Market Conditions in Fridley>Question Details

1terrik3, Home Buyer in Fridley, MN

What's the average time a home is on the market?

Asked by 1terrik3, Fridley, MN Sat May 26, 2012

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I went standard procedure back 90days and found a whopping 3 Sold's in Fridley. I kept it to just 3 beds going by what information you gave me. However there are currently only 6 actives so with such low inventory I am not surprised to see this little Solds.

1) 1 sold in 31 days and was an REO property for $118,000
2) 1 sold in 45 days and was an REO property for $ 149,000
3) The other sold was for $32,000 and a investor property.

This is how long it took to go into Pending, and then averaging about a month to closing table.

For Fridley you have University, Central, and Silver Lake Road going North & South. Prices are very dependent relative to where they are located to these major Roads (East of Central or West of Central for example). Many of my buyers search Fridley, Coon Rapids, Blaine, Mounds View, Spring Lake Park, etc... because the prices for TH's tend to be very similar. Anything between $110,000-$140,000 will typically go FHA, and then it is just a matter of what you can afford that determines the move-in ready condition quality. 3 bedrooms is a big difference between 2 bedrooms and the 120's tends to be a good price point. Since I work the North Metro these areas provide some of the cheapest TH's currently available.

It is still normal in this market for sellers to contribute 3% of sales price towards a buyers closing costs. Your closing costs are normally about 3.5% of sales price so the seller is covering almost all of it.

Then you have your down payment. If you are looking at these types of homes good chances you will qualify for down payment assistance like my other buyers. At minimum you will receive $4500 which will cover all of your down payment practically. All in all you should be able to buy a TH for about $1000 (this is a requirement in order to receive the down payment assistance).

I hope this information can be useful for you. If you would like to discuss anything I have said in my response the next step would be to contact me directly through Trulia. I am always more than happy to answer any questions you may have. I would also absolutely love helping you throughout this transaction if that is something you are looking for. The north metro is my area and buyers are my specialty.

Happy House Hunting!

~Christopher Block
0 votes Thank Flag Link Sun May 27, 2012
If you contact me, I will be glad to send you my latest area report showing types of property and average times in certain zip codes...Liz, 612-986-4105
0 votes Thank Flag Link Sat May 26, 2012
Its a 3b TH in FRIDLEY, what are CURRENT listing to close time & prices. What kind of incentives are sellers offering?
0 votes Thank Flag Link Sat May 26, 2012
It really varies depending on size, location, area, style, time of the year, price point etc. I'd love to help you understand more......feel free to contact me anytime
0 votes Thank Flag Link Sat May 26, 2012
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