April 12, 2018
The purchase market is starting later in 2018 than last year. Our first quarter measures of recorded deeds and primary residence sales disclosures show year over year seven percent declines. Non-primary residence sales disclosures indicate a 17% decline. (charts pages 13-15). Most of this decline occurred in March when deed recordings fell from 214 in March 2017 compared to 166 last month ? a 22% decline! Mortgage originations are also lagging year ago numbers. Refinances as a percentage of our new title orders are at the lowest rate that I can remember. Now that spring is finally making brief and occasional appearances, hopefully the market will accelerate.
The 2017 pay in 2018 real estate taxes are certified as of April 3rd. We are paying these taxes at closing and using the amounts as the basis for pro-rations ? unless, of course, the Purchase Agreement provides otherwise.
Our relocation to 2626 South Walnut Street (The former AT&T Store behind Chase Bank, CVS & The Grease Monkey) will occur between May 1st and May 5th. We will conduct closings at our current location through May 4th. Closings scheduled or anticipated for May 7th or later, will occur in our new location.
It?s easy to remember. Cinco de Mayo is Saturday, May 5th. Closings before Cinco de Mayo will take place in our downtown location. Closings after Cinco de Mayo will take place in our new digs.
Monday morning May 7th is the only time that we anticipate less than full capacity to conduct closings. Both our main and direct dial phone numbers and all of our email addresses will remain the same.
Most importantly our WIRE TRANSFER instructions and procedures WILL NOT CHANGE. Any communication to the contrary that might be received is totally bogus! Please alert your clients.
In March we helped 336 people buy, sell or refinance their property. Our closing team produced seller side closing statements two or more days prior to closing in 96.6% of our transactions. We produced Monroe County title commitments in an average of 5.46 days. Our title team recently adjusted its back-end process and we?re confident that as a result our production time will decrease in the coming weeks.
~ John Bethell