July 2024 sales data, inventory, and days on market for the St. Croix, USVI real estate market is available in our downloadable Coldwell Banker real estate reports. The is a report for each category: Homes & Condos, Condos, Homes, and Land!
If you are not familiar with with the implications of the data, please give us a call or email us directly with any questions. We are Accredited Buyer’s Representative (ABR) and Seller Representative Specialist (SRS) and have the experience and local knowledge to help you in every step of the process. We can help you narrow down neighborhoods based on your priorities. We can also advise you on the market trends in your desired neighborhoods.
Question: “What are 5 changes to how Realtors will be working with Home Buyers?”
Chris’s Answer:
You’ve probably heard in the news about the changes being made nationally regarding real estate commissions and how that will effect Buyers and the way all Realtors® in the United States will work with Buyers. These new policies will go into effect beginning August 17th. Here are 5 changes to know:
A signed Buyers’ Representation Agreement is now required by the settlement agreement.
Agreeing to and signing the Buyers’ Representation Agreement must be done before taking Buyers to a property in person or virtually.
Compensation has always been negotiable, but now it’s part of a discussion documented in the agreement.
Compensation to the Buyers’ Agent could be paid by either the Seller or the Buyer, and this will be disclosed and understood prior to a Buyer seeing a property.
If the Seller has not agreed to pay the Buyers’ Agent compensation, a Buyer will know ahead of time that they will be responsible to compensate their Agent and can decide whether or not to see that property.
We would love the opportunity to help you. If you have any questions, please contact us!
From Chris & Christie’s July 2024 newsletter (read it here).
Question: “What are the benefits of a Buyer’s Representation Agreement?”
Christie’s Answer:
This is great question! Starting August 17, 2024, the Buyer will now negotiate compensation directly with the Realtor® representing them as their Buyer Representative. This means that unless the Seller agrees to pay a commission to the Buyer’s Realtor®, the Buyer will pay that commission. Buyers and the Buyer’s Realtor® will sign a Buyer’s Representation Agreement. The benefits to an agreement are:
It is a legal document which formalizes your working relationship with a particular Buyers’ Representative detailing which services you are entitled to receive and what your Buyer’s Representative expects from you in return.
It clarifies expectations and defines loyalty of all parties.
It insures that everything has been discussed, and is evidence of agreements and disclosures.
Buyers will be treated as a client instead of a customer, receiving a higher level of service.
It brings strength as a team. When you and your Buyers’ Representative work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience!
While representation agreements specify a time period, they can be terminated early if both parties consent. The time period is negotiable and can vary. A single day or week, several months, or a year depending on what has been agreed upon by both parties.
As certified Accredited Buyer’s Representatives (ABR®) and Seller Representative Specialists (SRS), we are committed to offering our attention, expertise and professionalism to all our clients.
Contact us with any questions about real estate on St. Croix!
From Chris & Christie’s July 2024 newsletter (read it here).
We were delighted to come across a blog article from award-winning travel writer Candyce Stapen describing her recent vacation to St. Croix with her family that included grandparents, parents, and young children. She called the trip ‘magical’ and we can understand why. We’ve lived in St. Croix for over 20 years and we have seen multigenerational families vacationing on our beautiful island. Some friends of ours recently bought their children to visit St. Croix and told us how much fun everyone enjoyed sunny weather, water activities, and “less touristy” atmosphere. Another family we know on St. Croix often see their children and grandchildren visiting the island during school vacation weeks. We met their grandson last year and he told about the magnificent mangroves he saw and the bioluminescence tour (read here).
We recommend reading Candyce Stapen’s article here. She highlights her trip that included visits to these wonderful attractions:
Purchasing real estate is likely to be the biggest and most complex financial transaction a person will make in their life. A trusted real estate professional is a strong advocate who understands the information and the process. As experts with knowledge of the local market, we are well prepared to guide Buyers through all the practical details and potential obstacles which may occur during the purchase process.
We are your information resource, negotiator, advocate, problem solver, and calendar watcher. Even if you have bought property in the states, buying in the US Virgin Islands can be different.
Buying real estate is unlike buying anything else. It’s complicated. An experienced Realtor is the close professional ally who can make a world of difference for you. If you are considering buying property here on St. Croix, please contact us, and let’s start working together towards reaching your goals!
In the video below we walk you through the 15 steps to buying a home. Let us know if you have any questions!
