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.

Singer Island, Florida – Weekly Condo Update 10/02/09 – Condos for Sale

There are 335 condos for resale on Singer Island; 13 condos are currently pending. Only one condo sold within the past 7 days; it sold for 79% of list price after being on the market for 409 days. 

Rates dropped below 5 percent for the first time in four months with the 30-yr fixed mortgage at 4.94 down from 5.04%. The average 15-year fixed mortgage rate decreased as well to 4.36% from 4.46%.

Pending home sales have now increased for a seventh straight month, the longest in the series of the index which began in 2001.  So the good news is sales are up, but prices are down.  Sales of existing homes in Florida rose 28 percent in August compared to August 2008.  The median sales price for existing homes in August decreased 22 percent from a year ago.  The sales of existing condominiums statewide increased 45 percent compared to last year.

Closer to home, the condominium inventory on Singer Island has decreased 40.6% from this time last year; and condominium pending sales are up 66.7% for the same period.

According to mortgage experts polled by Bankrate.com, 50 percent expect rates to hold steady over the next 30 to 45 days; while 21 percent foresee an increase and the remaining 29 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 09/25/09 – Condos for Sale

There are 338 condos for resale on Singer Island; 14 condos are currently pending. No condos sold within the past 7 days. 

Rates remained the same as week remaining near the record lows with the 30-yr fixed mortgage at 5.04%.  The average 15-year fixed mortgage rate decreased slightly to 4.46% from 4.47%.

Applications for home loans surged nearly 13 percent over last week as buyers and owners refinancing anre taking advantage of the low mortgage rates.  Washington is also still considering extending the $8,000 tax credit for first time home buyers into next years.  This credit is due to expire November 30, 2009.

 According to mortgage experts polled by Bankrate.com, 69 percent expect rates to hold steady over the next 30 to 45 days; while the remaining experts are almost evenly split with 15 percent who think rates will rise and 16 percent predict they will fall. 

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

 

Weekly Condo Update 09/18/09 – Condos for Sale on Singer Island, Florida

There are 334 condos for resale on Singer Island; 11 condos are currently pending. Only one condo sold within the past 7 days; it sold for 90% of list price after being on the market for 58 days. 

Rates moved lower for a third straight week remaining near the record lows with the 30-yr fixed mortgage at 5.04% down from 5.07%. The average 15-year fixed mortgage rate also decreased slightly to 4.47% from 4.50%.

According to Sung Won Sohn, an economics professor at California State University, rates are likely to stay low for another six months or more, because the central bank does not want to imperil a recovery in the housing market and the overall economy by acting too quickly.

Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically over the past year, 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, 59 percent expect rates to hold steady over the next 30 to 45 days; while 25 percent predict further drops, only 16 percent see an increase.

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

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

There are 336 condos for resale on Singer Island; 9 condos are currently pending. No condos were sold within the past 7 days.

Rates moved lower for a second straight week remaining near the record lows with the 30-yr fixed mortgage at 5.07% down from 5.08%. The average 15-year fixed mortgage rate also decreased slightly to 4.50% from 4.54%. Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically over the past year, 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, three fourths of them believe the rates will either rise (38 percent) or remain relatively unchanged (38 percent) over the next 30 to 45 days; the remaining 24 percent of the experts think rates will fall.

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

Weekly Condo Update 09/04/09 – Condos for Sale on Singer Island, Florida

 

There are 335 condos for resale on Singer Island; 8 condos are currently pending. Five condos sold within the past 7 days for an average 78% their original list price; being on the market for an average 217 days.

Rates moved lower this week remaining near the record lows with the 30-yr fixed mortgage at 5.08% down from 5.14%. The average 15-year fixed mortgage rate also decreased slightly to 4.54% from 4.58%. Despite government efforts to prop up the mortgage market, qualifying for a loan is still tough. Lenders have tightened their standards dramatically over the past year, 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, half (50 percent) expect mortgage rates to decrease over the next 30 to 45 days; whereas the remaining experts are fairly evenly split between the rates increasing (21 percent) and remaining relatively unchanged (29 percent).

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