Here’s why it’s time to buy in the Virgin Islands – and here’s step one! | US Virgin Islands Real Estate Blog

US Virgin Islands Real Estate Blog

Here’s why it’s time to buy in the Virgin Islands – and here’s step one!

By Barbara Birt

Loans are cheaper than they’ve been in a LONG time.  The National Association of Realtors reports that mortgage rates have hit a new record low for the 10th time in 11 weeks.   The average fixed loan price according to Freddie Mac hit 4.32 percent last week. Now is the time to buy!

Here’s step one.  Call your local bank, or one of the mortgage brokers that now serves the Virgin Islands, and get yourself pre-qualified.  What is being pre-qualified?  It’s when a lender tells you that you’re someone they will likely provide a loan to, and they spell out how large a loan they’ll consider providing.  Without this knowledge you know what price home you can afford–  without it, there’s no point in searching for a home.  Sometimes you can get pre-qualified on the phone, or your bank may ask you to complete an application.  Chances are, there is no fee involved, and no obligation to do business with the institution that pre-qualifies you.  You’ll need to provide personal financial information, and be prepared to have your credit checked.  But, once completed, you’re ready to take advantage of this buyer’s market and Sea Glass Properties will gladly assist you.

Home prices on St. Thomas have dropped an average of 15% this year, compared to the same period last year.  And, there are significantly more homes to choose from.   Call a  bank  or a mortgage broker, and start the conversation that will begin to build equity for your family!

Barbara Birt
Sea Glass Properties
340-690-9995

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