Lee Morof's Real Estate Blog

As a Bloomfield Hills real estate agent, I spend a lot of time rushing in and out of homes. It’s easy for me to get caught up in the hustle-bustle of Bloomfield Hills real estate transactions, and I forget to slow down to appreciate the pleasure of owning a home. So today, I want to take a moment to reflect on the home aspect of real estate.

My job (one I love) is to help people just like you find the perfect Bloomfield Hills real estate that suits their lives.  Once you move in, you make that house into a home. 

Holiday Traditions 
Your Bloomfield Hills home is where you and your loved ones celebrate holidays and where you create and continue family traditions. Whether you deck the halls with layers of tinsel and wreaths or have the whole family over to spin Hanukkah dreidels, the spirit of the season comes from the energy of the people gathering together in your home. 

Season of Family Warmth
While you’re making your famous sugar cookies or spiking your secret-recipe punch with extra holiday cheer, pause for a moment to enjoy the warmth and beauty of your Bloomfield Hills home. My wish for you is that you live every day like it’s a holiday, being thankful and spending time with loved ones.

Happy Holidays!
May your home be filled with the joy of family and friends this holiday season. There’s truly no place like home for the holidays!

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

The data from the 2011 National Association of REALTORS® Profile of Home Buyers and Sellers is now available. Here are the significant changes you need to know that will help you market your Southeast Michigan real estate and get it sold:

1. Most buyers are married: 64 percent of all buyers are married couples (up five percent from 2010), 18 percent are single women, 10 percent single men and 7 percent unmarried couples.
2. Your property is competing against 12 other homes: Buyers searched a median of 12 weeks and visited 12 homes, both unchanged from 2010.
3. Multiple bedrooms and bathrooms are preferred: The typical home had 3 bedrooms and 2 bathrooms.
   4. Most buyers want single-family homes: 77 percent of respondents purchased a detached single-family home, 9 percent a condo and 8 percent a townhouse or rowhouse.
4. You need to promote your home to buyer’s agents: 60 percent of buyers working with real estate professionals were represented by a buyer’s agent.
5. Hire a Southeast Michigan real estate agent to sell your home: 87 percent of home buyers use real estate agents to find their home. 91 percent of buyers who used the Internet to search for a home purchased through a real estate agent.
6. Market your home online, with yard signs and at open houses: When buyers were asked where they first learned about the home they purchased, 40 percent said the Internet; 11 percent said a yard sign or open house.

Want to work with a Southeast Michigan real estate agent who knows how to market your home to get it sold? Let me show you my proven marketing plan. Schedule an appointment with me today by calling me at 248-514-2640 or emailing me at info@NorthWoodwardHomes.com.

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

Should you try to sell your home on your own as a Royal Oak Michigan home for sale by owner (FSBO)? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has new information about FSBOs which can help you decide if you should try to sell your home without the help of a real estate professional.

Here are the top 4 facts you need to know if you’re considering selling your Royal Oak Michigan home for sale by owner:

1. It’s harder to sell your Royal Oak Michigan home for sale by owner in today’s market. FSBO transactions accounted for 10 percent of sales. That’s slightly above the record low of 9 percent in the 2010 study, but well below the record high of 20 percent set in 1987. The share of homes sold without professional representation has trended lower since 1997.
2. If you know someone who wants to buy your home, you’ll be more likely to be able to sell it on your own. Many FSBO properties are not sold on the open market. Factoring out private sales between parties who knew each other in advance, the actual number of homes sold on the open market without professional assistance was 6 percent.
3. If you’re good at attracting buyers, pricing your home and filling out paperwork, selling your Royal Oak Michigan home for sale by owner may be the way to go. The most difficult tasks reported by unrepresented sellers are attracting potential buyers, getting the right price, and understanding and completing paperwork.
4. Hiring an agent still gives you the best chance of selling your home. 89 percent of buyers used real estate agents and brokers. 7 percent bought directly from a builder, and 4 percent purchased a FSBO.

Ready to hire a real estate professional to get your home sold? Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to discover how I can help you.

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

Holidays are full of joy and family fun – and potential hazards all about. Bloomfield Hills real estate homeowner can keep harmony and health in their home this season, by keeping these safety tips in mind:

• Sparkly, Not Sparking, Electrical Safety: Plugging extension cords into extension cords into extension cords to create a wire farm of electricity can be a fire hazard. Blown circuit breakers are one sign that you’re overloading the capacity of your home. Don’t wait for the sparks. If you are using lights outside, make sure that they are approved for outdoor, all-weather use for your Bloomfield Hills real estate.
• Season of Light, Not of Fire: Never leave candles burning unattended or where pets or children can knock them over. Period. Flames are lovely only when contained to fireplaces and candlestick holders.
• Balance in All Things: As you decorate your Bloomfield Hills real estate with wreathes, ornaments, and nativity scenes or menorahs and dreidels, consider where and how you are piling them. Too many items perched on tabletops and mantles and dangled from wafer-thin supports may become unstable. If you have to add the word “probably” before “it’s secure,” re-do your approach.
• Poison Control: Poinsettias, for instance, can be lethal for pets. Mistletoe is good for stealing kisses under but poisonous if eaten. Think about who and what has access to and interest in any new plants, foods, toys, or decorations you’re putting out for the season. Spot, Kitty and the kiddies may think new items look appetizing, from tinsel to food-shaped ornaments. 
• Respect the Power of Tools: If you only take your chain saw out once a year to cut the bottom off the tree, take a moment to review the manual and find your safety goggles. Hint: the electric knife for the turkey should not be plugged in and left out.

The holiday season can be the harried and hurried season too. Be sure to take the time to make sure everyone survives the holidays in health and happiness.

If you’re thinking of starting the New Year in a new home and you’re interested in looking at Bloomfield Hills real estate or other communities in Oakland County, call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to start the ball rolling.

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

During the holidays, Bloomfield Hills real estate homeowners may find it hard to insure their home is put together for impromptu parties and visiting family. With all the extra decorations and presents that appear, there never seems to be enough room to keep your house organized and uncluttered. This year, you might consider asking the big man in red for the gift of orderliness.

Instead of asking Santa for the usual new clothing, sports gear or electronics, maybe you should ask him to splurge on even one of the space-expanding strategies below. It might take a little bit of an investment, but you’ll add value to your Bloomfield Hills real estate. Your home’s interior rooms will appear larger and it will be bought up quickly when the time comes to sell.

• Build a front porch. Extending your entrance out under eaves will improve curb appeal, add charm and create more of an entry space to place coats, boots and umbrellas — which means they’re not lying around your kitchen.
• Order a counter-depth fridge. By purchasing a fridge that aligns with your counters, you’ll keep your kitchen looking sleek and avoid running a hip into an appliance that juts out into the walkway.
• Repurpose an extra too-small bedroom. If there’s a tiny bedroom next to the master, then you might want to consider repurposing it as a walk-in closet or en-suite bathroom. Not only will you have the luxury of more storage, but you’ll also add (especially with another bathroom) value.
• Take advantage of the attic. Open up a one-story house’s kitchen or give the master bedroom a vaulted ceiling by lifting the existing one into the attic. You can put in recessed lighting, add a top row of cabinets or install a skylight to let in extra light.

You don’t need to ask Santa to bring you an entirely new house, just see if he’ll splurge this holiday season on luxury space expanders that open up and add value to your property.

If you’re looking for more ways to invest in your Bloomfield Hills real estate or would like to move to a larger home, please call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

A cozy fire, the smell of pine trees and a plate of warm cookies might be all it takes for buyers to envision themselves celebrating many holidays in your Royal Oak Michigan home for sale. So take the time this season to channel Mrs. Claus and cheerfully enhance your house for the holidays with these festive tips:

• Deck the Halls – While you want to remind some buyers of their yearly traditions, you don’t want to offend others. If you usually go overboard with decorations, tone it down a little this year and go for a winter nature theme — think pinecones, snowflakes and the smell of cinnamon.
• Spruce Up the Winter Curb Appeal – In the dead of winter, yards can look barren and bleak. Don’t add to the seasonal depression. Ensure you shovel snow, rake fallen leaves and clear dead flowers from their pots. Also, with dark settling so early, turn on both indoor and outdoor lights to give your Royal Oak Michigan home for sale a cozy glow.
• Host a Holiday Open House – With your house in the season’s spirit, it’s the perfect time to have interested buyers walking through. Offer fresh baked cookies and apple cider to seal the deal.
• Be Flexible – Put in the extra effort to keep your house clean so that buyers can drop in anytime. Property purchasers looking at this busy time of year will be seriously interested — and you might be one of the only houses open to them.

By adding a little holiday cheer to your Royal Oak Michigan home for sale, you could remind potential buyers of happy memories and put them in the giving — or hopefully, buying — spirit.

If you would like more tips to get your home sold during the holiday season, please phone me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

If you get a mortgage for more than 80% of your Southeast Michigan real estate’s fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis.

Obviously, it would be a good thing if you didn’t have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Southeast Michigan real estate:

• Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase.
• Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay what you would have to for PMI.
• Get a Second Mortgage: Getting a second mortgage to cover the difference between your down payment on your first mortgage and the 20% threshold for your PMI can make a substantial difference in your monthly payments. Talk to a qualified mortgage professional to discuss your options.
• Pay More Interest: Some lenders will waive PMI if you agree to a higher interest rate. Again, discuss your options with a mortgage professional.
• Consider a Less Expensive Home: This goes back to being able to hit that 20% threshold. As we’ve all seen in this tough economy, stretching beyond your means can have dire consequences if your circumstances change. Consider if you really need that extra bedroom and extra expense. If you haven’t saved enough to afford an expensive home, downsize your expectations and buy within your means.

If you’d like a referral to an outstanding mortgage professional or need help finding a home that fits your budget, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

If you are on the verge of buying Southeast Michigan real estate, you’ve probably heard the term Private Mortgage Insurance (PMI). Mortgage professionals talk about it a great deal, but you may be asking, “What is it exactly? And why should I care?”

Private Mortgage Insurance Defined
PMI is required by lenders if the down payment of a purchase is less than 20 percent of the home’s value. It protects the lender if the borrower defaults on the loan. It also makes the lender more apt to loan, even if the down payment is as low as 3%, because in the long run, the lender’s investment is protected.

You Pay For It
Unlike other types of insurance which you pay to protect your interest in an asset, you pay Private Mortgage Insurance to the mortgage company to protect its interest in your new Southeast Michigan real estate. (Note that PMI is not usually tax deductible. Check with a tax professional for details. )

Make It Go Away: PMI Can Be Terminated Once You’ve Paid Down Your Loan
Once you pay down your mortgage to the point where it hits the magical 80% of the original purchase price or appraised value, whichever is less, you can request cancellation of PMI. The Homeowners Protection Act requires that loans made after 1999 include notifications to the borrower when you arrive at this point in your payments.

Your PMI payments must be automatically canceled once you pay down your loan to 78%. At closing, and on a yearly basis, you should receive information from your lender about when you can request cancellation.

Whether you’re ready to buy Southeast Michigan real estate or need more information before taking the plunge, I can help. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Within the walls of your house, you’ve probably raised a family, made future plans and created years of memories. Take time this month to be thankful for everything your Bloomfield Hills real estate has given you by giving it some green TLC this Thanksgiving.

With Christmas right around the corner, I know it’s hard to justify spending a lot of money on your Bloomfield Hills real estate. Below are a few easy and affordable green projects for you to do this Thanksgiving holiday — and they’ll start paying off immediately!

• Buy compact florescent light bulbs. You don’t have to do this all at once. As your light bulbs burn out, purchase these energy savers for around $3 a piece. They last about ten times longer than incandescent light bulbs and can save you close to $40 over their lifetime.
• Use faucet aerators. These only cost about $10 and are incredibly easy to install. Just unscrew your faucet nozzle or showerhead and slip the aerator in. It can cut your water bill in half by making the water squeeze through tiny holes, which makes it feel like there is more pressure. You’ll also reduce heating bills because the less hot water you use, the less you’ll have to heat.
• Put in ceiling fans. If you don’t have these in your house, then you’re missing out on a huge energy-saver. Starting around $50, ceiling fans push hot air down and help regulate each room’s temperature — just switch the blade rotation for summer.
• Replace your old toilet. Older toilets can dispense almost 3.5 gallons per flush, while modern low-flow toilets dispense as little as 1 gallon. If you’re in for more of a handyman challenge, you can purchase these for as low as $150. The more people you have in your house, the more savings you’ll see.

Not only will your Bloomfield Hills real estate and finances thank you for the green upgrades, but the environment will too.

If you’d like more green ideas you can implement this Thanksgiving break, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

At this time of year, as thoughts turn to gobbling down turkey dinners and watching football, it’s easy to get caught up in the details and lose the spirit.  So today, I want to take a minute to say something important:

Thank you!
Because of you, I have a job I love: being a Bloomfield Hills real estate agent. 

Thanksgiving is a holiday of gratitude, and yet too few of us remember that when we’re stuck in traffic going over the river and through the woods to grandma’s house for her famous pumpkin pie. 

So today, I’d like to say again, thank you.  

Thank you for contributing to this community, online and in the real world, by asking questions, adding your insights, and trusting me with your housing dreams.   

If we’ve worked together in the past, please know that I am sincerely grateful for your business. I hope the experience of working together led you to your perfect home and fulfilled your real estate goals.

If you are new to this site and just beginning to investigate the sometimes confusing world of real estate, I’d like to thank you for stopping by.  I hope that we will have an opportunity to work together.
 
One of my favorite things about working as a Bloomfield Hills real estate agent is that I learn so much about the lives of my clients. They let me inside their homes and tell me about their best imaginings for the future. Thank you for allowing me to be a part of your life.

Thank you for your trust.  I want you to know I am honored by it, and take it seriously. As a Bloomfield Hills real estate agent, I take pride in helping you find the perfect solution for your needs. I love hearing your stories as you embark on new chapters, and addresses, in your life.  

During the warmth of this holiday season, I hope you and yours are safe and secure in a community that you love. And I hope your turkey emerges from the oven golden brown and delicious!

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