Can you believe it?

Can you believe it?

Just like that another year is in the books and I wanted to wish everyone a happy and healthy New Year from all of us here at Langdon Title!

With everything we have all been through over the last two years, it would be difficult to lament the challenges of 2022. I mean, we are finally getting back to life as we once knew it, for the most part. It has been great being able to reconnect with loved ones and business partners in person again – to rekindle that human element I think we have all been sorely lacking. Realizing just how important these interpersonal relationships are to our mental health and happiness gives me tremendous hope that 2023 will continue the positive trajectory 2022 provided.

There will still be challenges, though. Nothing in life worth doing will ever be completely easy. I don’t think any of us would want to live in a world where we don’t have to think and improve on a regular basis. Yes, many of these challenges will be out of our control. One of the biggest struggles of the last two years has been in the real estate market, and that is likely to continue for the foreseeable future, although for different reasons than we experienced during the pandemic.

While real estate prices in much of the country have been inflated to record highs over the last two years due to a combination of factors such as a shortage of housing inventory, virtually interest free loans, and the Great Reassessment of where to live based on remote work options, the closing months of 2022 have flipped the situation significantly. As interest rates continue to climb, at points double what we have been accustomed to for the last ten years or so, the cost of monthly mortgage payments on properties selling for $500k and up are now double what they were 6 months ago.

Yet, we really have not seen a significant easing in home values because demand remains high and inventory low. Many buyers are still sitting on cash from homes they sold in the last two years, which means they are not affected by rising rates. Others are still actively buying regardless of rates because it is still a cheaper option than renting in an environment where the average rents have also hit all-time highs. This is truly a unique time to be in the real estate business, but at Langdon Title we don’t see a major cause for concern. The best thing anyone can do in an environment like this is surround themselves with the best trusted advisors possible and believe in the process.

As always, we are committed to your success in every real estate transaction, every time. Beyond just providing top-notch title insurance services, our team of industry experts can help connect you with any other real estate professionals; from agents to attorneys and everything in between – so you can confidently enter into and complete your next transaction!

Here’s to a great 2023!