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 two segments:
- An interview with DMV Realtor Josh Ross of Ross Residential
- Brief market update
We interviewed Josh Ross of Ross Residential, who is a real estate agent licensed in D.C., MD and VA. Josh gives a brief background of himself and Ross Residential, talks about the impact of the pandemic on real estate, why he chooses to partner with developers and more! Want to learn more about Ross Residential? Check them out at www.rossrem.com.
July Market Statistics (From What We’ve Seen)
- 25% increase in home purchase price from June
- 14% increase in purchases as a percent of total deals closed
- 11% increase in purchases opened in first half of July compared to first half of June
Thus far in July, we continue to see homes selling quickly and for record high prices, a reflection of the high buyer demand in the D.C. area housing market. Fairfax and Alexandria reported the highest median monthly sales price in a decade in June 2020, largely due to the limited inventory of listings.
However, it appears seller confidence is rising, and the market could begin to normalize. Purchases as a percentage of total deals closed rose in July thus far. We expect this percentage to continue to rise as the market continues to rebound as sellers continue to enter the market.
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!