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

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Singer Island, Florida

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 [email protected]

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