Lee Morof's Real Estate Blog

They say that language reflects culture, and certainly, the difficulties in the real estate market are showing up in the list of new words for this year. If you’re buying or selling Southeast Michigan real estate in Oakland County, Michigan, you may already have taken note of some of these new words. Here are three for your consideration:

Water: Not Just For Swimming Anymore
According to the keepers of the language flame at Merriam Webster, “underwater” has a new definition. “Underwater” now officially also means “having, relating to, or being a mortgage loan for which more is owed than the property securing the loan is worth.”

Many people in underwater mortgages are choosing to delay selling until their home value comes back up. The good news is that values are indeed rising again, so waiting out the storm can be a good idea.

Risk: To Be Feared and Avoided
Perhaps not coincidentally, another new word at Merriam Webster is “systemic risk.” This means “the risk that the failure of one financial institution (as a bank) could cause other interconnected institutions to fail and harm the economy as a whole.”

Man Cave: Give Me Shelter
Many men probably took shelter in the now-officially-named “man cave.” This means “a room or space (as in a basement) designed according to the taste of the man of the house to be used as his personal area for hobbies and leisure activities.”

The good news is that the Southeast Michigan real estate market is improving. Homeowners who were holding their breath while underwater are now coming up to the surface and enjoying the fresh air.

If you’re looking for more information on buying or selling Southeast Michigan real estate, I can help. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney Lee Morof 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com