Featured Ann Arbor Area Condos for Sale October 2026

6 Featured Ann Arbor Area Condos Available Now

We’ve spent years helping buyers find their place in this market, and the landscape is beginning to change. Condos in the Ann Arbor area are taking a little longer to sell, and many listings are seeing price reductions as sellers adjust to shifting demand. For buyers, it means more time to evaluate your options, more room to negotiate, and more opportunity to find a home that truly fits your budget and lifestyle. If you’ve been waiting for the right moment to buy, this market is worth paying attention to.

Here are 6 of our current listings in the Ann Arbor area. Each one offers something different, whether you want luxury finishes, a starter-friendly price point, or a quiet ranch-style retreat.

3490 Bella Vista Dr, Ann Arbor MI 48108 — $545,000

This nicely upgraded condo at the Villas of Bella Vista offers 2606 square feet with 3 bedrooms and 3 full baths. Soaring 9′ ceilings and an open floor plan lend a spacious and inviting feel. With a first-floor primary, stacked-stone fireplace, dedicated office, and four-seasons sun room, this stunning condo is not to be missed! See more photos and details.

 

2150 Park Dr, Ann Arbor MI 48108 — $425,000

Located in Pittsfield Township at Townes on the Green, this 2 bedroom, 2.5 bath townhome blends stylish design with the a convenient location. It’s a great fit for buyers who want modern architecture and an efficient layout, paired with easy access to downtown Ann Arbor.  See more photos and details.

 

1 Westbury Ct, Ann Arbor MI 48105 — $385,000

This corner end-unit in the Northbury community offers 2,056 square feet with 4 bedrooms, 2 full baths, and a 2-car garage. 2026 updates include new carpet, new luxury vinyl plank flooring, and a fresh professional paint job throughout. The expansive deck backs to a wooded area for added privacy. See more photos and details.

 

48557 Oak Bridge Dr, Canton MI 48188 — $379,900

For buyers looking in the Canton area, Woodbridge Estates offers excellent value. You can move right into this inviting condo with 1876 square feet, 3 bedrooms, 2 full and 2 half baths, vaulted ceilings, and a versatile loft space. The finished lower level adds an additional 1200 sq. ft. of living and entertaining space. See more photos and details.

2946 Hunley Dr, Ann Arbor MI 48105 — $359,000

Located on Ann Arbor’s north side, this light-filled, upper level ranch features 1,201 square feet with 2 bedrooms, 2 full baths, and peaceful wooded views. Elegant arched doorways, wainscoting, fresh paint, and new custom blinds set it apart from the rest. See more photos and details.

Wildwood Commons: 515 Sycamore Cir, Saline MI 48176 — $285,000

Enjoy low-maintenance living in Saline’s beloved Wildwood Commons. This move-in-ready 2 bedroom, 2 bath condo pairs modern updates with warm, welcoming spaces. The primary bedroom feels fresh with new carpet and an updated bath, complete with a walk-in shower and a roomy granite-topped vanity. See more photos and details.

How do I know which condo is right for me?

Every buyer’s priorities look different. Some value proximity to downtown Ann Arbor above everything else. Others care more about square footage, single-level living, or a lower association fee. Our approach is to walk through your must-haves, your budget, and your timeline together. We’ll then match you with listings that fit all three. A comparative market analysis can also help you understand how a price compares to recent sales nearby, so you’re never guessing whether you’re getting fair value.

Ready to tour one of these Ann Arbor condos?

Each of these six listings offers a different path into condo ownership, from the Villas of Bella Vista’s upscale finishes to Wildwood Commons’ accessible price point. The right one for you depends on your budget, your preferred location, and the lifestyle you’re building. We’re here to help you sort through those details and move forward with confidence.

Reach out today at The Bouma Group, Realtors to schedule a showing for any of these properties. 734-761-3060 or info@condohotline.com.

Priced Out of the Market? A Condo or Townhome Could Be Your Way In

Today’s home prices have a lot of buyers, especially first-time buyers, wondering if there’s even anything out there that’s in their budget. But owning a home may be more within reach than you think. Sometimes, it just means considering a different type of home.

Condos and townhomes can be a great way to buy without stretching every last dollar. And right now, two things make them worth a serious look.

There Are More Condos and Townhomes To Choose From

Maybe you feel like there’s just nothing out there for you, and you’ve exhausted all your options. But have you considered condos or townhomes? A lot of buyers start by looking for a single-family, detached home without even realizing what that search omits from their pool of choices.

According to HousingWire Data, nationally there were 233,030 condos and townhomes for sale this June. That’s more than any June in at least the past decade, and more than double the number available back in 2022 (see graph below):

That means there are more options out there in this segment of the market, and that’s especially good news for first-time buyers. These types of homes can be a great way to break into the market for less.

Just remember, that’s the national number. What’s available will depend on where you’re looking. But generally speaking, more options means less competition, more time to decide, and more room to negotiate.

What’s Happening with Ann Arbor Condos

Good news if you’re shopping for a condo in Ann Arbor: the market is opening up in your favor. Through the end of July, new listings climbed to 594 in 2026 from 563 last year, giving you more choices to explore. At the same time, pending sales eased to 343 (down from 389) and closed sales dipped to 345 (from 359), while homes now sit for 49 days on average versus just 29 a year ago. With median prices sliding slightly to $335,000 from $340,000, this shift toward more supply and a calmer pace means you have room to compare options, negotiate with confidence, and lean on expert guidance to find the right fit.

They Also Tend To Cost Less Than Single-Family Homes

Price is the other big draw. According to the National Association of Realtors (NAR), the median condo price was $380,000 in June. In contrast, the median single-family home price was $446,400 (see graph below):

That’s a difference of more than $66,000.

A big reason why? Condos are usually smaller than single-family homes. And smaller homes can come with smaller price tags.

And if you don’t need all that extra space, that lower entry price could be exactly what gets you through the door.

What’s Happening with Condos vs. Homes in Ann Arbor

Here’s where the numbers get exciting for anyone eyeing an entry into the Ann Arbor market: through July 2026, the median home sold for $586,500 while the median condo came in at $335,000, a gap of over $250,000. That difference carries into averages too, with homes at $678,466 versus $448,299 for condos. Even a year ago, Ann Arbor condos began experiencing more price reductions. For you, this means a condo can be a smart, more accessible way to plant roots in a neighborhood you love, without stretching your budget to single-family territory. With expert Realtor guidance and clear market insights on your side, you can turn that price advantage into a vibrant, low-maintenance lifestyle right where you want to be.

Condo or Townhome? How They’re Different.

For buyers who feel priced out of the market, a condo or townhome could be a way in. But there are some things to know. Before you start checking out homes, it’s good to understand how these two compare to each other, and to a single-family home.

• With a single-family detached home, you own the house and the land it sits on, and you don’t share any walls with neighbors. That means the most space and privacy. But it also usually comes with a higher tag, and all the maintenance is on you.
• With a townhome, typically you own the building you live in and the lot it sits on. They’re usually multi-level, so you get more space, and you share two walls at most. You’ll also have more say over how your home looks and how repairs get done, but more of that upkeep falls on you.
• With a condo, you own just the inside of your unit and may have access to community features like a pool or gym. The building and shared space belong to everyone who lives there, which means you have less maintenance responsibilities. But you’ll also likely have more neighbors around you, less control over building decisions, and higher HOA fees since the HOA handles the exterior and common areas.

Bottom Line

Ready to make your move in Ann Arbor? A condo or townhome could be your path to owning a home without blowing your budget. The Bouma Group, Realtors knows this market inside and out, from the walkable downtown condos to the tucked-away neighborhoods you’ll love calling home. Our team pairs deep local expertise with personalized guidance, listening to your budget, your must-have features, and the lifestyle you’re after, then matching you with properties that truly fit. Whether you’re drawn to low-maintenance condo living or a place with a little more room to grow, we’ll walk you through financing options, honest market insights, and every step in between so you feel confident from first tour to closing day.

Let’s find the right spot for you together, reach out today at 734-761-3060 or info@bouma.com. Let’s turn your Ann Arbor plans into keys in your hand.

What Are Contingencies in a Condo Purchase?

Quick answer: Contingencies are conditions written into a Real Estate purchase agreement that must be met before the sale can close. They protect both buyers and sellers by creating defined exit points if specific circumstances, like a failed inspection or financing issue, arise during the transaction.

Buying a condo in Ann Arbor is an exciting step. But between signing the offer and getting the keys, there’s a lot that can happen. That’s where contingencies come in.

If you’ve been browsing listings on Condo Hotline or talking with a Realtor, you’ve probably heard the term thrown around. But what does it actually mean, and why does it matter so much when purchasing a condo specifically? This guide breaks it all down: what contingencies are, why they exist, which types apply to condo purchases, and how they protect everyone at the table.

What Does “Contingency” Mean in Real Estate?

A contingency is a clause in a purchase agreement that makes the sale conditional on certain events or criteria being met. Think of it as a built-in safety net. If the condition isn’t satisfied within the agreed timeframe, the buyer typically has the right to walk away from the deal. Often, their earnest money deposit will be returned.

Contingencies aren’t a sign of distrust. They’re standard practice. They simply acknowledge that real estate transactions are complex, and things don’t always go as expected.

Why Are Contingencies Necessary When Buying an Ann Arbor Condo?

Purchasing a condo differs from buying a single-family home in important ways. You’re not just buying the unit itself. You’re also buying into a homeowners association (HOA), shared amenities, and a collectively managed building or complex. That adds layers of due diligence that make contingencies especially valuable.

For example, a condo association might have underfunded reserves, pending special assessments, or restrictions that affect your ability to finance the purchase. Without contingencies in place, you could find yourself legally obligated to complete a purchase that no longer makes financial sense.

Contingencies give you time to uncover these issues, and an exit strategy if you find them.

What Are the Most Common Types of Contingencies in a Condo Transaction?

Financing Contingency

Also called a mortgage contingency. This clause gives you a set period, typically 21 to 30 business days, to secure financing for the purchase. If your loan falls through, the financing contingency allows you to cancel the contract without forfeiting your earnest money.

This is particularly relevant in condo transactions because lenders evaluate not just your financial profile, but also the condo association itself. Factors like the percentage of owner-occupied units, the association’s financial health, and pending litigation can all affect loan approval.

Inspection Contingency

A home inspection contingency gives you the right to have the property professionally inspected within a defined window, usually 5-7 business days after the offer is accepted. If the inspection reveals significant issues, you can negotiate repairs, request a price reduction, or back out of the deal entirely.

For condos, inspections typically cover the interior of the unit, including HVAC systems, plumbing, electrical, and appliances. Common areas and building structure are often the association’s responsibility, but that doesn’t mean you shouldn’t ask questions about their condition.

Condo Document Review Contingency

This one is unique to condo purchases and is among the most important. Michigan law entitles buyers to receive the condo association’s governing documents. This includes bylaws, rules and regulations, the master deed, and the most recent budget and meeting minutes. You then have a defined period, per the contract, to review them.

During this review, you’re looking for red flags such as:

• High delinquency rates among unit owners
• Inadequate reserve funds
• Pending or recent special assessments
• Restrictions on rentals, pets, or renovations
• Ongoing litigation involving the association

If you discover something that changes your decision, this contingency gives you a legal path to exit the contract.

Appraisal Contingency

If you’re financing your purchase, your lender will require an appraisal to confirm the property’s market value. An appraisal contingency protects you if the home appraises for less than the agreed purchase price. Without it, you’d be required to make up the difference in cash or risk losing your earnest money by walking away.

In a competitive Ann Arbor market, some buyers choose to waive this contingency to make their offer more attractive. That’s a decision best made with guidance from an experienced local Realtor who understands current market conditions.

Sale of Current Home Contingency

If you’re purchasing while simultaneously selling your current home, a home sale contingency allows you to back out if your existing property doesn’t sell within a specified timeframe. Sellers are generally less favorable to this type of contingency, especially in a hot market, so it’s important to discuss your options with your agent before including it.

Attorney Approval Contingency

The attorney review contingency gives you a set window of time, usually a few days after signing, to have a Real Estate Attorney review the contract. If your attorney spots something they don’t like, they can request changes or even cancel the deal. You’d walk away with your earnest money intact. It’s a smart layer of protection, especially for a big purchase. Not every buyer uses one, but it can give you real peace of mind. Your Realtor can help you decide if it’s the right move for your situation.

How Do Contingencies Protect the Buyer?

Contingencies are primarily designed with the buyer’s interests in mind. They create structured off-ramps that allow you to exit a transaction, without financial penalty, if something unexpected comes up. Whether that’s a lender declining your mortgage application, an inspector uncovering water damage, or the condo documents revealing a looming $15,000 special assessment, contingencies ensure you’re never trapped.

They also create negotiating leverage. If an inspection reveals needed repairs, for instance, you can use the inspection contingency to re-open discussions rather than simply accepting the property as-is.

How Do Contingencies Protect the Seller?

Sellers benefit from contingencies too, perhaps less obviously, but meaningfully. Clear contingency terms define exactly what conditions must be met and by when. This reduces ambiguity and the risk of a buyer backing out late in the process for reasons not outlined in the contract.

Sellers can also negotiate the terms of contingencies, including timeframes and what outcomes are acceptable, to minimize disruption to their sale timeline. A well-structured offer with defined contingencies is often more reliable than one with vague or open-ended conditions.

What Happens When a Contingency Isn’t Met?

So, what happens if a contingency isn’t met in time? Don’t worry, you’ve got options. You can ask for an extension, or you can walk away from the contract. If you choose to leave, you’ll usually get your full earnest money deposit back. Just be sure to follow the steps laid out in your contract.

But here’s the important part. If you try to back out for a reason your contingencies don’t cover, things get tricky. You could lose your earnest money. In some cases, you might even face legal trouble. That’s exactly why having a great Realtor in your corner matters so much. A knowledgeable Realtor makes sure your contingencies are written clearly and timed just right. It’s one more way we help you buy with confidence and peace of mind.

Start Your Ann Arbor Condo Search with Confidence

Understanding contingencies is one of the most important steps you can take before making an offer. They give you room to breathe, do your due diligence, and make a fully informed decision, without putting your earnest money or financial future at risk.

At The Bouma Group, Realtors, we’ve been the Ann Arbor condo experts for 41 years. We know the local market, the condo associations, and exactly how to structure an offer that protects your interests. Whether you’re buying your first condo or your fifth, we’re here to guide you through the entire process.

Ready to get started? Contact The Bouma Group today:
📞 734-761-3060
✉️ info@condohotline.com
🌐 condohotline.com

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What Is an Escrow Account? A Condo Buyer’s Guide

Quick answer: An escrow account is a neutral, third-party account that holds money, documents, and instructions during a Real Estate transaction. It protects both buyers and sellers by making sure no funds or property change hands until every agreed-upon condition has been met. It gives everyone peace of mind on the way to closing day.

Buying a condo in Ann Arbor is exciting, but the paperwork and unfamiliar terms can make even the savviest buyer pause. One phrase you’ll hear early and often is “escrow account.” What is it, exactly? Who controls the money? And what happens to those funds when you finally get the keys?

The good news is that escrow accounts exist to protect you. They’re one of the most buyer-friendly parts of any real estate deal, designed to keep your money safe while every condition of the sale is checked off the list.

In this guide, we’ll break down what an escrow account is, why real estate brokers use them, how they work step by step, and how they connect to another term you’ll see in your purchase agreement: earnest money. By the end, you’ll feel confident navigating this part of your condo purchase like a pro.

What Is an Escrow Account?

An escrow account is a deposit of funds, a deed, or another asset that one party in a contract delivers to a neutral third party, who holds it until a specific condition or event is completed. That third party is independent, they don’t represent the buyer or the seller, which is exactly what makes the arrangement so fair.

In real estate, you’ll actually run into two different types of escrow accounts during the homebuying process:

• Real estate (pre-closing) escrow account: This account holds the funds, instructions, and paperwork needed to complete your condo sale, including your earnest money deposit and the deed to the property. It’s designed to protect both the buyer and the seller until the deal closes. This is the account most people mean when they talk about “being in escrow.”
• Mortgage escrow account: Sometimes called an impound account, this one is set up by your mortgage lender after you buy. It collects a portion of your monthly payment to cover property taxes and homeowners insurance, then pays those bills for you when they come due.

For this guide, we’re focusing on the first type: the pre-closing escrow account that plays a starring role in your condo purchase.

Why Do Real Estate Brokers Have Escrow Accounts?

Think about how much money moves during a condo sale. You’re not going to hand a personal check directly to a seller you just met and simply hope everything works out. That’s where escrow accounts come in.

A Real Estate escrow account provides protection for the buyer, the seller, and the lender. It guarantees that no funds or property will be transferred until every term and condition of the sale has been satisfied.

Here’s a real-world example. Say a condo inspection reveals that the plumbing needs repairs, and the seller agrees to fix it as a condition of the sale. If the seller doesn’t actually complete those repairs, the buyer can stop the process because the money is safely held in escrow rather than already in the seller’s pocket. Neither side can take advantage of the other.

Brokers are also held to strict standards when handling these funds. In Michigan, Real Estate brokers must keep client money in a dedicated trust or escrow account, kept separate from their own business funds. Under Michigan law (MCL 339.2512), a broker may deposit no more than $2,000 of its own money into a trust account, and only to cover bank service charges or minimum balance requirements. Mixing client money with business money, known as commingling, is strictly prohibited. These rules exist to keep your deposit secure and accounted for at all times.

How Escrow Accounts Work in a Real Estate Transaction

The escrow process might sound complicated, but it follows a clear, logical path. Here’s how it typically works when you buy a condo:

1. The offer is accepted. Once the seller accepts your offer and you complete the purchase agreement, the wheels start turning.
2. The escrow account is opened. Generally, the buyer’s or seller’s Realtor opens the escrow account. It’s typically held by the company Broker.
3. The initial deposit goes in. Your agent places an initial deposit, usually your earnest money, often around 1% to 2% of the purchase price, into the escrow account.
4. The terms are drafted and signed. The buyer, seller, and lender work together to draft the escrow agreement. Everyone signs it, and it’s sent to the escrow agent, who is separate from your lender.
5. Conditions are met one by one. The escrow officer processes funds and documents according to the agreed-upon instructions. Inspections happen, repairs get made, title insurance is issued, and financing is finalized.
6. Funds are released only when conditions are satisfied. The escrow officer releases funds only after all conditions are met, title insurance is issued, and the seller’s deed is signed.

Escrow isn’t complete until every term has been fully satisfied and all parties have signed the appropriate paperwork. That’s the whole point, nothing moves forward until everything checks out.

How Escrow Accounts and Earnest Money Work Together

If escrow accounts and earnest money feel closely linked, that’s because they are. Your earnest money is one of the very first deposits to land in your escrow account, and it sets the tone for the rest of the transaction.

Earnest money is a “good faith” deposit that signals to the seller you’re serious about buying. Instead of going straight to the seller, that money sits safely in the escrow account while the deal moves forward. A larger earnest money deposit can even strengthen your offer in a competitive market. It shows the seller you’re committed and unlikely to walk away without reason.

Read our companion post, What Is Earnest Money and Why Do I Need It?, for a full breakdown of how much to offer and how it protects you.

Your earnest money typically gets applied toward your down payment or closing costs. It’s not an extra expense, just an early piece of the puzzle. If the deal falls through, what happens to that money depends on the terms of your purchase agreement. This is one more reason to read it carefully.

What Happens to the Escrow Account at Closing?

Disbursing the funds and closing the escrow account is one of the final steps in buying your condo. In fact, this is why the meeting where you sign the last of the paperwork is called the “closing.”

Here’s how it wraps up. After both parties sign all the necessary instructions and documents, the escrow officer returns your loan paperwork to the lender for a final review. Once that’s done, the lender grants permission to fund your mortgage. The funds are then transferred from buyer to seller, and the now-empty escrow account is closed.

That closing marks the official end of your real estate transaction and the legal transfer of the title from the seller to you. All documents and funds have been collected and properly distributed. Now, you own your condo!

But what if the sale doesn’t close? A deal can fall out of escrow for several reasons, such as a buyer not qualifying for a mortgage or a home inspection turning up serious issues. When that happens:

• If the buyer backs out without a valid reason (like an inspection contingency), the earnest money in escrow may go to the seller.
• If the seller cancels the sale or causes the deal to collapse, the buyer’s funds are typically returned.

Because outcomes vary, most purchase agreements spell out exactly what happens to the escrow funds in different situations. Always read yours closely so there are no surprises.

Frequently Asked Questions

Is an escrow account required when buying a condo?

A pre-closing escrow account is standard practice in nearly every real estate transaction. It protects both the buyer and the seller. Using a neutral third party to hold funds is considered essential for a safe, smooth purchase, while exact requirements can vary.

Who holds the money in a real estate escrow account?

A neutral, independent third party, often an escrow officer or title company, holds the money. They don’t represent the buyer or the seller, which keeps the process fair. In Michigan, brokers must keep these funds in a dedicated trust account, fully separate from their own business money.

How much earnest money should I put in escrow?

Earnest money typically runs about 1% to 2% of the purchase price, though it can vary by market and how competitive your offer needs to be. A larger deposit can make your offer stand out. For a deeper look, see our guide, What Is Earnest Money and Why Do I Need It?

Can I get my escrow money back if the deal falls through?

It depends on why the deal collapsed. If you back out for a reason covered by a contingency in your contract, you’ll usually get your earnest money back. If you walk away without a valid reason, the seller may keep it. Your purchase agreement holds the specifics.

What’s the difference between a real estate escrow account and a mortgage escrow account?

A real estate (pre-closing) escrow account holds funds and documents during the purchase itself. A mortgage escrow account is set up afterward by your lender to collect and pay your property taxes and insurance over time. They serve two completely different purposes.

Ready to Buy Your Ann Arbor Condo?

Escrow accounts are one of the smartest safeguards in real estate. It quietly works behind the scenes to keep your money protected from offer to closing. Once you understand how they connect to your earnest money, the whole process feels far less intimidating.

You don’t have to navigate it alone. The Bouma Group, Realtors brings expert guidance, local market insight, and a friendly, hands-on approach to every condo purchase in the Ann Arbor area. Whether you’re downsizing, relocating, or buying your very first place, we’re here to help every step of the way.

Have questions about escrow, earnest money, or finding the right condo? Reach out to The Bouma Group, Realtors today at 734-761-3060 or email info@condohotline.com. Let’s find your perfect home.

Secure Your University of Michigan Student’s Ann Arbor Condo: Why Early Planning Pays Off

Your Guide to Buying a University of Michigan Condo for Fall

Fall classes at the University of Michigan might seem months away, but the timeline to secure the perfect student housing is much shorter than you think. If you plan to buy a condo for the upcoming academic year, waiting until summer will leave you scrambling. The Ann Arbor real estate market moves quickly, and the best properties go to buyers who prepare early.

By starting your preparations right now, you position yourself to grab the ideal property as soon as it hits the market. This guide covers why early preparation matters, what the upcoming spring market means for your search, and the exact steps you need to take to get ready.

Why You Need to Prepare Now

Securing a condo before the fall semester requires a strategic head start. Real estate transactions take time. Between getting pre-approved for a mortgage, hunting for the right property, negotiating an offer, and closing the deal, the entire process can take several months.

If you wait until June or July to start looking, you risk running into tight deadlines. A delayed closing could mean paying for a temporary hotel or moving belongings multiple times. By starting your preparations now, you give yourself a comfortable buffer to handle any unexpected delays. You also give yourself the luxury of time to explore different neighborhoods, compare building amenities, and make an informed decision without the pressure of a looming move-in date.

The Spring Market Advantage

The real estate market operates on a distinct seasonal cycle, and Ann Arbor is no exception. While the winter months usually see lower inventory, the spring market is right around the corner. Spring is traditionally the busiest time for real estate, bringing a surge of new condo listings to the area.

Many current students and property owners wait until the end of the academic year approaches to list their condos. This means a wave of fresh inventory will hit the market soon. If you have your finances and strategy organized before this influx of properties arrives, you can act immediately when the right condo becomes available. Buyers who wait until the spring to begin their preparations often miss out on the best units because other, more prepared buyers beat them to the punch.

Steps to Get Ready for Your Condo Search

Taking action now ensures you are ready to strike when the spring inventory arrives. Follow these essential steps to set yourself up for a successful purchase.

1. Organize Your Finances

Your first step is understanding your buying power. If you plan to finance the condo, connect with a mortgage lender to get pre-approved. A pre-approval letter shows sellers that you are a serious, qualified buyer, which is crucial in a competitive market.

If you plan to pay in cash, gather your proof of funds. You should also outline your budget for closing costs, homeowners association (HOA) fees, property taxes, and potential renovations or furnishings. Knowing your exact budget helps narrow down your search and prevents you from falling in love with a property outside your price range.

2. Define Your Must-Haves

Sit down with your student and determine what features are most important. Consider how close the condo needs to be to specific campus buildings, the medical center, libraries, or bus routes. Think about the building amenities that matter most. Do you need secure parking, on-site laundry, or a fitness center?

Make a list of non-negotiable features and a separate list of nice-to-have bonuses. This clarity will make your property search much more efficient and help your real estate agent find the best matches for your needs. Check out our condo complex map.

3. Partner with a Local Expert

Navigating the Ann Arbor condo market requires insider knowledge. You need a real estate partner who understands the nuances of different condo communities, the rules of local HOAs, and the true market value of these properties. Connecting with an agent now allows them to start monitoring the market on your behalf and alert you the moment a suitable property is listed.

The Bouma Group Difference

When it comes to the downtown Ann Arbor condo market, no one knows it better than The Bouma Group, Realtors. We have decades of experience helping parents and students find the perfect home base near the University of Michigan.

We understand the unique needs of student housing and the specific dynamics of the local market. Our unparalleled expertise means we can guide you toward the best investments, negotiate strongly on your behalf, and ensure a smooth closing process before the fall semester begins. We keep our finger on the pulse of the market so you never miss an opportunity.

Get Started Today

The spring market will be here before you know it. Take the stress out of your fall housing search by taking the first step today.

Contact us at The Bouma Group, Realtors to request our latest condo report and discuss your specific needs. Reach out to us at 734-761-3060 or email us at info@bouma.com. Let our team help you secure the ideal Ann Arbor condo so you can focus on a successful academic year ahead.

Would You Let $80 a Month Hold You Back from Buying a Condo or Home?

Should $80 a Month Stop You From Investing?

A lot of buyers are stuck in “wait and see” mode right now. They’re watching rates hover a little above 6% and thinking, I’ll buy once they hit the 5s. Because who doesn’t want a better rate?

But here’s the thing: that 5.99% number might not save you as much as you think.

Affordability is still a challenge. There’s no question about that. But the market has given savvy buyers a head start. Mortgage rates have already come down over the past few months. And the drop we’ve seen saves you more than you’d think.

How Much You’ve Already Saved, Without Realizing It

Let’s put some real numbers to it. Rates peaked for the year in May when they inched above 7%. But since then, they’ve been slowly declining. Now, they’re sitting in the low 6s. And while that may not sound like a big deal, that change translates to real dollars.

According to data coming out of Redfin, the typical monthly payment on a $400,000 home is already down almost $400 since May.

That means if you’re buying a home now, you’re saving hundreds of dollars every month compared to what you would have been able to get earlier this spring. That’s real money that makes a real difference for buyers who paused their plans because they thought homeownership was out of reach.

And while it may be tempting to wait even longer to see bigger savings, that’s a gamble that could cost you. Here’s why.

Where Experts Say Rates Are Headed

For starters, most experts say mortgage rates are likely to stay pretty much where we are today throughout 2026. So, there’s no guarantee we’ll see a rate much lower than what we have now. Only one expert forecaster is saying rates could fall into the upper 5s next year (see graph below):

And even if rates do dip below 6%, the extra savings you’re holding out for won’t move the needle as much as you might expect.

The Real Math Behind a 5.99% Rate

Let’s break it down. If rates come down to 5.99% from where they’ve been lately that’s a difference of only about $80 a month on an average priced home – give or take a bit based on your price point and the rate your lender quotes you (see chart below):

Eighty dollars. That’s it. And for the typical family, that’s about one dinner out (or one dinner in, if you have it delivered). That’s not enough to change the game for most buyers. But the savings of nearly $400 we already have compared to when you paused your search in the spring? That might be. 

So, the question to ask yourself is this:

Is an extra $80 savings really worth the wait?

Because while you’re holding out for that small dip, the bigger opportunity might be slipping away.

When Rates Fall, Competition Follows

Right now, you have more homes to choose from, sellers who are ready to negotiate to get a deal done, and fewer buyers to compete with. But once rates fall below 6%, buyer mindsets will shift and all of that will change.

The National Association of Realtors (NAR) reports that if rates hit 6%, about 5.5 million more households will be able to afford the median-priced home. Even if only a small fraction of them decide to buy, that could mean hundreds of thousands of buyers getting back into the market.

That creates more competition for you, which would push home prices even higher – maybe high enough to cancel out the extra savings you waited for.

So, if you’re waiting for rates below 6%, just keep in mind… that extra $80 may not be worth it in the grand scheme of things.

Bottom Line

You don’t have to wait for 5.99%. You have the chance to move (and save) right now. So, ask yourself: Would you let $80 hold you back from buying a condo or home?

If you find a home you love and the math makes sense, getting ahead may be the best strategy. Let’s run your numbers so you can see what you’re working with in our market.

Mortgage Rates Just Saw Their Biggest Drop in a Year

You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way.

On Friday, September 5^th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year.

What Sparked the Drop?

According to Mortgage News Daily, this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result.

Basically, we’re seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down.

Why Buyers Should Pay Attention Now

But this isn’t just about one day of headlines or one report. It’s about what the drop means for you.

This recent change saves you money when you buy a home or condo. The chart below shows you an example of what a monthly mortgage payment (principal and interest) would be at 7% (where mortgage rates were in May) versus where rates roughly are now:

Compared to just 4 months ago, your future monthly payment would be almost $200 less per month. That’s close to $2,400 a year in savings.

How Long Will It Last?

That really depends on where the economy and inflation go from here. Rates could drop lower, or they could inch up slightly.

So, make sure you’re connected with a good agent and trusted lender. We keep a close eye on inflation indicators, job market updates, and reactions to upcoming Fed policy to gauge where mortgage rates may go from here.

But for now, focus on this. While no one can say for sure where rates are headed, the fact that rates broke out of their months-long rut is a good thing. If you’ve been feeling stuck, this could make the start of a new chapter. As Diana Olick, Senior Real Estate and Climate Correspondent at CNBC, says:

“Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.” 

And that’s gives you more reason to hope than you’ve had in quite some time.

Bottom Line

This is the shift you’ve been waiting for.

Mortgage rates just saw their biggest decline in over a year. And if rates stay near this level, it could make a home or condo you couldn’t afford just a few months ago feel possible again.

What would today’s rates save you on your future monthly payment? Let’s connect so you can find out. Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com and we’ll make a plan together. See what condo communities Ann Arbor has to offer and start dreaming about your new home!

Condos Could Be a Win for Today’s Buyers

Condos Could Be a Win for Today’s Buyers

Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.

For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain, with the flexibility to stay in a great location.

And right now, condos are one of the most buyer-friendly parts of the market.

Condo Inventory Is Up, And That Means More Choice

According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):

Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition. In Ann Arbor right now, there are 140 condos for sale ranging in price from $174,900-$2,950,000 with a median price of $399,950, and an average of 85 days on the market. 25 of these units are new construction that range from $501,863-$2,858,000. If you’re looking for a good value, an existing condo in Ann Arbor is your best bet. See all Ann Arbor Condos currently for sale

You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective. See Ann Arbor complex details

That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.

Prices Are Cooling, and Buyers Hold More Negotiating Power

And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:

“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”

Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year. Ann Arbor has seen a drop of 3.3% in the median price year-to-date and 1.5% decrease in the average sales price.

Data from Redfin shows what the recent dip in prices looks like (see graph below):

That doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.

Bottom Line

Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.

Could a condo check more boxes than you expected? Let’s talk through your options and find out. Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com.

The Top 5 Things That Could Make or Break Your Offer This Summer

Summer is one of the busiest times of year for the real estate market—and for good reason! The weather is ideal, school’s out, and buyers are eager to settle into a new place before fall. But with so many people actively searching, it’s important to make sure your offer stands out in a competitive crowd.

Whether you’re a first-time buyer or returning to the market, these five factors could make all the difference between landing your dream home or missing out.

1. Your Pre-Approval Letter

Make it: Before you start touring homes, get pre-approved by a reputable lender. A pre-approval letter shows sellers you’re a serious buyer with financing already lined up—and that you’re ready to move quickly.

Break it: Submitting an offer without pre-approval could cause sellers to move on to the next buyer. In a fast-paced summer market, hesitation can cost you.

2. Your Offer Price

Make it: In a competitive market, coming in with a strong offer—especially if the home is newly listed—can put you ahead. Your agent will help you analyze the local market and determine the right price strategy.

Break it: Going in too low might save you money in theory, but in practice, it could knock you out of the running entirely. Sellers are often looking for clean, fair offers with minimal back-and-forth.

3. Contingencies (or Lack Thereof)

Make it: While some contingencies (like inspections) are important for protecting yourself, keeping your offer clean and simple can be a major advantage. Waiving minor contingencies—or offering flexibility on closing timelines—can appeal to sellers.

Break it: Too many contingencies can complicate the process and make your offer feel risky. In a multiple-offer situation, sellers may lean toward buyers with fewer strings attached.

4. Your Earnest Money Deposit

Make it: A larger earnest money deposit (aka “good faith” deposit) shows that you’re committed to the purchase. It gives the seller confidence that you’re not likely to walk away without cause.

Break it: A low deposit might make your offer seem shaky or non-serious, especially if others are putting more on the table.

5. Your Flexibility and Timeline

Make it: Being flexible with your move-in date or closing timeline can be a big plus for sellers, especially if they’re also buying a home or juggling a tight schedule. The fewer logistical headaches for them, the better your offer looks.

Break it: If your timeline is rigid or includes multiple delays, it might be enough to sway the seller toward a more flexible buyer—even if that buyer is offering a similar price.

Ready to Craft a Winning Offer?

The summer market is hot—but with the right strategy (and the right agent), you can compete with confidence. If you’re thinking about buying a condo or home this season, we’re here to help every step of the way—from touring homes to submitting the perfect offer. Contact us at The Bouma Group, Realtors today at 734-761-3060 or info@condohotline.com.

Reach out today to start your summer home search off strong!

Townhomes: A Smart Solution for Today’s Buyers

Townhomes: A Smart Solution for Today’s Buyers – Especially First Time!

Buying your first home in today’s market can feel tough. Between high home prices and mortgage rates, affordability is still a big challenge. And some buyers are making one simple trade-off that’s getting them in the door faster: square footage.

According to the National Association of Home Builders (NAHB), 35% of buyers are willing to purchase something smaller to make homeownership happen. One place you can usually find a smaller footprint— and sometimes better affordability —is in townhomes.

Why Townhomes Are Gaining Popularity

Townhomes typically cost less than single-family homes due to their more limited size. And that’s a big plus for today’s budget-conscious buyer. As Realtor.com says:

“In today’s market, affordability remains a key priority for homebuyers, making townhomes an attractive option because they are often priced more reasonably than single-family homes. It makes them especially appealing to first-time homebuyers on a tighter budget . . .”

So, if you’re trying to buy but feeling stuck because of rising prices, shifting your focus to townhomes could be one way to get into homeownership without maxing out your budget.

Builders Are Responding to the Demand

Builders have seen buyers’ appetite shift to smaller homes, and they’re adjusting to meet the demand. As Joel Berner, Senior Economist at Realtor.com, explains:

“Builders are making a concerted effort to provide smaller, more affordable inventory to the market in a way that the existing-home market cannot. Townhomes are a significant portion of that effort.”

And the numbers back it up. According to data from Realtor.com, townhomes now make up a bigger share of new construction listings than they did just a couple of years ago (see graph below):

That means, if you’re interested in this type of house, you have more choices than you would have had over the last few years. And more options that are potentially more affordable are definitely a good thing. It should make your search for your first home a bit easier.

Townhomes in Ann Arbor

From entry-level to luxury, Ann Arbor has a variety of townhomes to match every budget and lifestyle. Here are a few of the most popular in order of median sale price:

1. Wellesley Gardens $287,500
2. Alpine Condos $290,000
3. Chapel Hill $292,500
4. Georgetown Condos $305,000
5. Geddes Lake $307,500
6. Brentwood Square $322,500
7. Barclay Park $394,000
8. North Oaks $697,495
9. Ashley Mews $925,000
10. Main on the Park $1,700,000

Is a Townhome Right for You?

If you’ve been focused only on more traditional homes with their own yards, an agent can help you explore whether a townhome could work for you. Who knows, you may find out you love the lifestyle. A lot of people do. As an article from the National Association of Realtors (NAR) explains:

“Townhomes tend to cost less than single-family detached homes and can be appealing to young professionals who may desire medium-density, walkable neighborhoods.”

That’s because they’re lower maintenance, they can provide a sense of community with other residents, and they have their own unique amenities. Not to mention, they give you the chance to start building wealth through homeownership without the upkeep that comes with having your own detached, single-family home. And that can be great for first-time buyers who are a bit worried about the maintenance anyway.

But they also come with some other considerations, like dealing with noise through shared walls. If you’re a renter right now, maybe you’re used to that already. But these are the types of things you’ll want to think about. And that’s where an agent’s expertise comes in. They’ll help you weigh the pros and cons, so you understand how a townhome fits into your lifestyle and long-term goals before making your decision.

Bottom Line

If you’re struggling to find a home within your budget, it may be time to expand your search and consider options you haven’t before, like townhomes. Sometimes, compromising a little bit on space is worth it to get your foot in the door.

What matters most to you — space, location, or budget? Let’s figure out where you can flex to make homeownership happen. Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com.