations are factors everyone in the industry should be keenly paying attention to.
Owners Title Policies
Raising awareness of importance of Owners Title Insurance Policy is a top topic at this year’s American Land Title Association conference. Too many home buyers aren’t getting insured, and that could be setting them up for major financial heartbreak.
Technology is changing everything. It is changing real estate marketing, financing, closings, and property records. Those quickest to take the lead in this area will have a big advantage ahead.