Singer Island Florida – Weekly Market Update 12/11/09 – Condos for Sale

 

There are 350 condos for resale on Singer Island; 14 condos are currently pending. Two condos sold within the past 7 days at a sales price of 82% and 71% of list; and days on market of 76 and 301, respectively.

Rates for the 30-yr. fixed mortgage rose to 4.81 percent this week up from the record low last week of 4.71 percent; still remaining below the 5 percent benchmark. Last year at this time, the 30-year fixed mortgage averaged 5.47 percent. 

The average 15-year fixed mortgage rate rose to 4.32 percent from 4.27 percent the previous week.

Mortgage applications to buy a home rose 4 percent last week, while refinance applications jumped 11 percent from th prior week according to the Mortgage Bankers Association.

Fifty-seven percent of the mortgage industry experts polled by Bankrate.com expect the rates to rise over the next 30 to 45 days; while 14 percent foresee an additional decrease and the remaining 29 percent expect no change.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island Florida – Weekly Market Update 12/04/09 – Condos for Sale

 

There are 347 condos for resale on Singer Island; 14 condos are currently pending. Three condos sold within the past 7 days at an average sales price of 86% of list; and average days on market of 315.

Rates for the 30-yr. fixed mortgage reached a new record low this past week falling below the previous record low of 4.78 percent to 4.71 percent. Last year at this time, the 30-year fixed mortgage averaged 5.97 percent. The 30-year has not been this low since the week ending April 30, 2009, when it averaged 4.78 percent.

The average 15-year fixed mortgage rate fell to a record low of 4.27 percent from 4.29 percent the previous week.

Sixty-two percent of the mortgage industry experts polled by Bankrate.com do not expect the record-low rates to last long.  Only 7 percent foresee an additional decrease over the next 30 to 45 days, while the remaining 31 percent expect no change.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island Florida – Weekly Market Update 11/27/09 – Condos for Sale

 

There are 348 condos for resale on Singer Island; 132 condos are currently pending. One condo sold within the past 7 days at a sales price of 79% of list; and days on market of 285.  

Rates for the 30-yr. fixed mortgage fell to the all time low once again as it dropping to 4.78 percent from 4.83 percent. Last year at this time, the 30-year fixed mortgage averaged 5.97 percent. The 30-year has not been this low since the week ending April 30, 2009, when it averaged 4.78 percent.

The average 15-year fixed mortgage rate decreased as well to 4.29 percent from 4.32 percent.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island Florida – Market Update 11/20/09 – Condos for Sale

 

There are 347 condos for resale on Singer Island; 13 condos are currently pending. Two condos sold within the past 7 days at a sales price of 57% and 70% of list; and days on market of 681 and 610 days, respectively.

 

 

Rates for the 30-yr. fixed mortgage stayed below 5 percent for the third straight week; dropping further to 4.83 percent from 4.91 percent. The average 15-year fixed mortgage rate decreased as well to 4.32 percent from 4.36 percent.

This week’s 4.83% is closing on the record low 4.78% that occurred last Spring  and is still propelling buyers. One in 20 Americans say they plan to buy a home within the next year, and they’re most likely to be 34 years old or younger and living in the South or West, according to a Move.com survey.  Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.

According to mortgage experts polled by Bankrate.com, 55 percent expect rates to remain the same over the next 30 to 45 days; while 45 percent foresee an increase and no one expects further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island Florida – Condo Market Update 11/13/09 – Condos for Sale

 

There are 342 condos for resale on Singer Island; 12 condos are currently pending. Two condos sold within the past 7 days at a sales price of 84% and 82% of list; and days on market of 279 and 69 days, respectively. 

Rates for the 30-yr. fixed mortgage stayed below 5 percent for the second week; down to 4.91 percent from 4.98%. The average 15-year fixed mortgage rate decreased as well to 4.36% from 4.40%.

Last week, Congress passed a bill extending and expanding the homebuyers tax credit.  First-time buyers, which includes anyone who has not owned a home in the past three years, would still get up to $8,000 tax credit.  The tax credit expansion now includes buyers who have owned their current home at least five years; they will be eligible for a credit up to $6,500.  To qualify, buyers have to sign a purchase agreement by April 30, 2010 and close by June 30.

Lenders are still cautious and standards remain tight, so the best rates are available only to borrowers with solid credit and a 20 percent down payment.

According to mortgage experts polled by Bankrate.com, 45 percent expect rates to remain the same over the next 30 to 45 days; while 46 percent foresee an increase and only 9 percent expect further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island Florida – Weekly Condo Update 11/06/09 – Condos for Sale

 

There are 334 condos for resale on Singer Island; 11 condos are currently pending. Six condos sold within the past 7 days for an average sales price 87% of list; and aveage days on market of 281 days.  

Rates for the 30-yr. fixed mortgage dipped below 5 percent after climbing for three straight weeks; down to 4.98 percent from 5.03%. The average 15-year fixed mortgage rate decreased as well to 4.40% from 4.46%.

Pending sales on existing homes rose for the eighth straight month in September, while residential construction spending jumped by 3.9 percent, the largest gain in more than six years.  Still lenders are cautious and stardards remain tight, so the best rates are available only to borrowers with solid credit and a 20 percent downpayment.

According to mortgage experts polled by Bankrate.com, 50 percent expect rates to remain the same over the next 30 to 45 days; while 43 percent foresee an increase and only 7 percent expect further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island Florida – Weekly Condo Update 10/30/09 – Condos for Sale

 

There are 333 condos for resale on Singer Island; 15 condos are currently pending. Only one condo sold within the past 7 days for a sales price 47% of list; and days on market of 546 days. 

Rates for the 30-yr. fixed mortgage climbed for the third straight week up to 5.03 percent from 5.00%. The average 15-year fixed mortgage rate increased as well to 4.46% from 4.43%.

Despite the government’s effort to support the housing market though their purchase of over a trillion dollars of mortgage-backed securities; qualifying for a loan is still difficult. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down-payment.

According to mortgage experts polled by Bankrate.com, 67 percent expect rates to increase over the next 30 to 45 days; while 25 percent foresee no rate change and only 8 percent expect further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island, Florida – Weekly Condo Update 10/23/09 – Condos for Sale

 

There are 337 condos for resale on Singer Island; 13 condos are currently pending. Three condos were sold within the past 7 days for an average sales price 79% of average list; and average days on market of 231 days. 

Rates for the 30-yr. fixed mortgage inched up to 5 percent this week from 4.92%. The average 15-year fixed mortgage rate increased as well to 4.43% from 4.37%.

Despite the government’s effort to support the housing market though their purchase of over a trillion dollars of mortgage-backed securities; qualifying for a loan is still difficult. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down-payment.

According to mortgage experts polled by Bankrate.com, 55 percent expect rates to increase over the next 30 to 45 days; while 33 percent foresee no rate change and the remaining 12 percent expect further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island, Florida – Weekly Condo Update 10/16/09 – Condos for Sale

 

There are 336 condos for resale on Singer Island; 14 condos are currently pending. Four condos were sold within the past 7 days for an average sales price 80% of average list; and average days on market of 270 days. 

Rates stayed below 5 percent for a third straight week although they inched upward with the 30-yr fixed mortgage at 4.92% up from 4.87%. The average 15-year fixed mortgage rate increased as well to 4.37% from 4.33%.

Despite the government’s effort to support the housing market though their purchase of over a trillion dollars of mortgage-backed securities; qualifying for a loan is still difficult.  Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down-payment.

According to mortgage experts polled by Bankrate.com, 67 percent expect rates to increase over the next 30 to 45 days; while 25 percent foresee no rate change and the remaining 8 percent expect further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.

Singer Island, Florida – Weekly Condo Update 10/09/09 – Condos for Sale

  

There are 338 condos for resale on Singer Island; 16 condos are currently pending. No condos were sold within the past 7 days. 

Rates stayed below 5 percent for the second straight week with the 30-yr fixed mortgage at 4.87% down from 4.94%. The average 15-year fixed mortgage rate decreased as well to 4.33% from 4.36%.

The below 5% rate has kick-started home refinancing activity.  Refinance applications are up 18 percent from last week and homeowners considering refinancing should act soon while mortgage rates remain low.  They will be going up in time with the Federal Reserve’s recent annnouncement that it is slowing down a program intended to lower mortgage rates and boost the housing market.

According to mortgage experts polled by Bankrate.com, 57 percent expect rates to hold steady over the next 30 to 45 days; while 29 percent foresee an increase and the remaining 14 percent expect further reduction.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at Jeannie@JWalkerGroup.com.