Lee Morof's Real Estate Blog

I am a RE/MAX agent in Birmingham, Michigan. I primarily represent home buyers and sellers in the North Woodward Area of Oakland County, Southeast Michigan. Currently, approximately one of every two sales in Oakland County, Michigan is a bank owned home. Of course, this has caused huge downward pressure on home values and has perpetuated our buyer’s market. A bill currently before the United States House of  Representatives has some provisions that I believe would help. First, the bill provides for a $7.000 tax credit for those buying bank owned homes and would provide $4 billion in grants for communities to buy and fix up foreclosed homes. The naysayers in the house contend that this would unfairly award purchasers who would have bought anyway and would devalue other homes. In addition, the naysayers think that this would encourage banks to foreclose on more homeowners. I believe that the bill’s detractors are misguided. First, these measures would help reduce the huge inventory of bank owned homes and, in turn, would help get supply to meet current demand. This will help home values not hurt them. The bill also includes the issuance of $10 billiion in tax free mortgage revenue bonds to help homeowners refinance subprime loans. This part of the bill has white house support and would naturally result in fewer foreclosure. All combined, these measures should help reduce the glut of bank owned homes on the market much faster than would occur otherwise.

Ready to buy Southeast Michigan real estate?  I can help you find and buy the right home for you at the best price and terms.  Call me today at 248-514-2640.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-5114-2640

According to the 2006 National Association of Realtors (NAR) Survey of Home Buyers and Sellers, 95% (ninety five percent) of home sellers were satisfied with the service provided to them by their full service Realtor when selling a home. However, only 50% (fifty percent) were satisfied with the service of their discount Realtor. I am not surprised at all. Before I affiliated with RE/MAX, I worked in a discount shop. I can tell you it is absolutely true that you get what you pay for. Most people want the very best service and are willing to pay for it because it is worth it. In this challenging market we are in, sellers need maximum marketing exposure which the discount shops cannot provide because they cannot afford it. Today, sellers need way more than just having their home placed on a Multiple Listing Service to get their home sold. I have developed a Thirty Day Marketing Plan by which I am able to sell 75% (seventy five percent) of the homes that I list. Abviously, it costs money to do this but the point is that IT SELLS HOMES. Homes listed by discount shops take longer to sell, sell for less and usually with more complications. I frequently represent buyers.  Almost always, when I am in my car with the buyer who wants to see a home that we drove by listed by a discount shop, when I call the phone number on the sign, it goes to voice mail. Of course, I don’t end up showing the home and the buyer buys something else. Another thing to consider is that when you list your home with a discounter, you have placed your home in a discount category. Doesn’t your home deserve better? Moreover, a Realtor agreeing to a discount has just showed you the level of his or her negotiating skills. He or she has already given away THEIR OWN MONEY. What do you think they will do with yours?

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

Birmingham Michigan posted some nice housing numbers in February 2008 according to the April Edition of Metropolitan Realtor. Total home sales were up 26.32% as compared to February 2007. The median sale price was up by 9% and the number of on market listings declined by almost 8%. While one month does not necessarily represent a trend, the fact that all of these categories posted encouraging figures, gives cause for optimism. I suspect that many buyers who have been waiting on the sidelines, have jumped at this current opportunity to live in Birmingham. Prices have dropped considerably over the last few years and interest rates have remained low as well. Hence, many are now able to live in an area that they previously thought they could not afford. 

Looking for Southeast Michigan real estate in Birmingham?  Give me a call today at 248-514-2640 or email info@NorthWoodwardHomes.com now!

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640