Lee Morof's Real Estate Blog

We, meaning the real estate industry, say, “It’s a buyer’s market!”  Buyers think that means that deals are available out in the big wide world of homes for sale in Southeast Michigan. Although that’s true, it’s not the whole truth. The whole truth is that money pits, bad deals and half-hearted sellers still exist. Without careful consideration, you may not get the deal you expected.

If you’re in the market for one of the homes for sale in Southeast Michigan, follow these tips to help you get a great deal:

1. Go back to school. In other words, do your homework. Yes, due to the buyer’s market, you have an advantage, but you still need to do your research.  Talk with a real estate agent who specializes in the area and look at the prices of homes sold within the past year. The main point of the research is to find out how much homes are actually selling for in the area in which you want to live, and to determine if you can afford to buy there.

2. Line up the home team. Be prepared to jump on a deal as soon as you find it. Get pre-approved for a mortgage. Gather your real estate agent, home inspector and insurance agent. By having this team of real estate professionals on hand, the transaction will be smoother and faster.

3. Look for motivation. There are motivated sellers and not-so-motivated sellers who just “think” they “might” want to sell if “the right buyer” comes along (quotes are so handy, aren’t they?). You don’t have to guess which is which, however. Has the price been reduced? Is the home vacant? These clues lead to a motivated seller, willing to genuinely negotiate to get the home sold.

4. Don’t buy angry. One of the worst mistakes a buyer can do is to get into a war with the home seller. Emotions grab hold and you find yourself in a fierce competition based on who’s going to WIN WIN WIN! If you find yourself in this situation, learn how to negotiate and listen to your real estate agent’s advice. If you don’t, your great deal can turn into a big mess.

There are plenty of homes for sale in Southeast Michigan out there and great deals to be had, but being cautious is the best way to get the best deal.

Are you a motivated seller or a buyer looking for a great deal? I can help. Call me now at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started!

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

Advice for home sellers is everywhere!  Turn on the TV, radio, or computer and you’re practically bombarded with ideas on how to prepare your Bloomfield Hills real estate to get it sold.

Curb Appeal: It’s Elementary, My Dear Watson

Sometimes the simplest solution is right under your nose.  Sure, renovations, additions, upgrades and updates are great—and should not be overlooked. But common sense says buyers make their first judgment of homes for sale based on the homes’ exterior.

Increasingly Discerning Buyers in Today’s Bloomfield Hills Real Estate Market

Today’s real estate market is challenging for sellers, all the more reason why every little detail matters. Buyers know they are in a strong buyer’s market and literally won’t put up with any rubbish, when window shopping for homes.

Before a potential buyer even considers stepping a foot inside your home, they want to see curb appeal — and not just any curb appeal, mind you. The discerning home buyer of today wants everything “just so.”

Here’s what buyers are looking for:

• Precision lawn care:  That means weekly mowing and edging in the warm months and snow or ice removal in the cold months.  The perfect lawn features mowing done in precise straight lines resulting in a very symmetrical, uniform look.  Don’t forget to trim around the driveway, stones, garden, trees, and especially the sidewalk.
• No junk lying around: Pack rats, you know who you are!  Put things in storage.  Don’t have an RV blocking your driveway or bikes and toys strewn everywhere.
• Beautify: Pick up leaves, weeds, branches and other debris.  Plant beautiful flowers.  You can even buy pre-bloomed flowers and replant.
• Splash o’ Color: Paint the house, garage, doors and shutters in neutral, updated colors.
• Fix and Re-Finish: Wooden decks and porch railings should be in tip-top shape.

Shoot for Showroom Shine

Just imagine that you are trying to win a contest for best looking home in the area. Think model-home quality.

You’ve got a Friend!

To help you get the most out of your precious Bloomfield Hills real estate, I’m here for you.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Many real estate aficionados worried that the ending of the homebuyer tax credits would mean an end to sales. However, a new real estate survey, conducted April, 2010, says homeowners with a home for sale in Southeast Michigan and throughout the nation have more chances to sell their homes.

Survey Group

• 1,000 American consumers
• Ages 25 – 64
• $35,000 + household income

Survey Results

• Over 90% of American consumers think the homebuyer tax credit program helped the real estate industry and first-time buyers.
• 65% actually looking for a home don’t consider the end of the tax credit program to be a factor in their own decisions.
• 46% expect area real estate prices to increase over the next year.
• 12% expect area real estate prices to decline over the next year.
• 79% expect to see an increase in prices over the next five years.
• 20% expect prices to rise significantly over the next five years.
• 75% of renters think renting isn’t as good a long-term choice as owning a home.

How You Can Benefit
As the survey shows, there are still plenty of interested buyers out there.  You just have to know where to find them.

Talk with your agent about which markets are hot in your area. For instance, have older individuals been buying in the area more than young families or vice versa? Maybe energy efficient homes have been selling better. Find out what your home for sale in Southeast Michigan has going for it that matches those hot markets.

Most importantly, don’t give up. Buyers are out there and consumer confidence is rising, which means nothing but good things for the real estate market and homes for sale in Southeast Michigan.

Want to work with an agent who can identify and target hot markets for your home?  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Have you ever seen a child right after a huge chewing gum bubble pops on his face? A mess everywhere, eyes wide, mouth in an “O” – rather reminiscent of the real estate industry when its own bubble popped. Homeowners panicked and began trying to sell their Southeast Michigan homes.

As more pushed to unload the instantly unwanted “step child” of homeownership, the Southeast Michigan real estate market became glutted, resulting in lower sales prices. Two years later, some owners are still trying to sell their homes, still panicking, and still worried about what the future will bring. However, you might be like some homeowners, who are indecisive about selling their homes or who realize they don’t really want to sell.

Stop.

Take a deep breath.

Quit worrying for a moment and ask yourself… Why am I selling?

There are good reasons to sell:

• Your house has become hard to afford.
• You’re getting older and need to move somewhere that doesn’t take as much maintenance.
• You need to relocate for your job.

But there are a lot of not-so-good reasons to sell:

• You’ve read so much about people who have been unable to sell their homes that you became alarmed and put yours on the Southeast Michigan real estate market “just in case” you want to sell it later.
• You’re simply tired of your home.  If that’s the case, all you actually need to do is update or redecorate your home to make it sparkle again.
• You’d just like to see what you can get for your home.

It may seem strange for a Southeast Michigan real estate agent to speak against selling homes. However, my first motivation is always doing what’s best for my client, including giving them the best advice I can. So, I urge you to take a moment and think about it:  do you really need to sell your home now?

Even if your home has lost some of its value, there are many ways that your home is still very valuable:

• Building credit – Home ownership is still a good way to build credit. With good credit you can borrow for other major expenses, such as a new car.
• Building equity – The average home equity for the U.S. is approximately $38,000. When you consider how much your home costs, that may not seem like much. However, when you are ready to sell, that equity will be there to put toward your next home purchase or your retirement savings.
• Saving money on taxes – Owning a home offers several tax benefits. For most Americans, the biggest benefit is deducting the annual interest paid on a mortgage.
• Living well – There’s a reason why homeownership is still called the American Dream.  It simply feels good to live in a home you love.  That you can decorate any way you want.  A home that’s your very own.

Now think about why you bought your home in the first place. Do the things still exist that made you value the home enough to buy it?  If yes, maybe you should stay.

If you do need (or want) to sell your Southeast Michigan real estate, I can help. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

For Bloomfield Hills real estate owners getting ready to put their homes on the market, here are a few stunningly-easy tips to help get your home sold faster and maybe even for more money.

Keep in mind that your prospective Bloomfield Hills real estate buyers will most likely be viewing several homes on the same day as your showing. The emotional elements you include will have a profound impact on their memory, and will make your home standout when they review what they’ve seen with their agents at day’s end.

Preparing your home for the perfect showing is essential and comprises three basic elements that will make your home sparkle.

Atmosphere

• Soft classical music
• Simmering potpourri  
• Bake an apple pie in the oven.  Or, if you have a bread machine, bake bread.
• Well-lit rooms and inviting indirect lighting
• Air conditioning or heating set at a comfortable temperature

Decorations

• Garden-fresh bouquet of flowers near the entrance or on the kitchen table
• Fresh neutral-colored paint and cleaned or new carpet
• Remove family photos or personal items (allows buyer to imagine it is their home)

Cleanliness

• Meticulously spotless kitchen and bath
• Walls washed and spackled as needed
• No clutter whatsoever (uncluttered rooms look larger)
• No pets – kennel them if needed (buyer may be allergic)
• Clean closets (yes, people peek in your closets)

Remember it’s the little things in life that matter, and the same is absolutely true when it comes to a buyer looking for a place to call home-sweet-home.

For more ideas on how to sell your Bloomfield Hills real estate fast and make the most from the sale of your home, call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

While many homes that haven’t sold are being rented instead, some that have been rented out are now up for sale. So what do you do if the house you’re renting becomes a Royal Oak Michigan home for sale?

Get a Fresh Perspective
Nobody wants to get kicked out of his or her home. However, if it comes down to it and you have 60 to 90 days left before you have to move from what is now a Royal Oak Michigan home for sale, look at your options from a fresh perspective.

• If the home has problems and you’ve been responsible for some of the upkeep, it’s no longer your problem. If you still don’t want to buy a home, you can rent somewhere else with a home that has fewer problems than the one you’re moving out of.
• If the rent was high and you’ve been struggling to keep it paid, that’s no longer a problem. If that sounds cold, let me warm it up for you a bit. Many houses are being rented rather than sold, because the owners either don’t want to get rid of them or can’t get rid of them. And, the current economy has caused rent to drop to a more affordable level in many areas.
• If you don’t like the neighborhood or the city and you have a job that can be done elsewhere, start looking. Can you transfer? Does your company have nationwide facilities? This is the perfect time to move to a community more suited to you.
• It may be a buyer’s market, but it’s also a renter’s market. Landlords are lowering rents,  raising amenities, offering the first month or two off the rent, adding in utility costs and anything else they can think of to attract renters. If you have a good renting track record and good credit, now is the time to start negotiating for a great deal.
• If you’ve been looking for a Royal Oak Michigan home for sale to buy, it could just be the one you’re renting!  With the historically low interest rates, you may now qualify to buy the home you’ve previously been renting. 

If you’re looking for the perfect place to buy, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

As you may be aware, there are two primary ways to sell and buy Southeast Michigan real estate.  One, FSBO (For Sale By Owner), means just what it says – the owner sells the home. The second, of course, is selling the home through a real estate agent. What you may not be aware of is the main reasons why so many choose to hire an agent, whether selling or buying Southeast Michigan real estate.

Should you hire an agent? Of course, I’m going to say yes. However, what I really want you to do is make up your own mind after reading. Only you can answer this question because only you know your situation, but you need to know the facts:

Fact #1, for buyers – Real estate is one of the biggest areas of fraud in the U.S., and a fraud in which the scammer is less likely to be caught. Instances abound where an unsuspecting buyer has bought a home that still belonged to someone else.  Someone else who had no idea their home was up for sale in the first place. You won’t be able to get your down payment back, because the con artist will be long gone with it. Agents deal directly with the homeowner whose name is on the title.  If a licensed Southeast Michigan real estate agent represents a home, you know it’s really for sale.

Fact #2, for sellers – Real estate agents have access to many marketing venues that individuals don’t. FSBO sellers are limited to a few websites on the Internet versus the multitude of websites agents use to advertise homes for sale. With the knowledge agents gain through training and experience, the marketing available to agents, and the resources agents have at their fingertips, you have a much better chance of selling your home with an agent than on your own. If you don’t mind having your home sit on the market for awhile, FSBO may be the way to sell. However, if you need your home to sell sooner rather than later, you need an agent.

Fact #3, for buyers and sellers – Selling or buying a home isn’t as simple as “yeah, I’ll take it” and throwing money down. Selling real estate includes everything from negotiations and contracts to assessments and legalities. If either side doesn’t complete the steps correctly, actually closing the deal may be impossible. To be blunt, real estate agents are trained to handle the pitfalls of selling or buying a home and ensure that the sale goes smoothly.

Should you hire an agent to sell or buy Southeast Michigan real estate? To me, this isn’t the real question. The real question is:   Can you afford not to?

If you’d like to work with a knowledgeable, experienced agent to buy or sell a home, I’d love to have the opportunity to interview for the job. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

On June 16, the Senate approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives.  If the plan passes, it means you’ll have until September 30, 2010, to close on your Bloomfield Hills real estate and qualify for tax credits of up to $8,000.  (First-time buyers were eligible for a tax credit of up to $8,000. Current owners who bought and moved into another home could qualify for a credit of up to $6,500.)

Who Qualifies?

Originally, you had to sign a contract to purchase a home by April 30, 2010, and close no later than June 30, 2010.  With this extension, anyone who had a signed purchase agreement by April 30 would have until September 30 to close on the sale of that home.

Why the Extension?

Mortgage lenders have been swamped with borrowers trying to get their Bloomfield Hills real estate home purchases approved by June 30.  Many potential borrowers are having difficulty meeting that deadline. 

The National Association of REALTORS® (NAR) estimates that 180,000 buyers are likely to miss the June 30 deadline “because of delays in the process.” That’s particularly true of short sales, the NAR noted.

Is it Approved?

Unfortunately, an extension of the deadline for the federal homebuyer tax credit remains tied to Senate legislation that would extend unemployment benefits, complicating efforts to get the deadline extended before the expiration date of June 30. 

But don’t give up hope.  If lawmakers extend the deadline after June 30, the language in both the House and Senate bills will apply retroactively.

Have questions about the federal tax credits?  Or any other questions about Bloomfield Hills real estate?  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I’ll respond promptly and personally.

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

When most of us think of Fourth of July festivities, we think of fireworks and food, especially barbeque.  In fact, the Fourth of July is one of the most popular days of the year for barbequing. Many invite family and friends to their Bloomfield Hills home and throw burgers, hot dogs or ribs on the grill.

Unfortunately, some barbequers unknowingly give their family and friends a healthy dose of bacteria along with the food.  To keep your family and friends healthy over the holiday, while still enjoying this summer activity, follow these meat safety tips at your Bloomfield Hills home:

Avoid cross contamination
When you go to the grocery store to buy meat and other foods, keep the raw meat separated from the rest of the food to lessen the chance of cross contamination. Make sure the raw meat is wrapped in plastic bags, again, separated from other meat and foods. Even packaged raw meat can leak, and you want to keep the juices from seeping onto other food.

Head Home
The summer is hot for most areas of the country. Even if you have air conditioning in your car, you want to go straight home from the grocery store. The longer food is exposed to heat, the more chance it has of gaining a nice bacterial growth. Make sure the grocery store is your only, or last, stop before heading home.

Refrigerate
When it’s hotter than 90 degrees, food needs to be refrigerated within the first hour of leaving the store. If it’s less than 90 degrees, you have two hours. Freeze any meat or poultry you won’t be using in a day or two, but make sure everything is refrigerated as quickly as possible.

Thaw Carefully
If you’re going immediately from thawing to the grill, you can use a microwave to defrost. However, for the safest methods, either slowly thaw in the refrigerator over a period of a day or two, or use cold water and sealed packages.

Transport Cold
If you aren’t barbequing at your home and need to transport the meat, transfer the meat immediately to an insulated cooler (40 degrees or below) right before leaving home. As well, make sure you keep the cooler out of direct sun, which can reduce its efficiency at keeping food cold.

Serve Hot
Keep the food hot (140 degrees or warmer) until it’s served. You can set the meat at the side of the grill rack or on a warming tray. Use a clean serving platter rather than the same plate that held the raw meat.

By following the above tips, you’ll help your family and friends have a happy, healthy Fourth of July.

Looking for Bloomfield Hills real estate to celebrate next year’s Fourth of July in? I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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