Ann Arbor Michigan Real Estate News & Listings Presented By Prudential Snyder & Company Realtors

One Interesting Mortgage Strategy for Purchasing a Home in Ann Arbor, Michigan

Tue, 27 Jul 2010 11:47:00 GMT

Home owners and potential home buyers are faced with a number of issues including affordability of a new home that may need some repairs. The Federal Housing Administration (FHA) provides loans that include a low down payment and mortgage insurance on loans made by FHA approved lenders. These loans are generally limited in amount. For a single family owner occupied home in Washtenaw County, the maximum loan amount is $345,000. Should the home need repairs an FHA program called 203K Streamlined will permit repairs up to $35,000 that can be financed as part of the loan. Generally the home must be occupied once the transaction closes. The work must be completed within six months. Not all banks participate in the program so some shopping is required.

3123 Overridge, Ann Arbor, MI 48104

Thu, 10 Jun 2010 17:39:17 GMT

Be close to all that Ann Arbor has to offer! Beautiful all brick Ann Arbor Hills home built in 1990 on a fabulous 1.6 acre lot. This home has 4,714 square feet of living space. There is an additional 2,126 square feet in the walk-out lower level, which is finished to first floor quality. Both the kitchen and master bath are newly updated. The home features formal and informal living areas. The fully finished lower level boasts a second family room with a gorgeous Cherry bar, exercise room, bedroom and full bath. Don’t miss this opportunity for newer construction in Ann Arbor Hills.

Incentives for Purchasing a Home Today

Wed, 10 Feb 2010 19:04:00 GMT

The Ann Arbor Board of Realtors reports a 7.8% increase over January 2009 in residential sales and a 7.1% increase over January 2009 in condominium sales. Also rising is the average sales price up 8% and list prices are up 6.7%.

In order to take advantage of the Home Buyer Tax Credit, you must be under contract by April 30, 2010 and you must close by July 1, 2010.

Additional financial incentives are being offered by Fannie Mae, the largest U.S. finance company. If you purchase one of their foreclosed homes, they are offering up to 3.5% in closing cost assistance.

There has never been a better time to purchase a home. Call me today to get started!

2690 Heather Way, Ann Arbor, MI 48104

Fri, 26 Jun 2009 22:18:11 GMT

Clean lines and solid construction are the hallmarks of this 5,000 square foot, five bedroom, four full bath and two half bath contemporary. The open floor plan features soaring ceilings, walls of windows and skylights that add drama and bathe the home in light. The great room includes a fireplace and wet bar and flows nicely into the formal and informal dining rooms. There is a large sun porch and spa room with hot tub. Finished lower level with family room, bath sauna, and wine cellar. A unique and wonderful property.

5017 Red Fox Run, Ann Arbor, MI 48105

Fri, 26 Jun 2009 20:55:08 GMT

ENJOY SPECTACULAR VIEWS FROM EVERY ROOM OF THIS GORGEOUS 5843 SQUARTE FOOT CUSTOM DESIGNED HOME IN MATTHAEI FARMS. HILLTOP SETTING OVERLOOKING FLEMING CREEK. OPEN FREE FLOWING INTERIOR, HIGH END FINISHES,BEAUTIFUL NEW BRICK PAVER DRIVEWAY PLUS A DECK RUNNING ACROSS THE ENTIRE BACK TO ENJOY THE DRAMATIC VIEWS!

Should I Buy a Home Now?

Thu, 04 Jun 2009 18:32:00 GMT

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.