Ann Arbor, MI Real Estate Learn How to Buy a Home in Ann Arbor, MI!
Buying a Home in Ann Arbor, MI
Finding a new place to call home starts with finding the right community. If you’re interested in buying a new home, I suggest narrowing your search around Ann Arbor.
Below, you can get a quick glimpse at what it’s like to live here and what to expect when buying a home in Ann Arbor, MI.
Homes for Sale in Ann Arbor, MI
Ann Arbor’s real estate market can easily be divided into two categories: Single-family homes and condominiums. Both styles of property are readily available, and finding the right place really depends on what you’re looking for. Smaller neighborhoods located around Ann Arbor feature single-family homes that offer modern amenities like spacious living areas, state-of-the-art kitchens, and updated bathrooms.
If you’re looking for a property that will put you within walking distance to your work, then I would suggest looking at condominiums in the area. Each condominium comes with extra features like exercise/workout area, swimming pools, and community gardens. And let’s not forget the best feature: Ann Arbor condos provide just as much space as a home does. To see what Ann Arbor real estate brings to the table, click the button below.
Neighborhood Hot Spots
Located on the northwest side of Ann Arbor, the community of Abbot features a mix of cozy, ranch-style homes and larger, contemporary properties. People I’d recommend this neighborhood to include families looking for a quiet area to reside in and buyers looking to be located near some of Ann Arbor’s best schools.
Burns Park ★★★★★
If you want to find homes that match the character of Ann Arbor, then Burns Park is the place to live at. Featuring some of the town’s oldest and most beautiful homes on the market, you’ll find properties that put you within a stone’s throw of the University of Michigan and other entertainment. So, if you’ve been looking for a neighborhood that is lively, then you should start your home search here.
Have you been thinking of starting a family? Are you looking to avoid a long commute to work? Then Eberwhite is the neighborhood for you. This quaint area is the perfect blend between slower-paced neighborhood living while being minutes from the heart of Ann Arbor activity. When you find a home here, you’ll find that you’re only a couple steps from awesome shops, restaurants, and nightlife.
Common Questions Buyers Ask
Q: How much can I afford to buy?
A: Figuring out which price range you should be looking at depends on a number of variables. Most mortgage lenders will advise that you don’t spend more than 28% of your gross monthly income on a mortgage payment every month. So, take your monthly income and times it by 0.28 to find which price range (in mortgage payments) you should be looking for. Also, take into consideration the amount of debt you have and your credit score. All these factors will impact your interest rate and the loan amount you can be approved for. The best way to figure out how much you can afford is to contact our local mortgage expert or you can get a quick estimate from Zillow.
Q: How large of a down payment do I need to put down?
A: It’s typically suggested that you put down at least 20% of the home’s price as a down payment. Obviously, not everyone can afford that, so the rule is adjustable. Some buyers (like first-time homebuyers) can put down as little as 3%, but the catch is that you have to pay premium mortgage insurance (PMI) on top of your monthly mortgage payment.
Q: Is the home’s price negotiable?
A: Yes, you can negotiate about a home’s price if you are interested in the property. But keep in mind that the homeowner has every right to say no. My best advice in this situation is to rely on your real estate agent. They will have years of experience doing this and know what makes a homeowner tick. They will know how to sweeten the deal — to help you get a better deal. Some quick tricks and tips to negotiating a home’s price are: 1) Look at what other homes are selling for. Is the home you want selling for more than average? 2) Figure out why they want to sell, and see if you can help them achieve their goal by changing up the contract (to make the deal better in their eyes).
Ann Arbor Rankings
- #1 Most Educated City in USA (Forbes.com)
- Best Places to Live (Money.com)
- Top 100 Best Cities to Live In (Livability.com)
- #3 Best Mid-size City to Raise Children (MyLife.com)
- #1 Most Intelligent College Town in America (Zoomtens.com)
- #4 Most Walkable City in America (Governing.com)
- #1 Best and Most Collaborative Large U.S. College — University of Michigan (Huffington Post)
Ann Arbor Culture: Doing Life Different
Have you wanted to live in a city that is different from all the rest? Then it’s time to find the right home for you. Spend some time and get to know what Ann Arbor has to offer. Real estate opportunities are always waiting. If you need help finding the right house, please don’t hesitate to contact us.