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The new Homeowner Affordability and Stability Plan has a program for first time homeowners.  This plan for 2009 requires the following:

• Buyers must NOT have owned a home within the past 3 years to qualify as a First Time Homeowner
• Purchase must be between Jan 1, 2009 and Nov 30, 2009.
• Buyers must make less than $75,000 per year or $150,000 per couple.
• Buyers must live in the home for at least three years or they will be required to pay back the credit.

If you are buying or selling your home you need to understand the areas of Ann Arbor as defined by the local Board of Realtors and our areas are not defined by zip code but instead by boundaries and schools.

You will want to be aware of these areas if you are searching for a home to purchase or if you are a seller searching what is for sale in your neighborhood.  The following is presented to give you an idea of what sold in each area in 2008 and looking ahead; what is for sale currently in 2009.

This map clarifies how the areas are divided.  Here is an overview map with the areas marked:

Each area is described in detail on the following page.

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Important message to all of my buyers and sellers!

Interest rates on U.S. 30-year mortgages fell under 6 percent in the latest week to their lowest since September 2005, according to a weekly survey released by mortgage giant Freddie Mac.

U.S. 30-year mortgage rates fell to an average of 5.87 percent from 6.07 percent last week, the lowest since they averaged 5.80 percent in the week ended Sept. 22, 2005.

We are now looking at the very best market to be a buyer in Michigan that we have seen in decades. The home prices are at the lowest they have ever been and the interest rates are extremely favorable as well. To take advantage of this situation, you must have a home under contract.

Don’t let this opportunity pass you by. Give me a call and we can work out an action plan to find your next home before this market changes.