What is an earnest money deposit and what role does it play in a real estate transaction?
We’ll be tackling this question today.
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There Are Signs of a Shift in the Michigan Housing Market
How is the housing market looking in Michigan? See what this fall holds.
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As real estate and its prices are always changing, it’s always a good idea to keep up to date. So today, we’ll bring you the fall market update for the Michigan area.
There are more single-family homes coming on the market, up 8.9% from 358 to 390 year to year. The number of year-to-year sales is down 18.1% from 315 to 258. However, the average sales price is up to $308,080 from last year’s $299,788—an increase of 2.8%. The average days on market has improved from 32 days last year to 25 days this year.
Things can change so gradually that many people do not notice. To see if shifts are occurring in the market, it’s important to watch for accurate data in your price range.
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Things can change so gradually that
many people do not notice.
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Sellers could be chasing prices down, so the question for many is if they should wait until spring to sell a house. It depends on what you think is going to happen in regard to elections, the economy, and interest rates.
What happens to prices when rates go up? There may be a relationship. According to the National Association of Realtors’ national media manager, if you have rising interest rates over a longer period, then you’ll see a weaker demand. In this case, you may see price appreciation slow down. Keep in mind, today’s interest rate for an adjustable mortgage is 4.25% and 5.15% for an annual percentage rate.
If you have any questions or would like some more information, feel free to give us a call at (866) 696-8447. We look forward to hearing from you.
4 Ways to Make Buyers Fall in Love With Your Home
Don’t wait to call your local Keller Williams agent.
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Are you ready to make a move? There are four ways to make buyers fall in love with your home so you can sell it quickly and for top dollar. First, make it move-in ready—think clean, organized, and clutter-free. Second, bring in some plants—greenery adds instant style. Third, up the “dream home” factor by highlighting any unique features. Lastly, call your local Keller Williams agent!
All Aboard! – Ann Arbor Trains, Past and Present, Bring Passengers to Ann Arbor, Michigan
Kathy Toth and Team, Keller Williams Market Center, Ann Arbor, MI 734.426.6669, Ann Arbor Train Station
Ann Arbor Amtrak Moves People in the Right Direction – To Ann Arbor, Michigan
All Aboard! – Ann Arbor trains, past and present, bring passengers to Ann Arbor, Michigan
Ann Arbor has had 3 train stations over time: The Michigan Central Depot; the Ann Arbor Railroad; and the current active Amtrak Station. The first 2 stations were up and running before the turn of the century and built within 3 years of each other. The city of Ann Arbor is currently considering eight different site options for a new Amtrak station as well.
The First Train Station – The Michigan Central Depot at 401 Depot Street in Ann Arbor, built in 1886. This prominent station had very elaborate architectural design elements constructed of stone boasting rounded 2/3 cut stone arched windows. Ann Arbor was a busy stop with the University of Michigan campus bringing passengers to and from the University.
The station was designed by architect Frederick Spier from Detroit who was also the architect for other stations such as Grass Lake and Jackson, Michigan just to mention a few.
In 1914 the University of Michigan Mens Football team traveled by train on the Michigan Central Railroad out of Ann Arbor to Allston-Brighton, Massachusetts to play Harvard in Football. University of Michigan fans, back then – like now – were very supportive of their football team. Fans packed in around the Michigan Central Railroad building to give the U of M football squad a rousing send off.
Past Presidents William Howard Taft, Theodore Roosevelt, Grover Cleveland, Dwight David Eisenhower, Richard Nixon and John F. Kennedy either used this station or gave campaign appearances at the Michigan Central Depot.
The original Michigan Central Rail Station on Depot Street is now the Historic Gandy Dancer restaurant purchased in 1969. The Gandy Dancer was named after the men who maintained the railroad tracks. Here is a terrific article published in the Ann Arbor Observer, Then and Now, by Author, Grace Shackman.
The Second Station – The Ann Arbor Railroad built in 1889 was a smaller, more modest station constructed over on Ashley Street in Ann Arbor. The Ann Arbor Railroad was known to most as the ‘Annie’. During the summer months, the Ann Arbor Railroad scheduled day trips to Whitmore Lake, Michigan. Boarding at 416 South Ashley Street in Ann Arbor, the train made several round trips a day for passengers to get out of the busy city of Ann Arbor and head to the lake and to work. Other stops were in Hamburg, Lakeland, and South Lyon, Michigan. The Ann Arbor Railroad gradually ran North all the way to Frankfort, Michigan, and came up from the south to Ann Arbor from Toledo. Today the Ann Arbor Railroad station is the Doughty Montessori School.
With the onset of interstate travel, with better roads, expressways, cars, trucks, and semi-haulers; freight traffic soon had other means of reaching destinations without the use of the rails. Many rail lines were abandoned and other means of transportation energized.
The Third Station – The current Amtrak Station in Ann Arbor was built in 1983. The Amtrak station is located at 325 Depot Street in Ann Arbor, Michigan just walking steps from the Gandy Dancer. Station ridership in 2011 (for fiscal year October-September) was 148,911.
Children love the train. This is a fun experience for them and educational as well. Have them read about the history of the local train stations here in Ann Arbor and take a trip on the Rails. Kids tickets, ages 2 – 15 ride the rails one half off everyday. See the Washtenaw County Rails Map. Take a trip on the rails this fall for a beautiful Pure Michigan color tour.
Travelers enjoy taking the train today, to and from Ann Arbor, and find this to be a very relaxing mode of travel. The Wolverine line out of Ann Arbor, has daily service between Pontiac and Chicago. Get your tickets and plan your trip with friends on the Amtrack.
The map below gives directions to the Ann Arbor Train Station.
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Amtrak Train Station is Located at 325 Depot Street, Ann Arbor, MI 48104
Ann Arbor offers great access to the expressway to get to Detroit or beyond quickly. A hop skip and a jump away is Zingerman’s Deli, Kerrytown, Kerrytown Farmers Market, Briarwood Mall, U of M campus, Medical Center and University of Michigan football games. Drive to Veteran’s Park for figure or hockey skating, baseball, sledding, swimming, or enjoy fresh produce at Plum Market or if you are looking for a fun afternoon out in the area, check out the Ann Arbor Hands On Museum for some great family fun! Get your picture and push the interactive art by artist Tony Rosenthals “Endover” the Cube off State Street North of the Student Union.
If you are looking for entertainment and things to do, be sure to Visit Hill Auditorium! Take in a show at the beautiful Michigan Theatre in Downtown Ann Arbor. Want some unique gifts and garden tips? Find out more from the Ann Arbor Experts! For some specialty items be sure to visit nearby Morgan and York with video. Ann Arbor is a great place to live – convenient for all, including the Detroit metro airport, which is around 30 minutes away! Remember to be sure to visit world famous Ann Arbor Arts Fairs held every July.
To search for homes in Ann Arbor and the Surrounding Area go to www.HomeSearchAnnArbor.com
Kathy Toth & Team – Keller Williams Realty, Ann Arbor Market Center, Ann Arbor, MI – Call 734.426.6669.
Silver Maples Retirement Community in Chelsea Michigan; Chelsea Michigan Real Estate
When it comes to retirement, most people want to simplify their lifestyle and take life a little easier, slow down and start to enjoy themselves while being free from the stresses of working life. However, when it comes to living arrangements, often people downsize from their current home and consider a smaller, more manageable home. Some choose to move into a senior living community.
One such popular community in Chelsea, Michigan is Silver Maples. Silver Maples is a well designed, well planned community of properties that offers independent residential living for seniors as well as a licensed Assisted Living Community.
Their Mission Statement is: Silver Maples provides opportunities for seniors to continue actively building their lives on their own terms — growing, aging well and connecting with our community.
Silver Maples was founded back in 1997 with the aim to address the needs of active seniors, 62 years or older. The community is sponsored by the United Methodist Retirement Communities and the Chelsea Area Wellness Foundation. Silver Maples senior living community is nestled on a serenely wooded 17.5 acres close to shopping and the Chelsea Community Hospital. The grounds are beautifully landscaped with walking paths for residents to stroll and watch the local wildlife. All this and just minutes from Chelsea’s popular, quaint, downtown area. Silver Maples community definitely has a great selection of activities to do, fantastic community amenities and a wonderful community spirit!
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Just like the Chelsea Retirement Community, written about before, don’t forget that Chelsea has some great restaurants, theater, art, and the terrific Chelsea District Library. Take time to visit Zou Zou’s coffee shop, the Chelsea Center for Arts and the renowned Purple Rose Theater. Chelsea definitely has it all and is the perfect relocation destination for retirees!
Explore Chelsea: The Common Grill | Chelsea Clock Tower | Chelsea Teddy Bear Company | Chelsea Community Tour | Ellie’s Chocolate Cafe | Glee Cake and Pastry
When you need to sell your house, we can help you find a top agent to sell your home or condo so you can move to this wonderful community. Allow us to help you with your relocation.
Remember, Chelsea is just outside of Ann Arbor, so if you are looking to move to Ann Arbor instead, then give the team a call! We are connected to a world wide network of top agents.
We welcome your comments. If you live in the community, we want to hear what you think of your neighborhood and welcome your input to improve this Ann Arbor Area information.
Ann Arbor offers great access to the expressway to get to Detroit or beyond quickly. A hop skip and a jump away is Zingerman’s Deli, Kerrytown, Kerrytown Farmers Market, Briarwood Mall, U of M campus, Medical Centerand University of Michigan football games. Drive to Veteran’s Park for figure or hockey skating, baseball, sledding, swimming, or enjoy fresh produce at Plum Market. For some specialty items be sure to visit nearby Morgan and York with video. Ann Arbor is a great place to live – convenient for all, including the Detroit metro airport, which is around 30 minutes away! Remember to be sure to visit world famous Ann Arbor Arts Fairs held every July. Click here to search Dexter Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.
Kathy Toth and Team www.KathyToth.com Ann Arbor Market Center Keller Williams Realty
When you find the house of your dreams, you show the seller you’re serious by writing a check. This is known in the industry as an earnest money deposit.
By law, this sum must be deposited into the title company’s or broker’s escrow account within two days from the final acceptance of the offer.
Essentially, earnest money deposits (otherwise known as a good faith deposit) represents your commitment to buying the home. It shows the seller you’re operating in good faith and allows them to label the home as “Contingent” in the multiple listing system.
As a result of this, the number of showings the seller takes on may decrease while you, the buyer, go through the due diligence period. The larger your earnest money deposit, the more certain the seller will be of your desire to purchase the house.
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The larger your earnest money deposit, the more certain
the seller will be of your desire to purchase the house.
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This deposit can range from about $1,000 to 10% of the home’s sales price. In multiple offer situations, you may want to increase this amount to make your offer more attractive.
Keep in mind, though, that this amount will not be refunded to you if you break the terms of the contract and walk away from the deal.
However, if you meet all of the deadlines and contingencies of the contract, such as the inspection, appraisal, and title review, then the earnest money will be applied toward your down payment at closing.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.