Ann Arbor – Homes for Sale in Ann Arbor Michigan
Homes for sale in Ann Arbor, Michigan, the county seat of Washtenaw County, come in all sizes, shapes, colors and prices. Prices start at under $100k for older properties, condominiums and “pre-foreclosures” and top out at $20 million for a 120 acre “sanctuary”.
Architectural styles range from classic to modern, ranch to Nantucket. With one district listed on the National Register of Historic Places, there is truly something for everyone in the Ann Arbor homes for sale listings.
The land comprising Ann Arbor was originally purchased from the federal government for $800 by speculators John Allen and Elisha Rumsey in 1824. Needless to say, property values have increased dramatically since that time.
The story goes that John and Elisha both had wives named Ann and that the original “arbor” consisted primarily of burr oak. The city has strived to remain true to its “Tree Town” nickname, preserving numerous acres for parks and recreation areas. Some say that there are nearly as many trees as residents in Ann Arbor.
Founded in 1824, incorporated as a village in 1833 and chartered as a city in 1851, Ann Arbor has a long and interesting history. Originally, the founders had hoped that their village would become the state capital, even setting aside forty acres of land for the purpose. But, when Lansing was selected in 1836, the land was donated to the University of Michigan, beginning Ann Arbor’s history as a “college town”.
The original 40 acre donation is now part of the Central Campus, one of the three residence halls at the university. Even with the sixth-largest campus housing system in the United States, there is still a large market for off-campus housing, primarily in the form of condos and lofts. Advertising in the Ann Arbor homes for sale listings often targets graduate students, research assistants, faculty and their families, by relating the location of the house to the university.
With undergraduate programs ranging from literature to engineering, one of the largest research facilities in the country and numerous popular athletic teams, the University of Michigan attracts both people and employers to the area. Employers are attracted by the students. Likewise, students often stay in the area, because of the employers. Some stay to complete graduate programs. Others find careers at the university, which provides about 30,000 jobs to Ann Arbor residents. The resident population is continuously growing.
Buyers and investors may see a large number of properties coming on the market over the next two years. Pfizer, the city’s second largest employer, announced in January 2007 that it would be closing the large research facility located there by the end of 2008.
Lay-offs and other changes in the automotive industry may also cause an increase in the number of homes for sale in Ann Arbor, Michigan, although the impact will likely be less dramatic than in other parts of the state, since new employers are constantly moving in. Google recently announced plans to open an office employing around 1000 people.
The number of Ann Arbor homes for sale is constantly changing. At the time of this writing, one popular realtor had over 350 listings for the area. Efforts by the city government to control “urban sprawl” has meant less new building and fewer new homes than in some areas. Newly built homes account for less than 10% of total listings.
Disturbingly, there are more than 50 homes in pre-foreclosure status in Washtenaw County.
Foreclosure can severely damage credit ratings.
Sometimes, there are alternatives for these owners willing to work with potential buyers on lease option agreements.
Lease option (also called rent to own) is also an alternative for people with poor credit ratings, willing to work to improve and for those with no savings for down payments and closing costs.
In fact, there are simple, but creative solutions for all buyers and options for any seller that is frustrated with seeing the for sale sign in the front yard for months on end. There is a buyer out there for every one of the homes for sale in Ann Arbor, Michigan.
Buy-Sell-Michigan-Real-Estate.com are real estate investors who can help find motivated buyers a home if they can’t get traditional financing and help motivated sellers sell their homes on terms or for cash.
Things To Avoid When You Are Buying Ann Arbor Real Estate
OK, you’ve found the Ann Arbor condo of your dreams and negotiated a fantastic real estate purchase agreement. You may have even already had your home inspection. You probably have a list of items to do, but you could be missing the list of what to avoid.
Here are some things to avoid for the duration of your transaction to assure your purchase goes as well as possible:
1. Don’t inform all your friends and family about the home.
It may be appealing to tell all your friends about the property and even to arrange to have your family see it. The issue with this is that you can get psychologically tied up in the property when there are still hurdles to leap over. In Ann Arbor the purchase isn’t complete till the money changes hands and you’ve gotten the warranty deed. Until then you need to be objective, not emotional. Telling your friends about the home you are buying can link your ego to the purchase and that can influence you to make bad decisions. To optimize a real estate transaction you need to feel you have the power to walk away. It will be much more difficult if you already own the home in your mind. Like we’ve said for years, fall in love with the home after you own it.
2. Don’t make any major purchases. You may intend to send off for that new lounger for your soon-to-be livingroom, but it is best to steer clear of making major purchases like boats, furniture, cars, appliances, jewelry, or vacations until after the closing. Financing that transaction with a credit card could endanger your credit worthiness during the time it has the greatest effect on your financial situation. Using cash to purchase big items can also produce a problem because many banks take into account your cash reserve when approving your home loan. It is much easier to get credit after you purchase a home. So put off those major purchases if at all possible.
3. Don’t switch employers. Lenders like to see a consistent employment history. Unless you are relocating for a new position it is best to avoid any employment changes. In general, if you are working in the same sort of position, changing jobs will not influence your ability to meet the criteria for a home loan. But with banks being more careful these days this is an additional event to try to
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steer clear of.
4. Don’t switch your financial institutions. As part of the home loan approval procedure you will usually be asked to provide bank and investment account statements for the last three months on your accounts where you have your liquid assets. To reduce the potential for fraud, banks these days require a exhaustive paper trail to document the source of all assets you will be using to purchase your home. Changing banks, paying off one credit card with a different one or transferring money from one institution to another, could make it difficult for the lender to plainly see where your buying funds are coming from. What they are really interested in is seeing the trail of funds and making sure you are not borrowing funds for a down-payment or closing costs to acquire your Ann Arbor home.
5. Don’t dispose of the receipts from your home buying expenditures. Some lenders allow you to be reimbursed at the time all the final papers are signed for some costs like your home inspection and your lawyer’s fees. But they won’t allow it without the paid receipts. They might also be useful during tax season. Hang on to them.
6. Don’t drag your feet when you are following up with your lender’s requests. You are responsible for helping your bank get your financing approved. At the time they ask for documentation do your best to supply those as promptly as you are able to. It is easier to get difficulties handled if the bank discovers them early in the process.
Avoiding these six things can make your Ann Arbor real estate buying experience smoother and much more enjoyable.
By: Jon Boyd
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Exclusive Buyer Agency Ann Arbor
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