Island resorts and all the amenities they offer aren’t just for the young!
Today I’m at the top of Pigeon Island Mountain in St. Lucia in the West Indies. But why? Before I get into that, here’s a look at what’s going on in the Louisville and southern Indiana real estate markets:
Just as COVID hit in 2020, the market for homes crashed. Almost no one was buying houses, and few were sold. By the end of the year, however, things were better than back to normal; the number of homes on the market had gone down and home prices skyrocketed thanks to the number of buyers in the market looking. That, in combination with our low interest rates, gave us a recipe for a buying frenzy—if buyers could find a home, that is. Unemployment and lack of funds due to the pandemic did cause problems for those who weren’t able to make their mortgage payments, but overall, it wasn’t as bad as some had feared.
Additionally, Lawrence Yun, chief economist at the National Association of Realtors, said, “Any foreclose increases will likely be absorbed by the market. It will not lead to any price declines.”
If you’re having problems paying your mortgage because of the coronavirus, follow these five steps from the Consumer Financial Protection Bureau to get help:
1. Find the contact information for your servicer on your mortgage statement.
2. Call your servicer and explain your situation (be sure to use the number on your statement to avoid scams).
3. Ask if you’re eligible for protections under the CARES Act, which protects homeowners with federally backed loans like the FHA, VA, USDA, Fannie Mae, and Freddie Mac loans.
4. Ask what happens when your forbearance period ends. Also, be sure to ask:
- What happens to the payments I miss?
- What are my repayment options?
- When will repayment be due?
- Are there any fees?
5. Ask your servicer to provide the agreement in writing and check to make sure it matches what you discussed.
Meanwhile, home sales are skyrocketing both locally and nationally. Seller traffic (the number of homes going on the market) is pretty weak across the nation, and we expect the housing supply to be low as we continue into 2021. We have both buyer and seller guides for the winter of 2021, so if you’re interested in seeing those, reach out to us and we’ll send you a link.
So, why am I coming to you today from the summit of Pigeon Island Mountain?
Well, the view is absolutely gorgeous, but getting up here and experiencing the Secrets Resort was also pretty incredible. Secrets Resort is only about an hour-and-a-half drive from the airport (where they’ll pick you up and drop you off at a beautiful Sandals Resort). It’s all-inclusive, meaning your meals are all free. Staying here, you’ll get a chance to do a lot of things that you may not ever have had the opportunity to do before like mountain climbing, scuba diving, and more. I even got permission from the St. Lucia government to bring my drone and I got some great aerial photos!
I bring this all up because, while there are many resources online for younger people to travel, there weren’t as many for those of us who are seniors. I thought it would be a good idea to write a post about seniors enjoying life and going to places like Sandals, where you can learn to sail and so much more. Starting at 3:50 in the video above, you can see clips of me learning how to sail and scuba dive. It was an amazing experience that I can’t recommend highly enough.
If you’d like more information about Sandals or buying and selling real estate, reach out to us at any time. We’d love to hear from you!