Lee Morof's Real Estate Blog

As a society, it seems like we’ve gotten away from appreciating our Royal Oak Michigan homes for their emotional and sentimental worth.  Instead, we focus solely on their monetary value. 

An appraiser can estimate a Royal Oak Michigan home’s monetary value, but to gain a true concept of your home’s worth, you must also take into consideration:

1. Pride of ownership.  You don’t buy a pair of Prada shoes because you’re going to be able to resell them and make a profit.  You buy them because they make you look good and feel good.

2. Security and stability.  Your home provides a roof over your head that’s in your control.  You can decorate it how you want.  You don’t have to worry about a landlord selling the property or asking you to move out.  In the “olden days” (or should I say “golden days”), we called our homes our castles because, as owners, we felt like the kings and queens of our Royal Oak Michigan homes.  You can still feel that way!  Claim your castle and crown yourself king or queen today.

3. A safe haven.  After a tough day at work or a day of disappointments, where’s the first place you think of going?  Home!  As Dorothy says, “There’s no place like home.”

4. A place to make memories.  Your son’s tree house and daughter’s playhouse.  The markings on the wall that tracked your children’s growth.  The porch swing where you start and end every anniversary celebration.    

5. A neighborhood full of friends.  In the event of an emergency, your neighbors are your first line of defense.  They’re also the simplest, best and least expensive form of security.  Additionally, they may have the exact tool you need for a project; the extra pair of hands you need to complete a project or children to become playmates with yours. Neighbors also give you that much needed in-person, up-close social network.

Even if your home’s economic value has dropped, you continue to benefit from its emotional values of community, stability, security and success.

Thinking of buying a home in southeast Michgian in Oakland County?  I can help you evaluate the emotional and monetary worth of homes and find a home that fits your values and lifestyle.  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

Valentine’s Day is the perfect time to add some romance to your Bloomfield Hills home.  No need to spend a lot of money.  Here are some simple tips to create your own inexpensive, yet romantic, Valentine evening:

Romantic Dinner for Two
A delicious meal is a great way to start off the evening. Many restaurants raise their prices on Valentine’s Day, so forego the expensive dinner out. Instead, create a special dinner at your Bloomfield Hills home. Here’s what you’ll need:

• Cook Pecan Chicken with Mustard Sauce – Don’t like to cook?  Buy an already prepared meal from your local grocery store; it’s fairly inexpensive these days.  Just be sure to remove it from the containers and put it on pretty plates.
• Add Music – Turn the radio to your favorite station and enjoy.  Or, download some romantic music to your MP3 player.
• Use candlesticks and cloth napkins – Candles are always romantic, and, when lit, eliminate the need to clean your Bloomfield Hills home thoroughly.  Your sweetie won’t be able to see the dirt in the glow of candlelight.

After Dinner
Valentine’s Day is about spending time with the one you love.  Instead of going out, rent a romantic movie and stay in.  Wine (or sparkling juice), a movie and snuggling on the couch can do wonders for your love life!

• Wine or sparkling grape juice – Grab a 2 Buck Chuck at Trader Joe’s
• Movie – Rent a Redbox movie for $1.

The Bedroom
Go on vacation – in your own bedroom!  Get that “new room” feeling by washing your bed linens, fluffing up the pillows, and spraying the pillowcases with lavender essential oil.  Put one rich chocolate wrapped in foil on each pillow.

Wishing you and your loved one a sweet Valentine’s Day!

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

For some frustrated sellers, the answer to “Why isn’t my home selling?” is “It’s the agent’s fault!”  If your immediate instinct is to drop your Southeast Michigan real estate agent for a new one, you might want to take a deep breath and consider the following:

1. Do you think agents are like lottery tickets?  Going through Southeast Michigan real estate agents as fast as scratch-off lottery tickets isn’t going to get your home sold faster.  In fact, it usually slows down the process.

2. Is your home priced correctly?  That’s probably the number one difference between homes that sell fast and homes that sit on the market.  A poorly priced home could be your agent’s fault.  Then again, you could be partially to blame.  Did you insist on a specific price even though your agent strongly recommended a lower price?  Did you refuse to lower the price when your agent suggested lowering it?  If you’re inflexible about price, switching agents will not help. 

3. Did you make the home improvements recommended by your agent?  If your agent suggested you paint, clean carpets, reduce clutter or complete any other inexpensive, easy-to-accomplish task, and you didn’t do it, you’re greatly reducing your opportunity to get your home sold.  You chose to work with your agent because he is a knowledgeable professional.  Take his advice and get those home improvement tasks done now.

4. Has your listing agreement expired?  If your listing contract has expired, this is the perfect time to consider switching agents.  Go back to the start, identify 3 new agents and interview the agents.  If you find one that fits your needs better than your current agent, let your agent know you won’t be renewing your contract.

5. Did your agent market your home?  If your agent has not done all the marketing he promised, point this out and ask him when he’ll get the marketing in place.  Follow up to be sure it’s done on time and professionally.  If he still doesn’t market your home like he said he would, it may be time to switch agents. 

6. Are you being impatient?  If you made all the home improvements recommended by your agent, your home is properly priced, and all marketing tasks are completed, you may just need to have a little patience.  This is a slow real estate market.  That means your home isn’t going to sell overnight.  Ask your agent the average number of days it takes a home to sell in your area, then wait that length of time before thinking about changing agents.

Don’t replace your agent just because you don’t know what else to do.  You’ll be wasting time and effort.  Instead, work with your agent to determine what else can be done to get your home sold.

If you decide to search for a new Southeast Michigan real estate agent, I’d be honored if you’d allow me to interview for the job.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule an interview.

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

Now is a great time to get into the investment real estate market. Not only does investment property give you a real tangible asset for your portfolio, investors in Michigan real estate can also get investments at great prices right now.

Here are four ways investors in Michigan real estate can make money from potential investments that you might want to consider.

• Rental properties.  Not everyone enjoys owning rental property, but it is one of the most profitable ways to make money from real estate.  Rental properties give you a constant residual income that lasts as long as you keep the property.

• Flipping. While the house flipping craze of the 80s and 90s cooled down with the current mortgage and housing crunch, for serious investors who take the time to know what they are doing, it is still a viable means of making money in real estate.  This is typically a shorter term method of real estate investing.

• Rehabbing. Buying a house to live in while you fix it up and resell it is similar to flipping, except that most rehabbers take longer to renovate the home, and use it as their primary residence while doing the work. There are three reasons this is a more comfortable way to flip real estate investments. First, you have a place to live and don’t have to pay a mortgage on another property.  Second, you don’t have to feel as pressured to sell in a short period of time the way you do a flip.  Third, you may receive all the homeowner benefits like tax breaks and no capital gain tax.

• Subdivide. This form of investment requires a little advance preparation and investigation. When you discover a sizeable piece of land at a good price, find out if it is zoned so you can subdivide it.  If it is, you can profitably sell off individual parcels to those who want to build on it.

If you are one of the investors in Michigan real estate and would like more information on investment tips that makes sense for you, I can help. Contact 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

If you’re hoping to sell your real estate in Southeast Michigan in 2011, make some New Year’s resolutions to help the process along.   Resolve to:

1. Interview and get a comparative marketing analysis (CMA) from at least three agents from three different real estate agencies in Southeast Michigan.  Each agent has a different opinion about the value of your home and how to best market your home.  Learn from each agent and then sign a contract with the agent you decide to hire. 

2. Research the number of foreclosures and short sales in your neighborhood.  To sell your home, find out how many foreclosures and short sales you’re competing against.  This impacts the value of your property as well as the length of time it takes you to sell.  Your real estate agent in Southeast Michigan can help you with this research.

3. Be realistic about price. After reviewing your three CMAs, talk with the agent you hired and come to an agreement on the price that can get your home sold.  Ideally, that price should be at or just below the selling price of similar houses in your neighborhood that have sold in the past 90 days.

4. Counter offers.  Be calm if a buyer suggests a lower price than you want. Don’t just snap his or her nose off. Consider your options.  Can you afford to let the house go at the offered price? If you can and still want to say no, think about it… how long did it take to get this potential buyer? Super low bids are not insults; they’re a buyer’s way of testing you.  So, even if an offer seems insulting low to you, counter it.  If the buyer wants your home, he or she will come up to a realistic price.

5. Remain flexible.  Make concessions where you can.  The buyer wants you to pay part of the closing costs?  That’s a great way to sweeten the deal.  Fix those small problems found in the home inspection.  Add on a home warranty.  A successful sale means everyone walks away happy. 

Put these resolutions into action, and your new year may turn out to be even happier than you expected!

If you’d like a proven 30-Day Marketing Plan to get your real estate in Southeast Michigan sold, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. You’ll also receive a free competitive marketing analysis.  

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

When you go through one of the Michigan foreclosures, your credit score drops considerably. The good news is that you can rebuild your credit.  Here are a few tips to help:

1. Create a budget. A budget lets you see exactly how much money you have to spend each month. It also helps you track where you spend your money. Put together a budget that fits your lifestyle and then stick to it.

2. Build an emergency fund. You never know when an emergency will happen. When you’re prepared for a financial emergency, you’re better protected from financial problems.

3. Repair your credit.  Review your credit reports from all three credit bureaus.  Dispute any errors you find.  Removing errors from your credit reports help improve your credit.

4. Establish new credit. This can be tricky after a Michigan foreclosure. New credit will give you a chance to prove you can manage debt. However, you certainly don’t want to find yourself owing more than you can possibly pay. If you can get a traditional credit card, your interest rate will be very high, so choose and use your credit cards wisely. An alternative is to apply for a secured credit card, which requires that you put money down as a deposit before credit is extended to you. Use your card regularly but lightly, and you will see your credit start to improve as you make consistent payments.

5. Have patience. It takes time to rebuild your credit. Don’t expect your credit score to be in the good or excellent range within weeks or even months after your Michigan foreclosure. It’s going to stay on your credit report for seven years, so there’s no need to rush.

A foreclosure is not the end of the world. Let me help you plan for and find your next home so it fits your budget. Give me a call 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

Before you put your Royal Oak Michigan home up for sale, you want to make sure it looks as attractive and modern as possible. Buyers usually walk away from a Royal Oak Michigan home for sale with outdated color schemes and fixtures. This is especially true of bathrooms. Even if you lack the budget and space to turn your bathroom into a spa-like retreat, you can still give this room a quick facelift.

1. Get creative with color. If you don’t have the time or budget to replace dated ceramic tile, try camouflaging it with towels, rugs, and other accessories for a more modern color scheme. For example, you can pair pink with brown or bright blue with light green.

2. Replace your fixtures. Brushed aluminum and pewter bathroom fixtures are more modern than the shiny chrome fixtures from years ago. They are also easier to clean because they don’t show water marks as easily.

3. Find new lighting. A bathroom light can do more than just illuminate the space; it can create an atmosphere. Sconces placed on either side of a mirror tend to look better than harsh overhead light. Track lighting can be arranged to provide light in dark corners of the room.

4. Accessorize. Put your personal touch on your bathroom with shower curtains, soap dispensers, and scented candles. Don’t feel like you have to stick to the bath accessories aisle, either. A clear vase can display bath salts. Baskets can hold rolled-up towels. A beautiful serving bowl can be filled with potpourri.

Preparing your Royal Oak Michigan home for sale is an important part of the process. I can help you prepare you home to sell it faster and for more money. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule a free consultation.

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

This winter has already brought most areas of the U.S. major snow storms, and we have many more months of winter weather to deal with.  Whether you live in a city that gets snow or you vacation in snowy communities, you need to know how to stay safe and warm in the snow.

1.  Dress in layers.  Ideally, the layer against your skin should be made of a synthetic microfiber that wicks moisture away from your body.  Avoid cotton, which gets wet and stays wet. Top the wicking layer with something warm like fleece and finish with a jacket that’s windproof.

2.  Wear boots with good traction.  Make sure they aren’t too tight, either because they’re too small or because you have on bulky socks.

3.  Wear sunglasses and sunscreen.  A sunny day in winter is often brighter and more dangerous to your eyes and skin than summer sun.  That’s because of the reflection off the snow.  So before leaving your Bloomfield Hills home, slip on sunglasses and generously apply sunscreen.

4.  Shovel with care or hire it done.  If you’re not in tip-top shape to shovel the snow from your Bloomfield Hills home’s driveway, hire a neighborhood teen to do it.  You’ll give that teen some much wanted income, and save yourself from strained muscles at the least and a heart attack at the worst.  If you do not have a history of heart disease, heart attack, high blood pressure or any other ailment that could result in injury or death, you may decide to shovel the snow yourself. 

Here are a few tips for safe snow shoveling:  

• Stay well hydrated.  Don’t drink caffeine or alcohol during or immediately before shoveling.
• Take frequent breaks.  Do not remove deep snow all at once; take off an inch or two at a time.  Preferably, start when the snow is not yet heavily packed, and shovel periodically if the snow continues to fall.
• Pick a shovel with a smaller blade.  This puts less strain on your body because you lift less snow at once.
• Use a back-friendly shoveling technique.  Keep the shovel close to your body.  Bend from your knees, not your back.  Tighten your stomach muscles.  Do not twist. Instead, move your body so your feet face the direction in which you’re shoveling.  Do not throw the snow over your shoulder; throw it in front of you.
• Check your body.  Are you experiencing shortness of breath, dizziness or chest pains?  Stop immediately and seek medical help.

5.  Prepare your car for snowy conditions.  Clean all the snow off your car before leaving your Bloomfield Hills home.   Make sure your windshield wipers and headlights are cleaned off and working.  Stock your car with a shovel, extra clothes, a blanket, a flashlight, snacks, water, an ice scraper and wood ashes or sand for traction in case you get stuck in the snow.

6.  Go slowly.  Whether walking or driving, give yourself additional time to get to your destination.  The roads, driveways and sidewalks get slick, and even a generous amount of salt can leave behind spots of ice and snow.

Stay safe and warm this winter!  If you’d like to buy a safe, warm Bloomfield Hills home, 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

Trends for national and Bloomfield Hills homes come and go depending on many factors including the needs and desires of buyers, changes in technology and economic issues.

Here are some 2011 design trends predicted for national and Bloomfield Hills homes.

Kitchens Continue to be the Heart of the Home
People still love kitchens that are open and airy.  Popular kitchen countertops will embrace the green movement switching from granite to crushed recyclable glass under a solid, smooth surface.

Energy Efficiency Remains Important
According to The Joint Center for Housing Studies, homeowners and builders alike continue to make homes more energy efficient.  This is led by regional certification programs as well as national green building standards.

Vintage is Hot
Reproductions from the 1950s, ‘60s and ‘70s will be a hot design trend in home furnishings.  Think of the furniture in the hit TV show “Mad Men.”

Bold Lighting Touches are Added
In addition to functional lighting, bathrooms will boast chandeliers.  Ooh, la la!

Ceilings Become a Focal Point
Ceilings will no longer fade into the background with the addition of architectural enhancements such as domes and bold paint options including metallic colors.

 Whether you’re looking for trendy or traditional Bloomfield Hills homes, I can help you find your perfect fit.  Call me today 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

Times change but not always for the best.  Consider the change we’ve seen in attitudes toward Southeast Michigan real estate over the last few decades. 

Owners used to love their homes because they were their safe havens.  Many now only worry about whether or not their houses will appreciate enough in value to allow them to refinance to buy luxury vacations in Hawaii or a new car.

What’s your stance on the Southeast Michigan real estate you own or wish to own some day?   Is it a house or a home to you?  There’s no right or wrong answer to this question, simply a varying point of view.

It’s a house if you:

• Bought it because you want to build equity 
• Value it most because of its monetary value
• Worry primarily about it because it might lose some of its value in today’s market
• Appreciate it if it gives you short term profit
• Like the neighborhood because it increases the market value of your property
• Plan to sell when you can make the biggest profit

It’s a home if you:

• Bought it because you want to build a happy life there
• Value it most because of its emotional value
• Worry primarily about it because without it you wouldn’t have a roof over your head
• Appreciate it if it gives you long term profit
• Like the neighborhood because of the people who live there
• Plan to sell when your lifestyle needs change

Personally, I’m nostalgic for the days when a house was called a home because of the love that was inside.

Whether you’re interested in buying Southeast Michigan real estate as an investment or a home, I can help you achieve your goals.  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