Let's say that the Twin Cities home prices flatline for the next year. That is fairly unlikely, but it could happen. Let's take a look at the average sales price in the Twin Cities right now.
The good news is that it's up 12% since last year! Now if prices do not go up a bit, but the rates do what is projected to happen, let's see how that affects a buyer in the Twin Cities, should they wait to buy one year. First here is the projection on what is going to happen to rates in the near future:
Now let's use a nice easy number of $250K for a home in the Twin Cities. What happens if this comes true a year from now?
Our Twin Cities buyers who are on the fence, should not wait to buy a home if they are thinking of making a move in the next year and financing the purchase. Over the course of the loan, this could cost them thousands!
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