Saturday, June 21, 2008

What Will $200,000 Buy in Ann Arbor, MI?

Just a few short years ago, if you called an Ann Arbor Real Estate agent, and asked for help finding a home under $200,000, you would likely get the "you've got to be kidding" response. Well, as we all are painfully aware. The times have changed. That is good news for those buyers who realize the cyclical nature of the real estate business, and have confidence that buying at the low end of the market is really a good idea.

A search of the Ann Arbor MLS today shows 170 homes on the market priced near or below $200,000. The average size of these 170 is a 3 bedroom, 2 bath, 1300 square foot home, with an average price of $183,000, or $150 per square foot. At the top of this search is a 5BR; 2BA 2300 square foot home.

This link will show you a virtual tour of one of the homes on the market in this range which looks to be a great value for the $199,000 asking price. This one does not look to be a foreclosure or short sale, and is move-in ready.

One of our specialties is working with first time home buyers. If you have any questions about homes on the market, or about the home buying process, we would love to chat with you.

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