For St. Croix Real Estate, indications are that 2015 will be a good time to buy. According to RISMedia, a leading source for real estate information, home prices have stabilized, rising only 4.5% nationally between January and October 2014 as compared to a much higher 11% increase during the same period in 2013.
Also to buyers’ advantage:
- fixed 30-year mortgage rates have settled below 4%. They’re a tad higher in the Virgin Islands.
- Nationwide, rents have reached a seven-year high due largely to increased demand for rentals that followed the decline in the housing market. It’s interesting to note that, despite the flexibility that renting offers, a recent Fannie Mae survey reported that 9 out of 10 renters would rather own if possible.
- Economists predict that mortgage rates may reach 5% by year’s end — low, but still not as low as at present.
- St. Croix’s market is robust, a reflection of the strong market in the continental U.S. Island realtors have a good inventory of homes for sale and resort properties are a particularly great value. Buyers here also benefit from low interest rates.
All things considered, it looks like 2015 will be a great time to buy.