Jul 29, 2022 | QA
Published on our July 2022 Newsletter
Question: Why should I buy property now if I’m not going to move to St. Croix for a while?
Chris’ Answer: St. Croix is a very diverse island. The east end is different from the west end. The north shore is different from the south shore. The more you move west, the more rainfall you’ll get. Some people like living higher in the hills, and others want to be in flatter areas, or on the water. Sometimes it’s important for people to be near the activities they like best, for example, eating at their favorite restaurants, diving, hiking, or just lying on their favorite beach.
Every property here is unique! It’s rare that you’ll see two houses that are the same. Even condos in the same complex will have different views. That’s why our advice is that if you find a house, condo, or land which appeals to you, buy it now! If you wait, you will probably not find a property which is as good a fit as the property you didn’t buy when you had the opportunity. If it takes you time to move here, you can rent a home or condo long-term, or as a vacation rental. Our experience includes years of property management. We are happy to share that knowledge with you and can steer you in the right direction.
#stcroixusvirealestate #realestate #realtor #stcroixusvi #virginislands #coldwellbanker #caribbean #homebuying
Jul 29, 2022 | QA
Published on our July 2022 Newsletter
Question: What makes a listing attractive?
Christie’s Answer: Some of the sale listings we see surprise us and NOT in a good way! The photos show the owners’ personal items on the counters or all over the bedrooms, photos are taken vertically instead of horizontally, the lighting is poor, the descriptions are uninteresting, there are no walkthrough videos or drone videos and photography, properties are even mapped incorrectly — they are literally shown in the wrong location on St. Croix and occasionally even off-shore in the Caribbean Sea! These mistakes and omissions are detrimental to the marketing of your property.
In our listings, we are as accurate and descriptive as we can be. The personal items are removed or hidden. We have crisp clear photos, videos when we feel they can help give the buyer a better feel for the property (including a self-guided 3-D tour), and any documents which may include maps, surveys or plot maps, list of improvements, floor plans or anything else which would give buyers useful information. We even use drone photos and videos when those are appropriate.
We have sold properties to off island buyers sight unseen. If the listing has poor photos, or if there’s something our buyers want to see, we take those photos or videos. One house was on a rough road, so we took a driving video for the buyers, and then did a FaceTime call to walk through the property with them. We answered their questions as we went. The first time they saw the house was after it had closed, and we handed them the keys! It’s important to us that each sale is the right fit for the buyers, it’s always “the moment of truth” in these type of situations, but our Buyers were totally delighted and excited!
#stcroixusvirealestate #realtor #realestate #stcroixusvi #virginislands #caribbean #coldwellbanker #homebuying #homeselling
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
May 27, 2022 | QA
Published on our May 2022 Newsletter
Question: What should homebuyers know about agency, loyalty, and shared expectations?
Chris’ Answer: Most real estate agents earn their living by representing buyers and sellers in property transactions. The yard sign makes it obvious who is representing the sellers’ interest.
Problems can arise when buyers unwittingly or intentionally act in a way which lead two or more agents to believe they each represent that same buyer. Sometimes buyers think that the more agents they have working for them, the better service they will receive. The opposite is true.
It’s in everyone’s best interest that a buyer selects an agent before viewing a property. Buyers can typically expect a higher level of service when they’ve aligned themselves with one agent.
St. Croix is like a small town. Most of the Realtors know each other. Even though we may be with different firms, as professionals, we work on deals co-operatively to ensure that the interests of both buyers and sellers are addressed.
As a buyer, your relationship with your agent is based on mutual consent. You can cancel the arrangement if you feel your agent isn’t living up to your expectations. Each agent has their own style and preferred way of working with clients. For example, we work as a team, and feel that as professionals who bring different perspectives to that Buyer/Realtor relationship, we take better care of our clients and their needs.
We love working with people! What we recommend is that you take time to discuss expectations at the beginning of your relationship with us. It’s the surest way to form a strong partnership – one which allows us to serve you to our highest ability, and helps you achieve the best results in your property purchase.
#realestate #realtor #stcroix #usvi #caribbean #realestateagents #homes #condos #homebuying #homeowner
May 27, 2022 | QA
Published on our May 2022 Newsletter
Question: What is the importance of an appraisal?
Christie’s Answer: Appraisals are required to value a property for a mortgage and are a very good idea for a cash purchase. While the property is priced based on the current sales market, Appraisers look at past sale data. This is one reason the sale price of the property may be different from the apprised value.
For the buyer, if the appraised value comes in at or above their offer price, the mortgage process can move easily forward. On the other hand, if the appraisal comes in below the purchase price, assuming a standard mortgage contingency clause, rider, or addendum is in place, the buyer has three options:
- Make up the difference between the appraisal and the offer.
- Negotiate a lower purchase price with the seller.
- Cancel the offer to purchase based on the contract language in the mortgage contingency clause.
Here on St. Croix, real estate listings aren’t the only shortage in today’s market. There’s also a limited number of appraisers. So, scheduling an appraisal should be done as soon as possible.
#realestate #relator #stcroix #usvi #caribbean #appraisal #homes #condos #homebuying #homeowner
