First Time Home Buyer Guide in Ann Arbor
a guide for first time home buyer
Ann Arbor, MI
featuring guidance from Veronica Long
WELCOME TO ANN ARBOR
In addition to being a thriving university town and culinary mecca, Ann Arbor is also a tech powerhouse with a walkable downtown that is home to top-notch arts and culture. Ann Arbor, which is situated in Washtenaw County in southeast Michigan’s Lower Peninsula, serves as the hub of a larger group of settlements. Ann Arbor was ranked first in Fortune’s list of the 25 Best Places to Live for Families in 2022. The city’s high ranking was attributed by the business journal to its top-rated schools, multiple yearly community-focused events, the University of Michigan, and Michigan Medicine.
VALUABLE GUIDANCE FOR HOME BUYERS
Trends in the Ann Arbor Real Estate Market
The market has become a lot more buyer friendly over the past few months. There is more of an ability to negotiate an offer and to have time to think before making a decision. Both the number of buyers and sellers have decreased, so it may take a little longer until the right home or purchaser comes along.
The market has become a lot more buyer friendly over the past few months. There is more of an ability to negotiate an offer and to have time to think before making a decision. Both the number of buyers and sellers have decreased, so it may take a little longer until the right home or purchaser comes along.
Tips for First Time Home Buyers in Ann Arbor
Do your homework. Differentiate between a Need and a Want by seeing real-life options. Figure out what is realistic to expect in different styles of properties. For example, there are many beautiful, historic homes in the area, but they tend to be smaller in size. Start attending open houses to see what things like different square footage amounts feel like in person. Schedule a visit to the schools in the area and see what fits your family’s needs. Do a mock commute for where you’re open to in order to see if you would be able to make the drive every day. Look up the taxes for the areas you’re considering to and see how they fit with your budget. Research crime and other statistics to assess your comfort level. Familiarize yourself with normal items that may come up during an inspection to see if you are okay with taking them on (radon, Orangeburg pipe, etc). Join a local online forum to see what is being talked about in any of your potential new neighborhoods. You’ll find that by getting more specific in what you look at, you can either broaden or narrow your focus to more manageable areas of priority.
Find a team you can rely on. There are many different nuances between municipalities and even the neighborhoods within them, and you’ll want to work with people who know what to expect. every step of the way. Get a realtor who has a pulse on the current market, a lender that can suggest options for local buyers, a title company that knows where to find old records, and an inspector who is familiar with building trends of the area. Make sure you can reach your team members outside of typical business hours, if something comes up where you need them.
Do your homework. Differentiate between a Need and a Want by seeing real-life options. Figure out what is realistic to expect in different styles of properties. For example, there are many beautiful, historic homes in the area, but they tend to be smaller in size. Start attending open houses to see what things like different square footage amounts feel like in person. Schedule a visit to the schools in the area and see what fits your family’s needs. Do a mock commute for where you’re open to in order to see if you would be able to make the drive every day. Look up the taxes for the areas you’re considering to and see how they fit with your budget. Research crime and other statistics to assess your comfort level. Familiarize yourself with normal items that may come up during an inspection to see if you are okay with taking them on (radon, Orangeburg pipe, etc). Join a local online forum to see what is being talked about in any of your potential new neighborhoods. You’ll find that by getting more specific in what you look at, you can either broaden or narrow your focus to more manageable areas of priority.
Be comfortable with all of the details before you even schedule a showing. Drive by properties of interest to see if you like where they are located (how close it is proximity to various amenities, the condition of the neighbouring properties if there are fences/sidewalks, etc). Get a copy of the property’s seller’s disclosure statement from your real estate agent to review. Ask your loan officer to run the numbers of what you can expect to pay if you purchase the property. You should be familiar with all of these things before you walk in the door, and let your decision come down to how it feels when you’re at your visit. Don’t try to time the market. Whether the property for you appears in the summer or winter is out of your control. Make sure you are ready to do your best whenever the time arrives, and be patient until then. That way, when the right home comes around, you’re ready to jump on sending in the best offer you can without feeling pressure to make an uninformed choice.
Listen to yourself. At the end of the day, this is going to be your home. Your team, friends, and family all want what is best for you. Be sure you are supported in whatever decision you make and are happy with your choice. Never try to talk yourself into something this important or be dishonest in order to make it work. If all decision makers in this process are on board and you have done all the preparational steps, you should be set up for success for many years to come.
Listen to yourself. At the end of the day, this is going to be your home. Your team, friends, and family all want what is best for you. Be sure you are supported in whatever decision you make and are happy with your choice. Never try to talk yourself into something this important or be dishonest in order to make it work. If all decision makers in this process are on board and you have done all the preparational steps, you should be set up for success for many years to come.
Find a team you can rely on. There are many different nuances between municipalities and even the neighborhoods within them, and you’ll want to work with people who know what to expect. every step of the way. Get a realtor who has a pulse on the current market, a lender that can suggest options for local buyers, a title company that knows where to find old records, and an inspector who is familiar with building trends of the area. Make sure you can reach your team members outside of typical business hours, if something comes up where you need them.
Be comfortable with all of the details before you even schedule a showing. Drive by properties of interest to see if you like where they are located (how close it is proximity to various amenities, the condition of the neighbouring properties if there are fences/sidewalks, etc). Get a copy of the property’s seller’s disclosure statement from your real estate agent to review. Ask your loan officer to run the numbers of what you can expect to pay if you purchase the property. You should be familiar with all of these things before you walk in the door, and let your decision come down to how it feels when you’re at your visit. Don’t try to time the market. Whether the property for you appears in the summer or winter is out of your control. Make sure you are ready to do your best whenever the time arrives, and be patient until then. That way, when the right home comes around, you’re ready to jump on sending in the best offer you can without feeling pressure to make an uninformed choice.
