Lee Morof's Real Estate Blog

Europe, or more correctly, Greece, is having a debt crisis that may end up being a great boon for national and Troy Michigan real estate. The euro, Europe’s currency, dropped drastically and Europeans responded by exchanging euros for the American dollar.

Help for Troy Michigan Real Estate for Sale
As more money pours into the U.S. “safe haven,” interest rates drop. Although interest rates may rise again once global economies begin to recover, the real estate market will benefit during this period of European instability. In fact, the mortgage markets are already benefiting.

On May 20, Bankrate.com, known for its accurate reporting of average national mortgage rates, reported the lowest 30-year fixed-rate mortgage  in almost 25 years. At the time of the report, national averages hit at 4.96% for a 30-year fixed mortgage, 4.34% for a 15-year fixed and 4.14% for a 5-year ARM (adjustable rate mortgage).

Pessimists vs. Optimists
Pessimists believe that the low mortgage rates won’t affect home sales, because of the large influx of buyers who beat April’s tax credit deadline. In short, their view is that all the eligible homebuyers have already signed closing papers.  They think that a few more buyers may trickle in before the busy season for real estate is over, but their general attitude is that the fat lady has already sung.

Optimists, as usual, have a much brighter point of view about the economy. Banks, they say, are finally letting some of the much-talked-about shadow inventory into the light. Unemployment seems to have slightly reversed, retail sales are up and manufacturing inventories are increasing – all of which indicate a stabilizing economy. Although even optimists aren’t betting on a huge real estate boon, they do point to an uphill trend.

Questions for You
Which are you, an optimist or a pessimist?  And, how can there be such a big difference in real estate market outlook when all the experts are looking at the same information? Lastly, if you’re trying to sell your home, can you really afford to be pessimistic?

Here’s a hint: the attitude you have about your chances of selling will carry over to the results you achieve. Think positive, even when you hear about downturns.  You’ll have a better chance of getting your Troy Michigan real estate sold!

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

It’s open season on homes for sale in Southeast Michigan, and no hunting license is needed. You might want to wear bright orange jackets if you’re a seller, though. It’s a buyer’s market and, in this case, you want the house hunters to see you.

Now, you can only take the hunting analogy so far; I don’t think you’d appreciate being hung on a wall as a trophy. You will appreciate hunters setting their sights on homes for sale in Southeast Michigan, however. Here are a few tips to ensure that your home is the one they target:

Stand out in the open
To put it simply, buyers are using more and more technology nowadays. Obviously, you, as the seller, want to be where the buyers are, right? Embrace the Internet. Twitter, Facebook, blogging and other forms of social media are some of the ways successful sellers have managed to garner attention. So, start networking online, or hire an internet savvy real estate agent to do it for you.

Use an agent
This may sound self-serving; I am, after all, a real estate agent. However, while you may be trying to figure out whether you really want to pay commission fees, also consider this. Agents have access to many places that do it yourself sellers don’t, such as MSN Real Estate, Yahoo Real Estate, their MLS listings and Realtor.com. Buyers do have access, and they’re looking. As the seller, you want as much exposure as possible, and agents can get it for you.

Make affordable repairs
If you can afford to replace a worn out faucet, do so. If you can replace bad flooring, do it. Whether it’s plumbing issues or light switches, big or small, make the repairs you can afford to make. Then, and here’s the secret, advertise:  “All new fixtures!” or “Brand new flooring!” Sharing what you’ve done to make the house more attractive is like waving a red flag and, when you’re talking about house hunting, this is a good thing.

Add field dressing
Okay, perhaps that goes a little far with the hunting analogy. Basically, in a tough buyer’s market, presentation is everything. Have strong curb appeal outside. Get rid of personal clutter inside. Stage the rooms and clean, clean, clean. It’s a beauty contest.  Dress your home accordingly.

Putting these tips into action will greatly raise the chances of taking another home off the list of homes for sale in Southeast Michigan.

If you’re trying to sell your home and need an internet savvy agent, 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’ve been looking at your finances to see if you can afford a home for sale in Southeast Michigan, or a home in any area for that matter, a new report from the National Association of Home Builders and Wells Fargo says, “Yes, you can!”

According to this report, the prices for over 72% of the homes purchased in the first quarter of 2010 were affordable for families making an annual income of $63,800 (the median national income).  One of the main reasons for this is because of the national median price: just $175,000. Adding to that is the still historically low interest and mortgage rates, as well as companies once again beginning to hire new employees. These “affordability” numbers are based on 28% or less of a family’s take-home pay.

Many new homeowners agree. The National Association of REALTORS® released the statistics for existing home sales on May 24.  April saw a 7% increase in sales from March, and Freddie Mac reports that 30-year, conventional, fixed-rate mortgage commitment rates rose to 5.10% in the same month.

What Does This Mean for Buyers and Sellers?
While this still means slow going for those with a home for sale in Southeast Michigan, this means an incredibly hot market for buyers.   With over 4 million homes available for sale, sellers are definitely competing with each other.  In many places across the country, homeowners have dropped their prices 10% to 50%, in an effort to attract attention.

Can You Afford a Home?
If you’re looking at the real estate market and wondering if you can finally afford the home of your dreams, it’s time to quit wondering. Start doing your research.

Before you begin shopping for a home, shop around for a lender. Finding a good lender with reasonable rates is one of the best first steps of buying a home.

Next, get pre-approved for a mortgage.  Pre-approval lets you know how much you really can afford and whether your credit is acceptable for a mortgage. As well, if you do find the home you’ve always wanted, being pre-approved gives you a strong standing in negotiations, because the seller knows you’re seriously looking for a home.

Finally, if you can afford one of the homes for sale in Southeast Michigan and have been waiting for the best time, you’ve reached it. There’s never been a better, more affordable time for buyers in the last 50 years.

If you’re looking for your dream 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

You don’t list your Royal Oak Michigan home for sale on a whim; you don’t just decide you don’t like the one you have. Selling a home carries significant financial, emotional and family repercussions. Selling your home is one of those life decisions, the ones you discuss with your spouse, look over with professionals and use experts to move forward.

While you might have been able to list your Royal Oak Michigan home for sale and have it sold quickly at the beginning of the decade, that’s no longer the case. Now, you have to be truly motivated in order to get your home sold.   Unmotivated sellers, those without concrete reasons, are not serious sellers.

If you’re a motivated seller, on the other hand, you have several new marketing weapons at your disposal. These include government incentive programs, short sale practices, state-of-the-art technology and creative marketing plans to help consummate the transaction.

Are You A Motivated Seller?
So, think about it. Are you a motivated seller? There are a number of reasons people are motivated to sell. These reasons include:

1. Lifestyle Change – The time for a quieter way of life has arrived. The nest may be too empty. You may want more freedom and less household commitment. In any case, a change of lifestyle is a very strong motivation to sell.
2. Relationship Changes – Partners get together and partners divide. Marriage, divorce and newborns all set the stage for household change.
3. House Too Small – As families expand, it can be more cost effective to move rather than over-improve. For example, it can cost over $10,000 for a room extension on your home.
4. Time to Upgrade – Prior to the recession, American families moved an average of seven times per marriage. Although those numbers have dropped some, we do still seem to seek the greenest pastures.
5. Changes in Neighborhood – Many homeowners move because of local community issues. A school system may trim budgets or the homes may not be increasing in value. A desire for neighborhood change could be your motivation.
6. Health Issues – People with health issues who cannot continue or afford household upkeep are moving to smaller, more protected and service oriented communities. If this is you, you can definitely consider yourself a motivated seller.

If you’re motivated and have one of the Royal Oak Michigan homes for sale, you already know the market is competitive. However, professional representation, an astute marketing plan and expanded reach can help you locate the perfect buyer.

Are you a motivated seller? This professional real estate agent would be honored to help you get your home sold. 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 have one of the homes for sale in Southeast Michigan or anywhere else in the U.S., you may have heard of the term “disclosure.”  What is it, why is it important, and what does it entail?

What is disclosure?
First, disclosure is the act of informing a buyer about any issues that your home for sale in Southeast Michigan may have. For instance, if the home has water damage in the basement, you may have to tell the potential buyer about it. I say, “may have to,” because in some states disclosure is a legal issue. In some states, not disclosing issues may be illegal, while in other states, non-disclosure is perfectly legal.

Why is disclosure important?
Real estate transactions are fraught with pitfalls, many of which can end with a lawsuit. Non-disclosure is one of the pitfalls. Several sales throughout the years have ended in non-disclosure lawsuits, where the homebuyer believes, basically, that the homeowner knew a problem existed. The seller didn’t let the buyer know about the issue, which left the buyer feeling as if they’d been scammed – thus, the lawsuit.

What should I disclose to the buyer?
Many real estate agents (including myself), follow a simple rule when it comes to disclosure. “If you wonder whether you should tell the buyer about something, you probably should.” While disclosing problems may mean a lower sales price, not sharing may have you paying more than you ever wanted to in legal fees.

Some things, such as a violent death in the house, have a statute of limitations in most states. For instance, with few exceptions, California Civil Code 1710.2 requires that you tell the potential buyer if the death happened less than three years prior.

Certain disclosures are required, such as lead based paint, the presence of asbestos, or if there’s ever been toxic mold or termites. The rest of the requirements vary from state to state.

As you can see, disclosure isn’t a minor issue. What you have to share versus what you should share, however, all depends on whether you have a home for sale in Southeast Michigan or elsewhere in the U.S. If you’re up front, you’ll have a much better chance of keeping the money you made off the sale, versus spending it in legal fees.

If you’re trying 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

In bygone days, the key to closing many of the deals on homes for sale in Southeast Michigan often relied on an agent’s networking skills. Those of us with a successful real estate history knew where to go to bring homes for sale in Southeast Michigan, financers and buyers together.

In fact, the real estate community became so used to “the way things were done,” the standards for home purchasing and financing became a little lax. Today, regulators have taken aim at any less-than-transparent practices by, quite simply, changing the rules.

Were the “good ole’ days” competitive? Most definitely. Were they as competitive as they are today? Not even close.

Now, in order to complete contracts on homes for sale in Southeast Michigan, you have more transparency and a stricter set of industry standards, particularly when it comes to working with lenders. The good news is the changes in transparency and industry standards are designed to protect you as the seller and your buyer.

With Change Comes Education
With all the changes to the real estate industry, we, as real estate agents, have to stay informed in order to serve your best interests. After all, would you really want an agent following outdated rules from 10 years ago? Probably not, especially if you knew that outdated rules might make your sales contract useless.

How do we stay informed? One way is through the NAR. The National Association of Realtors®, the nation’s largest trade organization, has started several programs to keep agents updated on exciting developments and market trends. Some of the most beneficial programs include:

• Accredited Buyer Representation (ABR)

• Certified International Property Specialist (CIPS)

• Green Principles

• Graduate Realtor® Institute

• Senior Real Estate Specialist (SRES)

• Short Sale and Foreclosure Certification (SFR)

Without continuing educational courses like these, staying updated on the real estate industry would be a lot harder. Most of us already have the experience, but ongoing training is also important. Why? So we know all the ways to attract buyers to your home, no matter what they’re looking for. In other words, learning what they’re looking for helps us to better understand what selling points your home has, and how best to market them.

Now, real estate deals are upfront and hidden agendas are (mostly) a thing of the past. Your goal, as owner/seller of one of the homes for sale in Southeast Michigan, is to make sure the agent you hire is up-to-date on any changes that may affect the sale.

Don’t be afraid to ask about their education and training. The best agent is the one who doesn’t hesitate to answer with a list of certifications and current courses.

If you’d like to sell your home and want an informed real estate agent, look no further. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for a complete list of all my certifications and education.

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

“Buyer’s market” means that the buyers have the upper hand; there’s more supply than demand. When it comes to selling your home, it’s safe to say that you’re competing in one of recent history’s toughest real estate markets.  This is a true buyer’s market, where supply far outweighs demand. So how do you go about selling your home in these conditions?

Interview Southeast Michigan Real Estate Agents
Don’t pick an agent based on looks. An agent who drives an expensive car may very well just be someone who lives beyond his or her means. Instead, create a list of the top Southeast Michigan real estate agents in the area and interview them. Ask:

• About their experiences in selling homes in your area this year and last year – not in years gone by

• What they’d recommend to make your home more marketable

• How they would market your home

If, after interviewing, there is more than one with excellent experience and great marketing plans, choose the one you feel most comfortable working with.

Fix it up
While interviewing, Southeast Michigan real estate agents will look at your home (otherwise, how could they answer two of your questions?). They may tell you that your home is out of date. They may tell you that the cracks in the wall don’t “add character” to the house. No, neither does the wild 70’s style carpeting in the living room.

You might even take an extra step and hire a home inspector to get a better idea of any issues.

Then, build a list of needed home improvements – and then improve. If you need to hire a contractor, again, interview!

Set a good price
These days, most buyers want the deals, and some are willing to compromise on interior decorating in order to get them. Sit down with your agent; find a high and a low selling price. Set the best price you can afford based on what homes are going for in the area, and be willing to negotiate.
The worst things you could do are hire a poor agent, leave your home repairs up to the buyer and overprice your home. Follow the three simple tips above and you’ll get your “Sold!” sign!

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

When you’ve found the perfect home for sale in Southeast Michigan and had your offer accepted, you’re ready to think about getting into your new home. Moving to a new home, and in some cases, to a new location all together, can be an exciting event.  It can also be a difficult thing, especially for children. 

When a move means a new home, new school and new friends, children realize they’re leaving their comfort zone for the unknown.  This can be frightening, especially to very young children.

Along with packing up boxes and making plans for a move, parents need to spend time thinking about how to make the transition as easy as possible for kids.  Following are some suggestions for doing just that:

• Make a scrapbook:  Let your kids take pictures of friends and places they would like to remember.  Then put together a scrapbook you and your kids can take to your new home and look at, especially when homesickness strikes.
• Listen to your kids:  Children often have fears that they don’t share with their parents.  Your children may be very ambivalent about moving, but afraid to say so or don’t know how to put it into words.  Take time to discuss the move with your children.  Ask them how they feel about the move and then talk out any fears they may have.  Don’t dismiss the fear of making new friends by simply saying “of course you’ll make new friends.” Explain that you’ll also be without friends and together you’ll meet new people.
• Visit your new home:  If possible, take your children to the home you’ll be moving into.  Let them visit their new school, walk around the neighborhood and play at the local park.  Giving them a chance to visit the place they’ll soon call home will help alleviate some of their fears and perhaps even get them excited about the move.  If physically visiting your new home isn’t possible, virtually visit it.  Help your children explore their new hometown online. 

Want to move to a new home?  I can help you find the right home for sale in Southeast Michigan that meets your needs and budget.  Give me a call today 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