Jul 1, 2022 | QA
Published on our June 2022 Newsletter
Question: Will you put these recent rate increases into historical perspective for us?
Chris’ Answer: Looking back, starting in the 1980’s by decade, on a Freddie Mac 30 year fixed mortgage for a primary residence, the rates from the St. Louis Fed Survey looked like this:
1980’s – about 9.00%
1990’s – about 6.75%
2000’s – about 5.25%
2010’s – about 3.50%
2020’s – about 2.75% and we’re currently hovering just under 6%
We’ve all gotten accustomed to the low rates over the last 10 years. We’re now entering a period where the rates are normalizing and that rate environment is more in line with historical rates. These current rates are more in line with what the “cost of money” should be based on the last four plus decades.
#interestrates #2022 #realestate #realtor #colwellbanker #buying #homebuying #stcroix #usvi #caribbean
Jul 1, 2022 | QA
Published on our June 2022 Newsletter
Question: What effect is the increase in rates having on buyers and sellers?
Chris’ Answer:
Here are three things that have the potential to effect on buyers:
- The cost of homeownership has increased.
- It is affecting the ability of some buyers to qualify for a mortgage.
- In markets such as this, some lenders tend to become a little more conservative. While I don’t expect them to change guidelines, I do expect that they may become more conservative in their pricing.
Sellers could be affected in these ways:
- Second home sales, whether houses or condos, may begin to slow. This is a big part of the St. Croix market.
- Investment and speculative buying may also begin to slow. These buyers are likely to search out other investment options which may be more attractive as rates increase.
- As the real estate markets and players try to “right size” themselves after a few boom years, we may find that Days on Market will be affected.
#interestrates #2022 #realestate #realtor #coldwellbanker #homebuying #stcroix #usvi #caribbean
Jun 29, 2022 | Reports
Here are real estate reports for May 2022. It is a good time to list your home, condo, or land for sale! If you look at the market update in this newsletter, you will see that May saw an increase in sales from May a year ago, across all categories of properties. June and July could have similar numbers. Please contact us, we’d love to work with you and list your property!
Single Family Homes – May 2022 Report
Condos – May 2022 Report
Land – May 2022 Report
All Property Types – May 2022 Report
Jun 22, 2022 | Island News
What does freedom look like today? The Department of Planning and Natural Resources Division of Libraries, Archives and Museums is hosting an exhibit at Fort Frederik Museum on St. Croix in honor of Emancipation Day under the theme titled “The Revolution is Not a One Time Act.” Emancipation Day, is celebrated annually on July 3, but the exhibit will be open from from July 1st through September 23rd. The Virgin Islands Daily News reports that the DPNR had extended an open call to said seeking artists territory-wide to submit work that touches on the ideas of freedom, liberation, self-determination, and what that looks like today.”
Read more here.
Jun 22, 2022 | Island News
We are big fans of The Ten Sleepless Knights and we are excited to see them scheduled for the 2022 Folklife Festival celebration! They will be performing on July 2nd and 3rd. The festival celebrates the US Virgin Islands’ culture, history and traditions influenced by the flags of seven nations.
The Ten Sleepless Knights specializes in Quelbe, the official music style of the Virgin Islands. For the full schedule of the festival and musical guest lineup, go to St. Croix Source.
