Oct 4, 2022 | QA
Published on our September 2022 Newsletter
Question: “The QR code on your land signs is new. When it’s scanned, what would I see?”
Christie’s Answer: “The QR code takes you directly to our listing of that particular land parcel. When you see one of our signs with the code, scan it, and you will see all of the details pertaining to that lot, including the price, acreage, and any documents we have connected to the parcel. These may include a survey, topographical map, and map geo map. It’s great to have all of that information at your fingertips while you are actually looking at the lot!”
#sellingland #landsales #realestate #realtor #coldwellbanker #islandhomes #caribbean #stcroixusvi #virginislands
Sep 1, 2022 | QA
Published on our August 2022 Newsletter
Question: What are the top 5 hidden costs of Buying a Home or Condo?
Chris’s Answer: Here are the 5 hidden costs to keep in mind!
- Closing costs, prepaid fees, and other fees. Getting a loan costs money. Plan on paying for your loan to be processed along with an appraisal fee. Closing costs and prepaid fees generally range between 3% – 5% of the purchase price.
- Inspections. An inspection by a licensed home inspector is key to any home or condo purchase. This will inform you as to the condition of your home or condo so that you better understand what you are buying. The owner will disclose anything they are aware of, but an inspector will give you a full detailed report. For a home or land, you will want a survey done. Often an appraisal is needed.
- Association fees. Condos have have HOA fees associated with them. Some homes do, too. These fees will be pro-rated for the year at closing.
- Maintenance, repairs, and decorating. Your monthly budget responsibilities could include landscaping, pool maintenance, pest control, garbage pickup, cable TV, and internet. There might be a few minor things for you to repair after closing. Also, you will want to make your new home YOURS. So, budget for decor, paint, landscaping, furniture, or anything else you may want to change. Sometimes just adding new decorative pillows will change the look of your living room and make it more personal!
- Utility bills. Don’t let budgeting for utilities get lost in your excitement. Think about the energy you will be using (water, electricity, AC, pool, washer/dryer, etc.), and add that to your monthly budget.
Are you looking to find the perfect property for you and your family on St. Croix? Please contact us and we will be happy to assist you in every stage of the home buying process!
#stcroixusvirealestate #realestate #realtor #stcroixusvi #virginislands #coldwellbanker #caribbean #homebuying
Sep 1, 2022 | QA
Published on our August 2022 Newsletter
Question: What is holding Buyers back?
Christie’s Answer: According to “Today’s Buyer’s Rep”, ABR’s (Accredited Buyer’s Representative) monthly magazine, inventory and affordability are the two top issues for Buyers. The third issue is that Buyers seem to have unrealistic expectations. Since we have addressed the first two, let’s look at the third.
Buyers need to be better informed. Discussing the buying process and answering questions assists Buyers to have more realistic expectations. This takes some time, and sometimes we refer the Buyer to experts like mortgage lenders, contractors, building engineers, architects, attorneys, electricians, insurance agents, or other professionals.
Despite all of the preparations, sometimes there are unforeseen challenges. For example, on one parcel of land we sold, an archeological site was found of a Pre-Columbian ball court. Discovering this did create a challenge, and slowed the process. Historical research was needed, and legal documents prepared by attorneys. This ultimately meant that of the 10 acres being bought, 2 acres were to be kept intact and undisturbed. Fortunately, the Buyers were delighted to have such a site on their land!
#stcroixusvirealestate #realestate #realtor #stcroixusvi #virginislands #coldwellbanker #caribbean #homebuying
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
