It is believed that Real Estate in general is in a “holding” pattern. Given the current economic news and jobs reports, many professionals and sellers are looking for signs that the market will somehow improve. Pending homes sales declined in July by 1.3 percent from the prior month. There are experts that blame the stall on the continued mortgage muddle.
Lawrence Yun, National Association of Realtors chief economist said, “Sales activity is underperforming. The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy. We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and stream lining the short sales process.” He continued, “It is not a question of lending standard and consumers having the necessary confidence to enter the market.”
It is not just residential real estate that is in limbo. Commercial real estate vacancy rates are also flat, due in part to weak job growth.
Condominiums priced under $500,000 remain very strong. The rentals this year have been at an all time high as people, skeptical of the market are choosing to rent instead of purchasing. Likewise, many owners who have been forced from their homes by foreclosure are renting as an alternative.
Our market update (click on tab at top of page) provides detailed information regarding condos currently listed, pending and sold on Singer Island including recent price reductions, new listings and homes that have come back on the market.
Enjoy this information prepared just for you!
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For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].