Buying your first home is a major milestone, and doing it in Oakland County means entering a diverse and
competitive market. This guide will walk you through everything you need to know, from understanding the local market to securing financial assitance and navigating the final steps.
Understanding the Oakland County Market
In 2025, Oakland County is a robust seller's market with high demand and strong prices.
- Prices are ont he rise:
As of July 2025, the median sold price for a home in Oakland County was $383,000, up from the previous year.
- Competition is stiff: Due to low inventory, homes in desirable areas often sell quickly, sometimes sparking bidding wars.
- Location, location, location: Oakland County's vast size means a huge variety of communities and price points. Research specific cities to find the right fit for your budget and lifestyle.
Financial preparation: The foundation of your home search
- Check your credit score - Your credit score is critical. A higher score typically unlocks lower interst rates. While conventional loans often require a minimum of 620, FHA loans can accept scores as low as 580.
- Save for down payment and closing costs
- Down payment: While a 20% down payment helps you avoid Private Mortgage Insurance (PMI), many first-time buyers put down far less. Some loans, like VA and USDA, rquire 0% down.
- Closing costs:
Expect to pay 3-6% of the purchase price in closing costs, which cover fees associated with the loan and title transfer.
3.
Get pre-approved
- Before you start shopping, get a mortgage pre-approval. This step involves a lender checking your credit and finances to determine how much they're willing to lend. A pre-approval letter is a power tool that shows sellers you are a serious and qualified buyer.
Michigan and Oakland County homebuyer programs
Take advantage of programs designed to make homeownership more accessible.
MSHDA Programs
The Michigan Statge Housing Development Authority (MSHDA) offers several statewide programs for first-time buyers:
- MI Home Loan: A 30-year fixed-rate mortgage for first-time buyers and those purchasing in targeted areas. It requires a minimum credit score of 640.
- MI 10K DPA Loan: Provides up to $10,000 in zero-interest, deferred assistance for down payment and closing costs. It must be used with the MI Home Loan.
- First-Generation DPA: A pilot program offering up to $25,000 in assistance for buyers whose parents have never owned a home.
Oakland County-specific assistance
- Homebuyer Assistance Program: The Oakland County Treasurer's Office partners with Independent Bank to offer a $5,000 grant toward down payment and closing costs. It's for first-time buyers with hosuehold incomes at or below 120% of the Area Median Income (AMI).
- Pre-purchase counseling: Many assistance programs require completing an approved pre-purchase counseling program to ensure you are prepared for homeownership.
The search: Finding your ideal Oakland County community
Oakland County offers a wide range of lifestyles and communities. Here are a few to consider based on different priorities:
Best for first-time buyers on a budget
- Hazel Park: A more affordableoption, especially for those priced out of neighboring Ferndale and Royal Oak. It's a growing area with new restaurants and amenities.
- Waterford: Known for its many lakes and lake access, Waterford offers beach amenities without the high price tag of more upscale lake towns. It features a range of home prices.
- Southfield: Features a median listing price significantly lower than the county median, offering a more accessible entry point into the market.
Best for families and top-rated schools
- Berkley: Offers highly-rated public schools, plus easy access to parks and a lively downtown area.
- Troy: Known for its strong economy, excellent schools, and high demand for housing, making it a sound investment.
- Farmington Hills: A desirable suburban community with strong schools and infrastructure, through with a more balanced market compared to some other areas.
Best for those seeking a more luxurious or secluded lifestyle
- Bloomfield Township and Bloomfield Hills: These communities feature high median home prices, luxury estates, and top-tier amenities.
- Rochester Hills: Offers a median listing price near $500K, with a strong market and high demand.
Making an offer and closing the deal
- Find a real estate agent - A local agent with experience in Oakland County's competitive market (Christine Hossack) is your best ally. She will guide you through the process, negotiate on your behalf, and help you find the right home.
- Make a strategic offer
- Your agent (Christine Hossack) will use her knowledge of the local market to help craft a competitive offer. Be prepared for a potential bidding war given the high demand.
- Complete due diligence - Once your offer is accepted, you will have a home inspection and appraisal. A professional inspection can uncover any issues with the home, which you may be able to negotiate with the seller.
- Attend the closing - This is the final step where you sign all the necessary paperwork to finalize your purchase. You will meet with your agent (Christine Hosssack), the seller's agent, and a title company representative to sign the deed and mortgage documents.
Ready to make your move?
Contact Christine Today! 248-773-3286
