Housing affordability is becoming a bigger obstacle in the housing market. Homes were 80% more expensive in June than they were in 2019. Read more.
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Monthly Archives: July 2022
US Virgin Islands Tourism Is Booming
It’s been one of the biggest success stories in Caribbean tourism since the onset of the pandemic: the US Virgin Islands, which expertly navigated the uncertain waters of the pandemic and came out with record-breaking numbers.
Indeed, from June 2021 to May 2022, the US Virgin Islands had the highest hotel occupancy in the Caribbean, with a 72.5 percent number, according to data from STR.
The USVI also led the region in average daily rate at $637 and revenue per available room, $461.61, during the same period.
And the numbers keep getting even better.
In a sizzling start to 2022, first-quarter visitor arrivals surged 153 percent compared to the same period in 2021, with a total of 452,764 visitors, according to Tourism Commissioner Joseph Boschulte.
The USVI also saw a rapid increase in new airlift during the pandemic; Transportation Security Administration data showed that the USVI was the fastest-growing location for total airlift capacity in the Americas from 2019 to 2021.
The hope, Boschulte tells Caribbean Journal, is for these numbers to stay strong.
“Based on our tourism numbers for Fiscal Year 2022 and projecting into next year, we are feeling confident that visitation to the U.S. Virgin Islands will continue on an upward trajectory,” Boschulte says. “Thanks to our efforts in attracting more airlift, our overnight visitor numbers have soared, leading to record hotel occupancy for the Territory.”
The US Virgin Islands has also seen its cruise industry, which was largely dormant for the calendar year 2021, rebound in a big way.
The USVI is projected to see more than 450 calls and 1.4 million passengers in the fiscal year 2023, up from just under 250 calls and around 480,000 passengers in fiscal year 2022.
The aim is to add 70 percent more passengers to Crown Bay in St Thomas, and to triple the numbers in St Croix’s cruise port in Frederiksted in 2023.
The latter will come from a major expansion by Royal Caribbean, which is adding three times it’s passenger volume to Frederiksted, it announced at SeaTrade earlier this year.
“With airlift at record highs and continuing to increase, thanks to our aggressive efforts to attract new service, and with the return of the cruise business this year, we expect our visitor numbers to match or exceed the pre-pandemic year of 2019,” he said.
“We are not resting on past efforts. Working closely with government leadership and local tourism partners, we are continuing to develop programs and products that will attract new and repeat visitors, including in the meetings, incentives, conventions and events (MICE) business,” Boschulte says. “We are ensuring we are top of mind with travel advisors and the media, using our social media platforms and other trade and public relations efforts to keep these audiences engaged and informed.”
The post US Virgin Islands Tourism Is Booming appeared first on Caribbean Journal.
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Why Is a Cash Offer Better Than a Mortgage?
It’s a seller’s market right now in real estate, meaning if you’re ready to sell your home, now’s the time. If you’re looking to buy a home, you’ll need to be competitive.
One way to make your home bid stand out is by paying with an all-cash offer instead of a mortgage.
Why is a cash offer better than a mortgage in this competitive market? Well, there a quite a few reasons. In this guide, we’ll explore everything you need to know about a cash offer vs mortgage.
What’s the Difference Between a Cash Buyer and Mortgage Buyer?
Whether you decide to pay for a home with an all-cash offer or with a mortgage, there are some important pros and cons to consider.
A mortgage is a type of loan specifically designed for home sales and usually includes a high interest rate. With a mortgage, the money lender can take your property if the payment terms are not met. How big of a mortgage you qualify for will depend on your financial situation.
An all-cash offer, on the other hand, means the buyer wishes to purchase the home outright, with no money lender or other financier involved. This means they have enough liquid assets to afford the home without assistance from a financial institution. For sellers, this is usually a much more attractive option when deciding whom to sell to.
Why is a Cash Offer Better Than a Mortgage for Sellers?
In general, a seller is much more likely to accept an all-cash offer than a financed bid on their home. This is because when selling a home, cash offers represent less risk to the seller.
A cash offer vs mortgage for a seller can give sellers more confidence in the buyer. With a cash offer, there’s no chance financing could fall through. This ensures the deal goes ahead as planned.
Some other reasons sellers probably prefer cash offers include:
The Sale Closes Faster
Selling a home can be a nerve-wracking process. When selling to a mortgaged buyer, the time you’ll spend wondering if the deal will go through is even greater.
Even for those with a mortgage preapproval, it can still take 45 to 60 days to close the transaction. That’s two months of worrying about anything and everything that could go wrong.
Cash offers, on the other hand, usually close within two weeks.
Fewer Inspections or Appraisals
Mortgage lenders often require that a home meets certain standards before they’ll process the transaction. This usually means that buyers will request come appraisals or inspections before closing a home sale. All these inspections can cost you serious time and money.
All-cash buyers are also sometimes willing to pay more than the appraisal price for the home. They also usually have the liquid assets to accommodate this.
Fewer Contingencies
Mortgaged buyers are much more likely to place a contingent offer. This means that they’ll only buy the home if it meets certain conditions. For example, appraisals and inspections are examples of contingencies, though they aren’t the only ones.
Buyers may request a loan contingency, which means they can easily drop out of a home sale contract if a loan is not secured. This can be a major waste of time and effort for the seller.
All-cash buyers generally won’t request contingencies. This gives the seller peace of mind that the sale can go through in a timely and simplified manner.
Close the Sale Faster and Easier
The closing process is usually drawn out and difficult for buyers and sellers alike. But with a cash offer, the process is much more simple.
Money lenders often request more paperwork, more home requirements, and more effort from both the buyer and the seller. When you cut out the middle man, the home sale closes much more quickly.
Is a Cash Offer on a House Better for Home Buyers?
Cash offers make up only about 36% of sales bids. For those stuck in bidding wars, cash offers set you apart from other buyers. In a market as competitive as the one we’re currently in, that can be a huge bonus.
Cash buyers also receive the same benefits sellers do, including saving time and money on closing costs and interest. Plus, they give you more negotiating power, as sellers may be more eager to take a sure thing than deal with money lenders.
Additionally, cash buyers can enjoy a mortgage-free life. After all, being in any kind of debt is the easiest way to disrupt your finances.
However, there are a few drawbacks when it comes to all-cash offers for buyers. These include:
Diminish Your Liquid Assets
Buying a home in cash takes quite a few liquid assets. For some buyers, it may take all their liquid assets.
This is not necessarily a downside if you don’t have any big expenses planned in the near future. However, if you’re buying a home, the odds of unexpected expenses popping up are high.
If you decide to go with a cash offer, make sure you have more than enough money on hand. You don’t just want to account for the home sale, but for any maintenance, repairs, or remodeling that might come up, as well.
No Mortgage Tax Deduction
There may be tax deductions for those buying a home with a mortgage. This is to help cover interest rates, which can be high. However, when you buy with cash, this deduction is no longer an option.
This is not a major drawback for most buyers, though. Recent tax policy has made these deductions virtually obsolete except for a very limited number of home buyers, depending on the size of the mortgage and the mortgage’s interest rates.
While this tax deduction may not matter to some homebuyers, you could be missing out on certain savings come tax season. It’s best to talk to a financial planner or tax expert before purchasing a home in cash.
You Should Still Get an Appraisal
Though the streamlined process of avoiding an appraisal may be attractive to sellers, it could put buyers at a certain risk. Even if you’re buying your home in cash, you should opt for an appraisal. This helps you know whether you’re overpaying for the home.
Appraisals usually only take about a week. They can cost around $300 – $400. If you want to remain competitive, you can offer to pay this cost, too.
This may entice the seller to continue with the transaction, despite the extended time the appraisal will take.
How to Make a “Cash” Offer Without the Cash
Even if you don’t have enough liquid assets or feel overwhelmed by an all-cash offer, you can still be an attractive home buyer capable of winning a bidding war.
Decision-now approval is a great way to make your offer as competitive as an all-cash one.
Decision-Now Mortgage Approval
Decision-now mortgage approval is also called underwritten pre-approval or upfront underwriting. It essentially means that your loan is already funded and the remainder of the sales price has been accounted for and verified by the lender.
When you have decision-now approval, you can more easily streamline the closing process. Since this is one of the main benefits of working with an all-cash buyer, this pre-approval can make you just as attractive as a cash buyer.
Not every lender offers decision-now mortgage approvals, however. As always, you should take your time when shopping around for a mortgage to ensure you find the best possible deal.
Can You Be Foreclosed on Without a Mortgage?
The short answer is yes. Failure to pay a mortgage isn’t the only way that foreclosures happen. Your home could also be foreclosed on as a result of a tax lien.
A tax lien means that you have failed to pay your state, federal, or property taxes. As a result, the government may be able to seize your assets to cover the cost. Unfortunately, this includes your home.
Occasionally, those who have a tax lien on their home may have a short redemption period. This is an opportunity to settle their debts before the government seizes the property. Redemption periods can last anywhere from three months to three years.
However, interest may accrue during this redemption period. You may be responsible for these costs as well.
Tax Deed Sale
Your home can also be foreclosed on via a tax deed sale. This is when the property itself is sold at auction. The minimum bid for the auction will be equal to the amount owed in back taxes, plus interest.
The original owner may or may not receive any excess amount bid during the auction. This will depend on your tax jurisdiction.
Become an Attractive Buyer With an All-Cash Offer
So, why is a cash offer better than a mortgage? Well, it’s less risky, more efficient, and all-around simpler for both the buyer and the seller. However, buyers must be certain they have enough liquid assets to cover both the cost of the home and any unexpected repairs that may arise.
Cash Offers on your home?
You’re in the right place!
If you’re ready to sell your home and enter this competitive market, check out our free Home Valuation tool. With this tool, you can estimate the value of your home in just a few short minutes, create an account and get multiple cash offers.
The post Why Is a Cash Offer Better Than a Mortgage? appeared first on iBuyer Blog.
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How to Take an All-Inclusive Vacation in Grenada
Grenada has an abundance of locally grown food and spirits, and one way to tap into the Spice Island’s rich culinary diversity is to stay at one of Grenada’s resorts with all-inclusive options.
From popular brands with global recognition to family-owned luxury beach resorts, Grenada has a small but diverse group of all-inclusive options to choose from.
Spice Island Beach Resort This legendary resort set directly on Grand Anse Beach is a traditional all-inclusive, meaning fine dining, premium drinks, non-motorized water sports, and access to the fitness center and kids club in one nightly rate. The 64 suites are spread around eight beachfront acres, all opening onto the sand or gardens and many featuring private courtyard pools. The private Janissa’s Spa is Grenada’s best.
Royalton Grenada Got some Marriott points to burn? This Autograph Collection resort on Tamarind Bay might deplete your Bonvoy balance but it’s well worth the splurge on a luxury all-inclusive vacation in Grenada that includes all-suites accommodations — some on the beach, others with direct access to a private pool. Amenities include five gourmet restaurants, a spa and fitness center, a kids club and beach camp program, and butler-served Diamond Club rooms.
Sandals Grenada There’s a certain amount of homogeneity — lets call it consistency — among the resorts in the Sandals chain of all-inclusive resorts. Certain restaurant names and room types repeat from property to property, and the Red Lane spa is a given, for example. That said, we think Sandals Grenada stands out as one of the company’s more beautiful hotels, and we’re particular fans of the Love Nest suites here. Guests can sample Grenadian food at the Spices restaurant, kayak or sail in the waters off Pink Gin Beach, indulge in treatments at the spa — you’ll never get bored even during a stay of a week or more.
Coyaba Beach Resort This midsized (80-room) resort has a lovely location on Grand Anse Beach and offers two all-inclusive packages alongside American and Modified American Plan options. The premium all-inclusive deal includes all food and drinks, daily massages, snorkeling, dive, and market tours, and — my wife’s favorite — a logo robe to take home. Activities include tennis, yoga and tai chi classes, and nightly entertainment.
The post How to Take an All-Inclusive Vacation in Grenada appeared first on Caribbean Journal.
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A New Caribbean Shark?
Devanshi Kasana and her colleagues were puzzled when they discovered it: a large shark typically thought to live in the freezing Arctic – in the middle of a coral reef in Belize.
It was the first time a so-called Greenland shark, had been found in the waters of the Western Caribbean.
The shark, between 10 and 11 feet long, was found in the Glover’s Reef Marine Reserve, a coral atoll off the coast of Belize.
Kasana, a PhD candidate in Florida International University’s Predator Ecology and Conservation Lab, was working with a team of local Belizean fishermen tagging tiger sharks when they found the unusual visitor.
The final determination was that the shark was in the Sleeper shark family, and likely either a Greenland shark or a hybrid between the Greenland shark and the Pacific sleeper shark.
Greenland sharks are a mystery, with little known about the creatures, which tend to live more than 400 years.
In fact, they’re thought to be the longest-living vertebrates known to science.
But they’ve been typically known to scavenge on polar bear carcasses in a freezing habitat near the Arctic and North Atlantic oceans — not the Caribbean.
The result, Kasana and her team suggested, is that sleeper sharks “may be more common and widespread at depth in the tropics than available records indicate.”
“Great discoveries and conservation can happen when fishermen, scientists and the government work together,” said Beverly Wade, Director of the Blue Bond and Finance Permanence Unit in the Office of the Prime Minister of Belize. “We can really enhance what we can do individually, while also doing some great conservation work and making fantastic discoveries, like this one.”
Kasana published her findings in the journal Marine Biology
You can find her full article here.
The post A New Caribbean Shark? appeared first on Caribbean Journal.
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