Lee Morof's Real Estate Blog

If you’re looking at Bloomfield Hills homes to buy, you’re probably overwhelmed by everything you need to take into account before making your final choice.  You have to think about the Bloomfield Hills home’s size, location, price and condition, to name a few. 

Some of the most important features to carefully examine are those that cannot be easily or inexpensively changed.  You can easily and relatively inexpensively repaint the bright pink walls and replace the avocado refrigerator.  But what about the power lines hanging across the backyard?  You may never be able to get those removed.

Here are a few difficult to fix flaws you may want to steer clear of:

• Odd smells coming from businesses in the neighborhood such as farms, garbage dumps and recycling centers 
• A busy road
• Noise from businesses, trains, airports or flight paths
• Super steep driveway or road to the home
• Traffic from busy shopping centers or entertainment facilities
• A floodplain 

Watch out for flaws that are expensive and difficult (or even impossible) to fix.  They can significantly decrease your enjoyment of the home, while you live there.  They can also lengthen your Bloomfield Hills home’s time on the market and reduce its resale value, when you’re ready to sell.

Shopping for a home to buy in Southeast Michigan?  Let me help you find a home that is free of tough to fix flaws.  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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

It’s the time of year we all dread… time for your 2010 tax filings.  While I am not a Certified Public Accountant (CPA) or even a plain old accountant, I do want to share with you some basic tax tips all Royal Oak Michigan home owners should consider before filing their taxes.

• Contact a tax expert.  My motto is always, if in doubt, contact a tax expert.  There’s no way around it; taxes are complicated.  While some don’t want to spend their money on tax experts, I’ve found that they’ve saved me much more money than they’ve cost.  And, the peace of mind they provide is priceless.
• Claim your Royal Oak Michigan home owner’s tax deduction, if you’re eligible.  In 2002, a study was conducted that showed that 61% of eligible home owners did not claim their home owner’s tax deductions on their income taxes.  That means that 61% of home owners who would have saved on their income taxes took the standard deduction and paid a higher tax bill that they needed to.  Don’t miss any more tax savings by automatically taking the standard deduction.  Consult a tax expert to find out how much you can save by taking advantage of your home owner’s tax breaks.
• Review your past returns.  If you think you might have overpaid your taxes in the past, have a tax expert review your past returns and help you file an amended return to reclaim your money.
• Start paying back your 2008 first-time home buyer tax break. If you claimed the very first version of the first-time home buyers tax break on your 2008 tax returns, you must now start paying it back.  The credit has to be repaid in 15 equal payments each tax-filing time, beginning with 2010 returns.  The 2008 tax break wasn’t a true credit.  Instead, it was an interest-free loan, and like all loans, it must be paid back.
• Claim subsequent home-buyer tax credits.  If you qualified for and used the 2009 (which was extended to June, 2010) first-time home-buyer tax credit or home-owner tax credit, you had the option to claim the credit on your 2009 or 2010 taxes.  If you waited to claim them, now’s the time to do so.

Even though the home-buyer tax credits are no longer available, this is an amazing time to buy one of the Royal Oak Michigan homes for sale.  If you’d like to learn more about why now is a fabulous time to buy a home, or if you need help finding a home you love, I can help.  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

Looking to buy a new house? Do you have a specified budget in place? Are you going to need to take out a loan? In such a tumultuous Troy Michigan real estate market, there are many frustrating financial hurdles that you need to jump before you can purchase your home. However, with a pre-approved loan you could reduce stress and move in quicker.

Troy Michigan real estate buyers have an advantage if they are pre-approved for a home loan. A pre-approved loan is when a bank provides you with an amount they would be willing to lend you for a home and a period of time for which this offer is good. They determine this amount based on several criteria that you must provide and prove, such as your current income, bank statements, income tax returns and credit history. 

Perks from pre-approval

• Know what you can afford –Using a mortgage calculator, you can see an estimate of the monthly mortgage payment to help you determine if it is within your budget.  By obtaining a pre-approved loan, you’ll know exactly how much money you can spend on a house.
• Gain credibility – Troy Michigan real estate agents and sellers take you more seriously if they have proof that you can come up with the money to purchase the property.
• Save time – When you know exactly how much you can spend, you won’t waste your time looking at houses out of your price range. This allows you to spend more time scrutinizing the houses you can afford.
• Close quicker – With a pre-approved loan, you’ve already completed part of the time consuming work toward getting your mortgage. Without pre-approval, you might endure heartache if you find your dream home, but can’t find the funds.

If you’re searching for Troy Michigan real estate without a pre-approved loan, stop wasting time. Analyze your income, talk with a lender and get pre-approved before beginning the house hunt.

Need a referral to a reputable mortgage provider in Southeast Michigan?  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

Here are a few tips to help your Royal Oak Michigan home for sale show better and sell faster.

1. Get rid of the excess:  Eliminate as much as possible, and then do it again.  Remember when staging your Royal Oak Michigan home for sale, less is best.  Swap out personal photos for framed art.  The main idea is to remove as much as possible and replace personal items with neutral objects so that people can imagine their things in the home.
2. Repair and paint:  Before painting, fix all those minor dings that don’t really bother you.  Buyers notice everything.  A missing piece of baseboard, an outlet that doesn’t work, or a closet door that won’t stay on track all seem minor, but they can have a huge affect on how a buyer views your home.  The next step is to apply a fresh coat of paint in a neutral color.  Freshly painted walls make a room look cleaner and larger.
3. Improve the curb appeal:  You have to get people in the door before they’ll buy your Royal Oak Michigan home for sale.  If your house looks bad on the outside, buyers won’t waste their time taking a look at the inside.  Improving your curb appeal doesn’t mean you need to hire a landscaper.  It can be as basic as trimming your hedges and trees, especially those closest to your house.  Repair or replace loose porch railings and make sure the exterior paint is not chipping.  If needed, scrape and paint; peeling paint is a real turnoff to buyers.  Keep the lawn mowed.  Put away bikes, toys and garden tools.

Following these simple steps will go a long way to getting your home sold quickly.

Ready to sell your home in southeast Michigan?  I can help.  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

As houses continue to sit on the market without the slightest sign of interested buyers, sellers are lowering prices and pouring more money into upgrades and remodels. While these updates might help increase sales, you could achieve the same results with your Bloomfield Hills home by spending less cash and adding more green.

With the growing demand for green features, buyers like the idea of purchasing a house that already contains a few eco-conscious elements. From environmentally sound materials to energy efficient windows and doors, just adding one green upgrade could be the ticket to spark interest and sell your Bloomfield Hills home.

6 eco-features buyers love:

1. Water-saving appliances – Install low-flow toilets and aerators on showers to reduce your water usage and see a surprising reduction in your bills.
2. High-efficiency filters and air purifiers – Remove even the smallest dust particles and kill bacteria that could be floating throughout your house.
3. Paving stones – Use paving stones for your driveway in place of concrete. It looks quaint and allows rainwater to seep into the ground, instead of flooding the storm water system.
4. A sealed garage – Properly seal your garage to ensure poisonous fumes and outdoor contaminates don’t accidentally seep into your living areas.
5. Solar power – Decrease your energy bill by incorporating these sun soakers into your grid. Just make sure they’re positioned discretely, so they don’t become an eyesore.
6. Efficient windows – Help regulate your home’s temperature by limiting air leakage.

If you don’t have the cash to turn your house completely green, just update one or two features and be sure to highlight them when marketing your home. By providing your potential buyer with energy savings, you may also save yourself time and money when your home sells faster and for more money.

Don’t endure another day of waiting for someone to buy your Bloomfield Hills home. With the right updates and my 30-Day Marketing Plan, I can help you turn your house green and cash in on your pot of gold.  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

Are you a first-time home buyer?  There are a lot of things you’ll want to learn before making that first purchase.  Here are 9 tips to help you purchase the perfect Southeast Michigan real estate you’ll love and be prepared for additional costs you may not have considered:

1. Ask yourself if you’re ready. Are you financially ready to buy Southeast Michigan real estate?  Do you have a steady job and income?  Do you have money for the down payment?

2. Get pre-approved.  When you get pre-approved for a mortgage loan, your lender checks your credit and lets you know the amount of mortgage for which you qualify.  Having a pre-approved loan will put you at the top of the list when presenting an offer.

3. Identify closing costs. The cost of closing on the sale of your Southeast Michigan real estate shouldn’t be overlooked. Closing costs include origination fees, title and settlement fees, taxes and prepaid items such as homeowner’s insurance or homeowner’s association fees.

4. Calculate your total monthly housing cost.  Include taxes and homeowners insurance.  In some areas, what you’ll pay for your taxes and insurance escrow almost doubles your mortgage payment.

5. Include home maintenance expenses in your budget.  Maintaining your investment can be labor-intensive and expensive. Unexpected costs for new appliances, roof repairs and plumbing problems can drain your bank account.

6. Find a Bloomfield Hills home.  Identify the neighborhood, you want to live in.  Hire a full-time REALTOR® who specializes in that neighborhood to help you find and negotiate the purchase of the home.

7. Get a home inspection.  Make sure your agent includes a home inspection contingency in your offer to buy a home. If you’re unsatisfied with anything found in the home inspection, have your agent negotiate with the seller to make repairs, pay for repairs or lower the price.

8. Make it to closing.  You have your financing, your offer has been accepted, and you’re anxiously awaiting the day you close on your home.  Now, you just have to make sure you don’t do anything to jeopardize your credit.  Do not change jobs, buy a new car or apply for credit cards.

9. Celebrate.  Congratulations!  You’re now the proud owner of your first home.

Buying your first home can be exciting, especially if you’re knowledgeable about the process and prepared.

If your goal for this year is to be a first-time homeowner, let me guide you through the process of finding and buying a home.  Give me a call 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

You already know all the usual reasons agents and other experts think now is a good time to buy real estate in Southeast Michigan.  Here are 4 reasons to buy real estate in Southeast Michigan now that just might surprise you:

1. Homes are in tip-top condition. Instead of selling and moving into a more expensive home, many owners have invested their money in home maintenance, repair and updates, so says the Harvard University’s Joint Center for Housing Studies.

2. Outstanding homes are coming on the market. Many homeowners who have been waiting for the real estate market to take an upturn are now putting their homes on the market.  And, those homes are in great shape (see #1).

3. Appraisals reflect reality. We can all be thankful that Fannie Mae adjusted its guidelines so that home appraisals can be more in alignment with today’s real estate market. That means more deals will make it all the way through to closing.

4. Housing programs. There are still programs to help people buy homes:

• Workforce Housing Programs encourage middle-class families to buy houses. Buyers who qualify can get a big boost by combining one of these programs with today’s low mortgage rates.
• American Dream Downpayment Initiative (ADDI) provides low-income first-time earners (single family: $44,400; family of four: $63,450) with a city loan equal to 6% of the purchase price or up to $10,000, whichever is greater. Each state receives ADDI funds proportionate to the percentage of the national total of low-income households residing in rental housing in the state, as determined by the most recent available U.S. Census data.
• Mortgage Credit Certificate Program is a federal tax credit (15% or 20% of the mortgage interest, depending on property location) that helps low and moderate earners qualify for a higher first mortgage and reduced federal income tax.

Talk with a mortgage specialist or real estate in Southeast Michigan professional to find out which programs your state has funded.

Now isn’t just a good time to buy, it’s one of the best times ever.  If you’re ready to buy a home, I can help.   Give me a call at 248-514-2640 or email me today 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 some people are hesitant to buy into a real estate market that seems to still be bottoming out, many studies have shown that owning a house is an investment in your future and that of your community. From tax breaks to property taxes, being a Bloomfield Hills home owner can put money in the bank.  It also gives you a sense of pride in contributing to community institutions such as the police force, local government offices, fire stations and free medical services.

Did you know that statistically you and your neighbors are more likely to properly maintain and update your Bloomfield Hills homes when you own them rather than rent them?  Maintaining and updating your home boosts the real estate market around you, giving you the chance to increase the value of your property, your neighbors’ property and eventually your entire community.

4 more reasons why you should buy instead of rent:

1. Building financial security – While it might take many years for you to actually make a profit on your house, you’ll still have your money secured in a tangible investment that you can pass down for generations to come.

2. Investing in your community – If you pay property taxes, you’ll be investing in your community. You could play a part in contributing to more parks, cleaner streets and better schools for you, your children and your neighbors.

3. Buying while the housing market is slow – With the high rate of foreclosures and slow real estate market, you can scoop up amazing homes at great prices. Purchase while the market is slow and your investment could grow exponentially within the next 10 years.

4. Taking advantage of tax benefits – You’ll receive a federal income tax break, and you’ll get to deduct the interest paid on your mortgage and property taxes — which means more money in the bank!

Use an online mortgage calculator to determine what you can afford to buy instead of paying rent. While renting can be appealing, you won’t be doing your financial security, your children’s schools or your community any long-term favors.

Want to discover more benefits of buying instead of renting a Bloomfield Hills home? 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

Considering deflated real estate values, you might wonder if buying national and Troy Michigan real estate still makes good financial sense.  According to the National Association of REALTORS® eighth annual Housing Opportunity Pulse Survey, nearly 8 out of 10 respondents believe buying a home does make good financial sense. 

Surprised?  Let’s examine three reasons Americans believe buying national and Troy Michigan real estate remains a good financial choice:

1. Lower home prices and low mortgage interest rates are making homes more affordable. 

2. Almost 7 out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.

3. The rate of foreclosures is also seen as stabilizing; 51 percent say the rate is about the same as last year.

Another big advantage for you may be the tax benefits of home ownership.  You will still, as always, be able to deduct the interest you pay, as well as other real estate related items on your income tax return. For most people that deduction equates to a sizeable chunk of money. It can mean the difference between owing the government more money at the end of the year, and getting a refund.

If you would like more information on how owning Troy Michigan real estate can make sense 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

You know it’s a buyer’s market.  But you really need to sell your home now.  Here are 6 tips to get Royal Oak Michigan homes for sale sold, even in today’s real estate market:

1. Price your home competitively from the start.  Ask your agent to find out what similar homes in your neighborhood sold for in the last 6 months.  Don’t bother looking at pricing prior to that.  And don’t base your decision on listing prices.  A lot of homeowners price their Royal Oak Michigan homes for sale high to start with, but end up drastically reducing the price in order to get them sold.

2. Offer incentives.  There are a lot of similar properties on the market, so in addition to competitively pricing your home, you should consider including incentives.  You could offer a home warranty, to pay part of the closing costs or to leave the big screen television that fits perfectly over your fireplace.

3. Pick the right agent. Look for local agents who are listing, marketing, and selling in your neighborhood even though the market is slow. Interview several of them and ask what price they recommend and how they’ll market your property.

4. Get your home in tip-top shape.  You cannot afford to let anything slip through the cracks… literally.  If you have cracks in your driveway, walls or foundation, get them fixed before you put your home up for sale.  Make your home shine.

5. Be flexible on the deposit.  In a slow market, you may need to settle for a smaller deposit than you’d typically require.  If the buyer is pre-approved for a loan and no other offers are on the table, reducing the deposit may convince the buyer to make an offer.

6. Negotiate.  Buyers can and will be demanding in today’s real estate market.  Prepare yourself for some tough negotiating.  Make sure you’re working with an agent who excels at negotiating, and then let her do her job.

Want to work with a local agent who is an expert negotiator and knows how to get Royal Oak Michigan homes for sale sold in this buyer’s market?  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