Thinking of Buying A Home? Get Off The Fence And Buy Because It’s Costing You Money.

Home Buyers Need To Get Off The Fence!For Buyers that are on the fence about, they should take a step closer and jump off now. Supply and demand is having effect on the Twin Cities home prices and they are on the rise. Now is the time to act or it's possible they will be spending thousands of dollars more on their next home.In the Twin Cities region, for the the week ending March 16th, 2013; the median sales price increased 15.5% to $160,000 and the days on market decreased 22.2% to 112, in comparison to 2012. For an example; the median home price in February last year was $138,500 and this year it was $160,000. If you were to finance $138,500 with a 30 year mortgage at a fixed interest rate of 3.75%, the principle + interest payment would be $641.42 per month. Monthly payments for $160,000 are $740.98 at the same rate and term. If you were buyer that has been waiting since last year to buy, you would be paying $1,194.72 more per year based on the increased median value. That is a lot of extra money you're paying, just because you're standing on the fence trying to decide wether or not you should buy. Interest rates on home loans could be on the rise sooner then we think too. With this combination: Higher home prices + Higher home loan interest rates = Higher monthly payments and less home for your money.The City of Fridley, on the other hand, has experienced a decrease of 4.1% in the median sale price from February 2012 to 2013. The median price fell from $104,500 to $100,210. The number of days on the market until a sale is better than the Twin Cities average and is down 43.8% from last year.If you're one of those buyers on the fence, do yourself a favor and contact a reputable mortgage consultant.(http://www.TimSwierczek.com) This consultation should be FREE and if it's not, find someone else. A mortgage loan officer can help you get pre-approved and determine a monthly payment you would qualify for. They can also suggest a mortgage product that would best fit your needs. If you have not owned a home in the last 3 years, make sure you ask if they have access to First time Buyer Down Payment Assistance programs and if you qualify.Once you have talked to a mortgage consultant, contact an experienced licensed real estate Broker. (http://www.TimVanAuken.com) They can guide you with their specialized knowledge, making your dream of becoming a homeowner a reality.Courtesy of Tim Van Auken - Counselor Realty, Inc. - MN Licensed Broker - Equal Housing OpportunityReal Estate Website: http://www.TimVanAuken.com Mortgage Website: http://www.TimSwierczek.com