Lee Morof's Real Estate Blog

Whether it’s election year politics, the White House responding to poor public opnion or a probable veto override or political payback to the lending industry, Congress and the White House will shortly enact housing legislation which will provide relief to Oakland County, Michigan which has been hit hard by a huge rise in foreclosed homes on the market. Presently one in every two homes sold in Oakland County is bank owned as the result of a bank foreclosure. It is expected that the new law will save an estimated 400,000 homeowners from foreclosure by allowing them to refinance into more affordable loans backed by FHA. The law will provide $3.9 billion to areas hit hard by the housing crises to buy and fix up foreclosed homes. Lastly, the legislation will give the Treasury Department power to spend unlimited amounts to keep Fannie Mae and Freddie Mac solvent. The net result of the new law will be a reduction in foreclosed properties on the market which, in turn, will cause prices to stabilize.

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

I am a RE/MAX Associate Broker/Attorney selling homes in Oakland County, Michigan. Recently, one of my law practice’s former clients asked me to help her sell her vacant home in Troy, Michigan.  I had previously been her attorney with regard to a condominium purchase from a by owner seller. The Troy home had been on the Troy Michigan real estate market for about a year with no offers and the listing had expired. I met her at the home. The home was not in bad shape but did need some painting, minor staging, and some minor repairs. She agreed to do these things and I went back to the home about two weeks later after doing a market analysis. The home was ready for market. Surprisingly, her previous Realtor made none of the suggestions that I had made.

When it came to pricing, the previous Realtor listed the home between the middle and top of the market in a market that declined in value. I convinced the seller to price the home between the middle and the bottom of the market because I had determined that that was where the buyers were buying so it only made sense to price the home in that range. I was right! The home sold for an amount above list price within one week after mulitiple showings and multiple offers. The competing buyers and their agents knew the home was priced right and the fear of loss caused the winning buyer to pay more than list price. The result was a happy seller able to move on with her life without the entanglement of a vacant home sitting on the market.  

Are you a Troy Michigan real estate homeowner who is thinking of selling?  Give me a call today at 248-514-2640.

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