Real Estate Blog - The Spotlight Home Team's Blog

 


In today’s competitive Ann Arbor real estate market, making your offer stand out can be challenging. However, savvy buyers use a strategy called the escalation clause to get ahead. Stick around until the end when I'll explain how an escalation clause can completely backfire on you—something I see inexperienced agents get wrong all the time.

What is an Escalation Clause?

An escalation clause is a provision in your offer that automatically increases your bid up to a maximum limit in response to competing offers. Think of it as your secret weapon in a bidding war, ensuring your offer stays competitive without overpaying.

Here's how it works: You find your dream home, but you're not the only one interested. To avoid getting outbid, you…

35 Views, 0 Comments

 

7 Things to Know Before Buying a Condo in Ann Arbor

Condo living offers convenience and ease for many people, with benefits like lawn care and structural maintenance taken care of by the association. However, there are crucial factors to consider before making a purchase. My name is Daniel DeCapua, owner of the Spotlight Home Team in Ann Arbor, Michigan, and welcome back to our blog, where we delve into all things real estate in Ann Arbor. Today, we're focusing on condo living and here are seven essential things you should know before buying a condo in Ann Arbor.

1. Assess the Financial Health and Governance of the Association

When you buy a condo, you're not just purchasing your unit; you're joining a community with shared…

38 Views, 0 Comments

Let’s talk about the absolute craziness happening in the Ann Arbor market right now. Are rising interest rates slowing things down? Which city in Washtenaw County has the lowest inventory? And how much has the number of homes on the market decreased?

Ann Arbor Real Estate Market Overview

Current Inventory Levels: The current supply of inventory in Ann Arbor is incredibly low at only 1.36 months. What does this number mean? Months of inventory indicate how long it would take for all the current homes for sale to sell, given the current monthly sales volume. If no other homes were listed, we would be out of homes to sell in just over five weeks. A balanced, healthy market should have 5-7 months of inventory, but here we are at just over one…

83 Views, 0 Comments

Choosing the right buyer's agent in the Ann Arbor area isn't just about finding someone to help you buy a home; it's about selecting someone who understands the unique aspects of our market and can guide you through making an informed decision. My name is Daniel DeCapua, and I've sold hundreds of homes in the Ann Arbor area. Today, I'll walk you through seven crucial questions you must ask your Ann Arbor area buyer's agent. These questions are your key to ensuring you're working with someone who truly understands the hyperlocal real estate market. If an agent cannot answer these questions, it might be a red flag, and with so many great agents in the community, you should consider looking elsewhere.

1. How Many Homes Have You Sold in Ann Arbor?

124 Views, 0 Comments

If you're lucky enough to get multiple offers for your home, please do not make these mistakes, whether you are an agent or a seller.

#1 - Setting your deadline too far out

When you list your home on a Monday (which you shouldn't by the way), and you set the deadline for 10 days away guess what? Buyers are going to lose interest.

You need to set your deadline when you start to receive offers and a lot of interest in your property. If you wait too long, a buyer will come in and pressure you to take their offer. Our strategy is always list at the end of the week and set that deadline for Monday or Tuesday morning. Don't set that deadline so far away that buyers lose interest, or another home comes on the market.

#2 - Fail to realize they can…

208 Views, 0 Comments

If you're lucky enough to owe a home in Michigan, you've probably seen some great appreciation the past few years. If you have owned it longer than that, you've seen a lot of appreciation.

So it's important note to mess up that home sale!

The #1 tip is Timing.

When are you going to list your home for sale? Every market is different, but across all markets in Michigan, you're looking at Springtime sales bringing you the most money and the quickest sale.

If you have to list in the other months, it could be beneficial for you if there is low inventory. The timing is hyper-local. If you have 5 homes in your neighborhood for sale, you want to time it when there is lower inventory. Always check with your local expert and watch the data!

The…

285 Views, 0 Comments

Are you ready to list your home? Do it in these three months for the fastest sale!

When we receive the sale data, it is often flawed because it's data from the closing date. You aren't listing your home, and closing tomorrow. It takes 30-45 days for the closing period, so these are the top months to LIST your home. The data the public is receiving is actually closing data from homes that were listed 30-45 days ago.

The three best months for your home's to close, according to every research we have seen is...

April, May, and June!

Those are the 3 months you want your home closing.

At May, you are 12.8% above other sellers in other months of the year. But, understand that homes are closing in May were listed at the end of March or…

293 Views, 0 Comments

Moving from Michigan to Florida is a popular choice for many people seeking a change of scenery, a warmer climate, or new opportunities. Florida's vibrant cities offer a mix of urban amenities, natural beauty, and a relaxed lifestyle that appeals to many former Michiganders. If you're considering making the move from Michigan to Florida, here are the top three cities where people from Michigan are relocating to:

1. Orlando

Why Orlando?
Orlando is known for its world-class theme parks, including Walt Disney World Resort, Universal Orlando Resort, and SeaWorld Orlando. Beyond the theme parks, Orlando offers a thriving arts and culture scene, with museums, galleries, and theaters. The city is also home to a diverse culinary scene, shopping…

563 Views, 0 Comments

Moving from Ann Arbor, Michigan, to the sunny state of Florida is a significant change that comes with a multitude of reasons and benefits. Whether you're seeking warmer weather, a change of pace, or new opportunities, Florida offers a variety of attractions and advantages that make it an appealing destination. Here are some of the main reasons why people choose to make the move from Ann Arbor to Florida.

  1. Weather: One of the primary reasons people move to Florida from Ann Arbor is the weather. Florida boasts a warm and sunny climate year-round, with mild winters and hot summers. If you're tired of the cold, snowy winters in Michigan, Florida's pleasant weather can be a major draw.

  2. Beaches: Florida is home to some of the most…

457 Views, 0 Comments

Selling a home can be a complex process, and choosing the right listing agent is crucial for a smooth and successful experience. To ensure you make an informed decision, it's essential to ask the right questions when interviewing potential listing agents. Here are the top five questions to help you find the perfect partner in selling your home.

  1. "What's Your Experience in the Local Market?" Understanding your listing agent's experience in your local real estate market is vital. An agent with a deep understanding of the area will have valuable insights into current market trends, pricing strategies, and buyer preferences. Ask about their track record of successful sales in your neighborhood, as this can be indicative of their ability to…

558 Views, 0 Comments