Lee Morof's Real Estate Blog

The national real estate market, state markets and city markets all seemed to be wrapped up in a nifty bundle that effect whether your home for sale in Southeast Michigan will have a buyer. With the news reports over the last two years about the pop of the housing bubble, homeowners everywhere essentially lost their minds.

Here are a few examples:

• Some homeowners panicked and immediately put their houses up for sale
• Some homeowners chose to walk away from it all, leaving their homes vacant and mortgages in default
• Some homeowners went into a flurry of home renovations, with the idea of selling
• National and homes for sale in Southeast Michigan listings shot through the roof

The amazing thing isn’t that the real estate market seems to be stabilizing – that’s not the miracle. The miracle is that we still even have a real estate market at all.

Obsessing Over the Sale
This year opened up with a lot of homes on the market, but it also opened with a lot of sellers digging into real estate news. They’ve started obsessing; they’ve started pouring over online real estate digests, articles and blogs. In fact, the traffic for this site alone has jumped tremendously.

While it’s understandable that you, as the seller, want to know what your chances are for selling your home, obsessing is bad for business. Especially if you’re dealing with potential buyers in person, your eagerness to sell can show in very bad ways. You might end up selling the home for way less than you could have – or you might not sell your home at all if they sense desperation.

If you’re obsessing over whether your home will sell or not, stop. Take a deep breath. Relax. Even if you’re in a hurry, taking a short break from worry can help clear your mind and leave it open for better ideas.

It may be hard to remember sometimes, and giving trust is always difficult, but that’s what we’re here for. You hired your real estate agent to take care of your home for sale in Southeast Michigan and get it off the market. We do the research on the market and we have the experience.  In other words, we do the worrying for you!

If you’d like to sell your home, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Modern technology is a wonderful thing, creating easy “connectivity” between people all over the nation.  But it’s also causing problems in many areas, and buying Troy Michigan real estate in Oakland County is one of them.

Here’s the problem: Many people selling Troy Michigan real estate may live in another city or state. In this case, negotiations may be conducted over the phone, through email, via Yahoo conversations – some even use Twitter for real estate deals and information.

At the same time, this also means that legal documents may be passed through email, uploaded to a website for easy viewing or through any number of other online methods. PDF documents, for instance, have become a very popular way to pass on legal forms because they’re easy to fill out, don’t have to printed, etc.

As the buyer, you can’t afford to take the seller’s word that they’ve accepted your position – especially through email. For instance, a buyer recently had a home sale fall through. The seller accepted the terms through email, told the buyer that the seller had signed the contract and sent it on to the agent. Somehow, even though the buyer was positive the contract had been agreed upon, the house was sold to another buyer.

Although laws change from state to state, it’s always best to have the contract in printed form, with an actual signature – in ink. Without the actual contract, all you have is an email. Although emails can be legally binding, they don’t hold a candle to having the printed and signed contract in hand.

Here are a few tips to make sure your housing purchase goes off without a hitch:

• Meet in person – This may be a difficult prospect, especially if the seller lives out of state. However, if you can’t meet them in person, their agent should at least be local. Meeting with the home seller’s legal representative (i.e. Real estate agent) is the next best thing.
• Get it in writing, and get it in print – Who wants to wait for the post office to deliver a paper contract when you can get it from an email? Well… you do. Yes, it might slow the process of buying a house and closing the deal, but so will having the seller back out.
• Verify the important points – Make sure you and the seller really do agree on the terms of the contract before you put your signature on it. You, or preferably your buyer’s agent, should go over the contract with the seller’s agent who should go over it with the seller.

It’s a great time to buy Troy Michigan real estate, but don’t let technology lose you the contract. Cross your t’s and dot your i’s – on paper!

If you’re looking to buy a home, as a licensed real estate attorney and broker, I’ll make sure all those t’s are crossed and i’s are dotted for you. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Buying a home is often considered one of the most stressful things you will do in your life.  Unless you’re a real estate investor, you will most likely experience home buyer stress.

You can help your Southeast Michigan real estate agent find you a home, and successfully close the deal, if you are as prepared and knowledgeable as possible. Here are a few tips to help you be ready and make your transition as painless and stress free as possible.

Have all of your financial records in order. This includes:

• Income records: You usually need two recent pay stubs. If you are self-employed, it will get trickier.  Want to be even more prepared?  Get pre-approved for your mortgage.
• A clean credit report: Make use of those free credit reports and check for errors, outstanding debts, and a high debt-to-income ratio.  If you find any errors, it’s worth your time to get them fixed prior to applying for a loan or searching for a home.
• Know what you want: As unusual as that seems, not knowing specifically what you need and want in a new home can prolong the search and have you and your agent running in circles trying to find the right home. Price is only one of the considerations. Know how many bathrooms and bedrooms you need. If there are specific amenities you desire, let them be known.  Don’t wait until you’ve traveled all over the countryside looking at homes to tell your Southeast Michigan real estate agent you absolutely must have a sunken tub.

Read up on everything you can find that will help you understand the options available to you and what you need to get financing and you will be your own best asset in finding the perfect home. Making your Southeast Michigan real estate agent work smarter, not harder, is the way to a beneficial arrangement for you both.

If you’re looking for the home of your dreams, I can help.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

You already know that the quality of your buyer’s agent can make or break a deal.  To find a quality Bloomfield Hills real estate agent (or other Southeast Michigan communities in Oakland County), you know that you need to interview several agents and consider their years of experience and levels of service. 

There’s one thing you might not have thought to take into account when hiring a buyer’s agent:  the communities in which they specialize.  Here are six benefits of hiring a neighborhood specialist:

1. Get insider’s knowledge of the Bloomfield Hills real estate market:  Your neighborhood specialist knows the history of neighborhood homes including who owned them and when.  He knows which streets are considered the most desirable and why.  He’s up to date on neighborhood nuisances and their influence on home values.  He’s aware of pending legislation and neighborhood regulations.

2. Work with locals who know their businesses:  A neighborhood agent develops a professional network of local contacts who will be very useful to you when buying a home.  A neighborhood real estate agent personally knows the local home inspector, mortgage broker, title company and contractor and will introduce you to them.

3. Receive personal recommendations:  In addition to understanding the local real estate market inside and out, a real estate agent who specializes in a particular area knows the businesses in the neighborhood.  He can recommend the best dry cleaner, dog walker and doctor from his own personal experience.  He can also tell you which businesses to avoid. 

4. Save time:  When you tell the neighborhood specialist the type of home you want to buy, she knows where to find that home.  She knows about new homes that are not yet on the market but are coming soon.  She knows which properties you should stay away from and which you should snap up quickly, if you like them.  In other words, she saves you precious time you’d otherwise spend trying to find that elusive, perfect piece of Troy Michigan real estate. 

5. Discover the real scoop:  Want to know what’s really going on in a community?  Ask the real estate agent who specializes in that community.  She can tell you what’s really going on.  She knows the quality of the schools, the condition of the roads and the amount of crime in the neighborhood.

6. Save money:  The neighborhood specialist knows what makes some homes on a particular street worth more (or less) than others.  He knows the supply and demand of the houses in that area. He knows how long the property has been on the market, and if it was previously on the market.   Bottom-line, he knows what you should pay for a neighborhood home and the terms you should ask for.

If you’re looking for an agent who specializes in Bloomfield Hills real estate, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Many potential homeowners are starting to look towards foreclosures for sale in Southeast Michigan as a way to get the home of their dreams without spending their life savings. What they may not realize is that the sheer amount of foreclosed properties can be daunting. Some are so completely overwhelmed by the choices that they give up and walk away.

Foreclosures for sale in Southeast Michigan can be great deals, but you’ll have a few decisions to make before you even go looking. Because there are so many options, here and throughout the nation, it’s important to figure out what type of foreclosed home is best for you.

Government Foreclosures
Homes with federally sponsored loans, such as HUD homes, are repossessed by government housing agencies. Because these homes offer a lot of opportunities for discount purchases, they move quickly.

Foreclosure Auctions
One of the most common ways to buy a foreclosure is while it’s on the chopping block of a traditional real estate auction. The auction is public, with homes sold to the highest bidder.

REO Foreclosures
Repossessed by the bank, real estate owned properties have been through a foreclosure auction without being bought. There’s not necessarily anything wrong with the home itself.  In fact, many foreclosure auctions fail to sell the home.  The primary reason foreclosure auctions do not succeed is that the auction price is more than what the property is worth. When the auction does fail, ownership reverts to the bank and the home becomes an REO.

REO foreclosures also have auctions, but the bidding process is closed and blind – no haggling allowed. You look over the available properties and come up with an offer to buy the home directly from the bank, rather than competing with other buyers in a public sale.

The good thing with REO foreclosures is that you can also set up the financing and mortgaging options through the same bank. Often, this gives the bank encouragement to give you a better price for the home.

Whether you’re looking at foreclosures for sale in Southeast Michigan as investment opportunities, or to buy your dream home, you have a myriad of options. Knowing what you want – before you start looking – is one of the best ways to ensure you get the deal of a lifetime!

If you’re unsure which type of foreclosed home is best for you, or if you want help finding a great deal on a foreclosure, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

A short sale happens when a lender agrees to accept less than the balance remaining on a home. It is a way for sellers to avoid foreclosure and put their home on the list of homes for sale in Southeast Michigan.  

It seems like a good idea for people who owe more on their home than it’s worth, but that doesn’t mean it is right for everyone. Should you consider a short sale on your home?

Pros to doing a short sale: 

• You will be able to sell your property, get out from under a mortgage you cannot afford and lower your debt.
• You can still sell your property in a declining real estate market, even if you owe more than the home is worth.
• Buyers sometimes get good deals on the property or may be able to buy one of the homes for sale in Southeast Michigan at market value in a popular area they couldn’t previously afford.
• While a short sale isn’t ideal, it is typically better than a foreclosure which stays on your credit report for 10 years.
• If your home goes into foreclosure and is sold at auction for less than the mortgage, you can still be held responsible for making up the difference.

Cons to doing a short sale:

• The lender may refuse to do the short sale, or they may still hold you responsible for the remaining debt.
• The bank’s loss is considered taxable income for you, and you may have to pay taxes on the amount.
• Short sales do stay on your credit report and may make it difficult for you to a get loan in the future.
• You may have to find a real estate agent willing to work for a smaller commission.
• Short sales take longer to close than traditional home sales.

Homes for sale in Southeast Michigan
Are you ready to sell your home?  I can help you decide if a short sale is right for you. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information about your selling options.

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

May your blessings outnumber the shamrocks that grow, and may trouble avoid you wherever you go – Irish blessing

St. Patrick’s Day is coming up and, as you know, it’s the perfect time for a whole bunch of tomfoolery. What you may not know is that it’s the perfect time for an open house for homes for sale in Southeast Michigan. However, if you’re going to do it, it needs to be done right – and the best time to get started is now.

Themed Open Houses
Okay, we (as in real estate agents) often say, “Don’t get your personality all over the house you’re selling” and we mean it. That’s not to say that you can’t have a little bit o’ fun with a themed open house party, though. Here are a few tips to get you started on the right path for getting those homes for sale in Southeast Michigan sold:

1. Keep your St. Patrick’s Day decorations minimal, but the atmosphere fun. In other words, pick decorations that are bland, but still lighten the mood of the home.

2. Lights for the evening, windows for the day. If your open house happens during the day, use as much natural lighting as possible. If it’s in the evening, use lighting that isn’t harsh or overbearing.

3. Offer tasty, “smell good” snacks. You don’t have to make a meal to feed an army, but a few Irish snack dishes can go a long way. You don’t have to stick to Irish food, however. A backyard barbecue is a wonderful way to show off the home’s entertainment possibilities.

4. Keep the alcohol low, if available. You’re not trying to throw a rip-roaring party, but there are two things to consider with alcohol. One is that it’s St. Patrick’s Day and almost a national drinking day. Two, is that the more relaxed a potential buyer feels, the more positive they’ll feel about the house (this is not to say that you should get the visitors drunk, however).

The main purpose of holding an open house is to get potential buyers to come and see what homes for sale in Southeast Michigan have to offer. You want to show off the inside, but you also want to show off the outside and the home’s ability to entertain guests. If you have a real estate agent, discuss the open house with them. If you don’t have an agent, give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com. 

May you live as long as you want, and never want as long as you live.  Happy St. Patrick’s Day!

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

Okay, it never happened; when the Academy Awards were handed out, obviously, none went to a home for sale in Southeast Michigan – but the Academy Awards are still relevant. Bear with me a moment.

When someone wins an Academy Award, don’t we expect more from him or her in the future? Why? Because the Award defines their abilities in some way, and here is where they’re relevant to your home for sale in Southeast Michigan. Just like the Awards, our homes seem to define us in some strange way.

Think about it. When you see a large home with manicured lawns, lighted pathways and a pool, don’t you automatically assume the owners have money? They’ve won the “dream home” award.

Likewise, if you see a home with a scraggly lawn and a bad paint job, you may assume the opposite. In other words, it doesn’t automatically occur to us that the people with the manicured home may just be good at money management or that the owners of the scraggly lawn home may make plenty of money but not manage it well.

We, as human beings, are good at judging a book by its cover. We assume certain things based on what we see, not reality. So what does the home you’re selling say about you? What will it say about the buyer? Would it win the dream home award?

Looking At Your Home with New Eyes
When preparing your home to sell, it’s important to look at the home you’ve lived in for years with new eyes.  Because you’re used to the cracks in the sidewalk, peeling paint or missing shingles, you probably don’t even notice it any more.

Potential buyers, however, are looking for Academy Award winners. Little things, such as unwashed windows, really can make all the difference. Trees with dead branches, lawns that haven’t been mowed, numbers falling off of mailboxes – all of these things may seem small, but they can quickly lose a sale.

Buyers see the outside of a home for sale in Southeast Michigan and have certain expectations of what the inside will look like. If the inside and outside don’t match, you have work to do. Don’t let the home you’re selling wallow on the market. If it’s been sitting on the selling block for months without a peep, it’s time to see what you can do about turning it into a dream home award winner!

If you’re ready to sell your home, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

If you’re thinking of buying Southeast Michigan real estate in Oakland County, now is the time to take advantage of this buyer’s market.

Back in the “good old days,” (a few years ago) it was easier to qualify for a loan, with one-page loan applications, stated incomes and “no doc” (no documentation, meaning nothing had to be proven) loans. There were amazing loan programs, like 125% loan on the purchase price with no down payment.

Now, buying Southeast Michigan real estate is more burdensome. No more “no doc” loans; lenders want every piece of documentation you can come up with. So then, why is it the best time to buy? And what does this have to do with your real estate team?

Although the current loan situation isn’t ideal, it’s worth the effort to find a home you can afford. Here are two reasons:

1. First time homebuyers tax credit – this is a big one. If you can get into escrow by April 30 and close by the end of June, you can qualify for the $8,000 ($6,500 for existing homeowners) federal incentive.
2. Mortgage rates – It might be hard to get a loan, but it isn’t hard to get a loan with low interest rates. Unbelievably, many are still waiting, hoping the mortgage rates will go down further. Stop waiting for that to happen.  It’s not going to be long before they’ll be going back up – not down.

This doesn’t include the incredibly low prices for many homes, as well as the huge housing supply. “Slim pickings” doesn’t apply to our current housing market.

With all these incredible opportunities, it makes sense that your team – the people who represent you – knows what they’re doing. In this day and age, your dream team doesn’t just need knowledge; they need experience.

At a minimum, your dream team should consist of:

• Your real estate agent who needs to be able to guide you to the best housing opportunity available for your area.
• Your lender (who is actually supposed to be helping you) who should be able to build a loan package that fits your specific needs and budget. As well, that loan package must stay within the lender’s guidelines to make sure your loan application is successful.

The more you know – and the more your team knows – the better the chance you have of buying the home of your dreams, at a price you can afford, with a low interest rate, before the April 30 deadline. By July, you could be sitting pretty with your own piece of Southeast Michigan real estate and a cool $8,000 in your bank account!

Putting together your dream team?  I’d be honored to have the chance to interview for the position of your knowledgeable, experienced real estate agent.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com today.

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

Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball.  They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of national and Bloomfield Hills real estate buyers.

Here are some of the home building trends to expect in 2010.

Green is growing. 
A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products. 

Homes are getting smaller.
For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.
Because of the rise in homebuyers looking at Bloomfield Hills real estate who are 55 years of age and older, more single-story homes are being purchased.  According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.
In an attempt to respond to consumer demands for practicality, as well as hold the line on prices, home builders surveyed by NAHB are most likely to include these features as standard in their houses this year:

• Walk-in closets in the master bedroom
• Laundry rooms
• Insulated front doors
• Great rooms
• Energy-efficient windows  
• Linen closets
• Programmable thermostats
• Energy-efficient appliances and lighting
• Separate shower and tub in master bathrooms
• Nine-foot ceilings on the first floor

Here are the features builders said they are least likely to add to houses in 2010.  You’ll notice a lot of the items being eliminated are luxury features, as builders try to lower costs.  

• Outdoor kitchens
• Outdoor fireplaces
• Sunrooms
• Butler’s pantries
• Media rooms
• Desks in kitchens
• Two-story foyers
• Multiple shower heads in the master bath
• Smaller kitchens

Thinking about buying one of the new homes in 2010?  If you’re ready to look at Bloomfield Hills real estate in Southeast Michigan, call me at 248-514-2640 or email info@NorthWoodwardHomes.com today.

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