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 [email protected]