Lee Morof's Real Estate Blog

If the Bloomfield Hills real estate you are looking to buy is going to be your primary residence, you probably know the features that are important to you.  However, in today’s economic environment, the resale, or investment value, of Bloomfield Hills real estate is as important as the practical value of the number of bedrooms or bathrooms and the size of the kitchen.

In the past, a home buyer rarely worried about the resale value of a property because homes were always considered good financial investments. With today’s fluctuating home prices, property values are as important for home buyers to understand as they are for real estate investors to understand.

Location and Property Values

Before the housing and mortgage crisis, even if the home that suited you was not in a prime location, it would likely increase in value over time.  Now, you want to be sure you research a potential home before purchasing it to be sure:

1. The home is in a great Bloomfield Hills neighborhood.
2. It’s at the lower end of the market value for that neighborhood.
3. If you buy a home in a neighborhood that is already considered a lower value area, it’s possible that those prices will not recover as quickly as better areas.   Or worse, home values could decline more leaving you with a home worth less than what you paid for it.

Now more than ever, it’s important to work with a real estate agent who specializes in the neighborhood where you’d like to live.  As a specialist in Bloomfield Hills real estate, I can give you the insider’s scoop on that neighborhood.  Contact me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

If you’re in need of an appliance for your Troy Michigan real estate, you may want to buy now to save cash.  The U.S. government is giving you good reasons to buy energy-efficient appliances through its Energy Star designation.  Thirty-six states have launched programs to distribute almost $300 million in rebates to consumers who buy energy-efficient appliances.

The federally-funded programs are similar to the hotly debated cash-for-clunkers auto rebate program of 2009. Rebates differ by state and appliance but typically run between $50 to $75 on refrigerators, washers, dryers and freezers.

To qualify for rebates, consumers must buy Energy Star appliances, which meet or beat energy standards.  These standards are set by the federal government and are up to 30 percent more efficient than non-Energy Star appliances.

Should you buy new appliances for your home now?  Say yes if:

• You need a new appliance anyway.
• You’re tired of throwing away money every time you operate inefficient appliances.
• You want a good deal on a new appliance.
• You want to help the environment by going green and saving energy.

You may even be able to trade in your old-but-still running refrigerator or dishwasher when you buy a new Energy Star model.  For the specific rules and amount you’ll save, go to Energy Savers.  

Want to save even more?  You may also be eligible for rebates offered by manufacturers, local utilities and retailers.  Home Depot, Lowe’s and Sears are all planning special promotions in certain states to coincide with the federal rebate program.

Research the stores’ promotions before you buy.  To find a list of retailers of Energy Star qualified products in your area and the categories of products they carry, use the Energy Star Store Locator. 

Since rebates for Energy Star qualified (or higher) appliances are generally being given on a first-come, first-served basis, and because funding is limited, you might want to act fast before the available cash is gone.

If you’d like to buy Troy Michigan real estate for your new appliances, I can help.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

When people meet you for the first time, their first impression is usually a lasting one. You also never get a second chance to make that first impression when you’re selling your Southeast Michigan real estate in Oakland County. You need to present your home at its very best all the time.

Here are 3 things you can do to make a great first impression:

1. Clean up the yard: A messy yard is a distraction.  It can be time consuming to keep up with general yard work, but it’s worth the effort.  Overgrown shrubs, limp lawns, and general disarray can turn off a potential buyer. If you have to hire someone to come in and give your yard a quick pick me up, it’s worth the money.

2. Get Rid of Items You Don’t Need: Be very strict about this and get rid of all but the bare necessities. You don’t have to throw or give everything away. Find a storage unit and put the things in there you will be taking with you to your new home but do not need immediate access to for now.

3. Fix Up the Little Things: Little things count. If you have a leaky faucet, a broken tile in the floor or a crack on the wall, now is the time to fix it.  Little flaws like this make potential buyers worry that there are bigger problems waiting to be found. 

Selling Southeast Michigan real estate is a lot of work.  You can get it sold faster, easier and for the most money when you take the time to make a great first impression.

If you have any questions about what you can do to make your home sell faster, I can help. Order your free copy of the book, “Staging Tips to Prepare Your Home for Market.” Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

April has a lot of important and semi-important dates in it. The tax deadline, Good Friday and Easter are just a few. What is April 5th, though, and what does it have to do with Bloomfield Hills real estate buyers? Well, the biggest news is that the government has stepped into real estate and short sales.

Home sales are down nation-wide, despite the Obama administration’s efforts with the first-time buyer’s tax credit. Many homebuyers are waiting for a better interest rate or to see if home prices will drop more. Meanwhile, owners of Bloomfield Hills real estate are preparing for the spring selling season, without any idea whether they’ll actually be able to sell or not.

Part of the reason for this situation is because of the depreciated housing values. For instance, many potential buyers want to take advantage of the repeat buyer’s tax credit, but can’t. They currently own a home that’s facing foreclosure, are trying to sell that home, but can’t because it’s underwater. This puts a wrench in the whole market.

The government’s solution is short sale. There’s always been the option for those facing foreclosure to opt for short sale, but (thanks, in part, to the many scams out there) few choose this option. The Obama administration has decided that, if they can’t help with foreclosure, they’ll pay people to accept short sale.

Starting April 5, 2010, the government is encouraging delinquent borrowers who can’t be helped through loan modification programs to go through a streamlined short sale process. Many potential short sellers have gotten offers the lenders won’t agree to, which this program called HAFA (Home Affordable Foreclosure Alternatives), is geared towards fixing. Here’s how:

• The servicing bank that allows the short sale gets $1,000.
• The homeowner gets $1,000 to go towards a second loan.
• The homeowner gets $1,500 in relocation assistance.

Even with this program, lenders are wary of short sales. Depending on the price of the short sale, there’s a possibility that lenders could lose a large amount of money. However, under the new program, real estate agents will be working with the lender to determine the value of the home and what the minimum price should be. If the short sale offer meets or exceeds that minimum, the lender has to accept it.

The hope is that this program will slow the tide of foreclosures, free homeowners up to become repeat buyers, sell more homes and, ultimately, improve the flow of the real estate market. The good news about all this is if the program does even a quarter of what the administration plans, there may not be enough Bloomfield Hills real estate to go around!

Have questions about the new HAFA program or any other real estate incentive programs?  I’m happy to answer your questions.  Give me a call now at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

There has truly never been a better time to think about buying a new home. The current economy has created a buyers’ market like never before. This works to your advantage, and the fact that the real estate market is recovering means that buying Southeast Michigan real estate as a future investment is a smart move.

Consider New Construction
Builders are faced with unsold homes in developments and are willing to make deals. They are interested in all reasonable offers, and, especially if you have pre-approved financing, will negotiate with your real estate agent to give you better price and terms. It is in their best interest to get their existing homes sold.

Best Mortgage Rates in Current History
You can take advantage of the low mortgage rates to get fantastic payments on your new Southeast Michigan real estate. These low rates won’t last forever, so if you have good credit and solid employment, buy now to make your new home truly affordable.

Tax Credits
If you or your spouse has never owned a home, or if neither of you have owned a home as a principle residence in the past 3 years, buying a home now makes financial sense. You will get a large tax rebate at the end of the year for making a home purchase now.  However, you must act immediately because you have to have a binding contract signed no later than April 30, 2010, and close on the home no later than June 30, 2010, in order to qualify for this first-time home buyer tax credit. 

If you’re a repeat home buyer, you too might qualify for a tax credit.  Again, you must act fast.  The same dates apply for this repeat home buyer tax credit as for the first-time home buyer tax credit. 

Affordability and Availability
The market is wide open for buyers now, and finding the perfect home at a reasonable price is easier than ever before. Waiting too long can prove to be a very costly decision. The market is getting stronger and tax credits are coming to an end. Over the course of the next year, it will become increasingly more difficult to buy Southeast Michigan real estate at prices and rates now available.

If you would like more information on the intelligence of buying a new home now, please call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I look forward to talking with you!

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

The national real estate market, state markets and city markets all seemed to be wrapped up in a nifty bundle that effect whether your home for sale in Southeast Michigan will have a buyer. With the news reports over the last two years about the pop of the housing bubble, homeowners everywhere essentially lost their minds.

Here are a few examples:

• Some homeowners panicked and immediately put their houses up for sale
• Some homeowners chose to walk away from it all, leaving their homes vacant and mortgages in default
• Some homeowners went into a flurry of home renovations, with the idea of selling
• National and homes for sale in Southeast Michigan listings shot through the roof

The amazing thing isn’t that the real estate market seems to be stabilizing – that’s not the miracle. The miracle is that we still even have a real estate market at all.

Obsessing Over the Sale
This year opened up with a lot of homes on the market, but it also opened with a lot of sellers digging into real estate news. They’ve started obsessing; they’ve started pouring over online real estate digests, articles and blogs. In fact, the traffic for this site alone has jumped tremendously.

While it’s understandable that you, as the seller, want to know what your chances are for selling your home, obsessing is bad for business. Especially if you’re dealing with potential buyers in person, your eagerness to sell can show in very bad ways. You might end up selling the home for way less than you could have – or you might not sell your home at all if they sense desperation.

If you’re obsessing over whether your home will sell or not, stop. Take a deep breath. Relax. Even if you’re in a hurry, taking a short break from worry can help clear your mind and leave it open for better ideas.

It may be hard to remember sometimes, and giving trust is always difficult, but that’s what we’re here for. You hired your real estate agent to take care of your home for sale in Southeast Michigan and get it off the market. We do the research on the market and we have the experience.  In other words, we do the worrying for you!

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

Modern technology is a wonderful thing, creating easy “connectivity” between people all over the nation.  But it’s also causing problems in many areas, and buying Troy Michigan real estate in Oakland County is one of them.

Here’s the problem: Many people selling Troy Michigan real estate may live in another city or state. In this case, negotiations may be conducted over the phone, through email, via Yahoo conversations – some even use Twitter for real estate deals and information.

At the same time, this also means that legal documents may be passed through email, uploaded to a website for easy viewing or through any number of other online methods. PDF documents, for instance, have become a very popular way to pass on legal forms because they’re easy to fill out, don’t have to printed, etc.

As the buyer, you can’t afford to take the seller’s word that they’ve accepted your position – especially through email. For instance, a buyer recently had a home sale fall through. The seller accepted the terms through email, told the buyer that the seller had signed the contract and sent it on to the agent. Somehow, even though the buyer was positive the contract had been agreed upon, the house was sold to another buyer.

Although laws change from state to state, it’s always best to have the contract in printed form, with an actual signature – in ink. Without the actual contract, all you have is an email. Although emails can be legally binding, they don’t hold a candle to having the printed and signed contract in hand.

Here are a few tips to make sure your housing purchase goes off without a hitch:

• Meet in person – This may be a difficult prospect, especially if the seller lives out of state. However, if you can’t meet them in person, their agent should at least be local. Meeting with the home seller’s legal representative (i.e. Real estate agent) is the next best thing.
• Get it in writing, and get it in print – Who wants to wait for the post office to deliver a paper contract when you can get it from an email? Well… you do. Yes, it might slow the process of buying a house and closing the deal, but so will having the seller back out.
• Verify the important points – Make sure you and the seller really do agree on the terms of the contract before you put your signature on it. You, or preferably your buyer’s agent, should go over the contract with the seller’s agent who should go over it with the seller.

It’s a great time to buy Troy Michigan real estate, but don’t let technology lose you the contract. Cross your t’s and dot your i’s – on paper!

If you’re looking to buy a home, as a licensed real estate attorney and broker, I’ll make sure all those t’s are crossed and i’s are dotted for you. 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

Buying a home is often considered one of the most stressful things you will do in your life.  Unless you’re a real estate investor, you will most likely experience home buyer stress.

You can help your Southeast Michigan real estate agent find you a home, and successfully close the deal, if you are as prepared and knowledgeable as possible. Here are a few tips to help you be ready and make your transition as painless and stress free as possible.

Have all of your financial records in order. This includes:

• Income records: You usually need two recent pay stubs. If you are self-employed, it will get trickier.  Want to be even more prepared?  Get pre-approved for your mortgage.
• A clean credit report: Make use of those free credit reports and check for errors, outstanding debts, and a high debt-to-income ratio.  If you find any errors, it’s worth your time to get them fixed prior to applying for a loan or searching for a home.
• Know what you want: As unusual as that seems, not knowing specifically what you need and want in a new home can prolong the search and have you and your agent running in circles trying to find the right home. Price is only one of the considerations. Know how many bathrooms and bedrooms you need. If there are specific amenities you desire, let them be known.  Don’t wait until you’ve traveled all over the countryside looking at homes to tell your Southeast Michigan real estate agent you absolutely must have a sunken tub.

Read up on everything you can find that will help you understand the options available to you and what you need to get financing and you will be your own best asset in finding the perfect home. Making your Southeast Michigan real estate agent work smarter, not harder, is the way to a beneficial arrangement for you both.

If you’re looking for the home of your dreams, 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 already know that the quality of your buyer’s agent can make or break a deal.  To find a quality Bloomfield Hills real estate agent (or other Southeast Michigan communities in Oakland County), you know that you need to interview several agents and consider their years of experience and levels of service. 

There’s one thing you might not have thought to take into account when hiring a buyer’s agent:  the communities in which they specialize.  Here are six benefits of hiring a neighborhood specialist:

1. Get insider’s knowledge of the Bloomfield Hills real estate market:  Your neighborhood specialist knows the history of neighborhood homes including who owned them and when.  He knows which streets are considered the most desirable and why.  He’s up to date on neighborhood nuisances and their influence on home values.  He’s aware of pending legislation and neighborhood regulations.

2. Work with locals who know their businesses:  A neighborhood agent develops a professional network of local contacts who will be very useful to you when buying a home.  A neighborhood real estate agent personally knows the local home inspector, mortgage broker, title company and contractor and will introduce you to them.

3. Receive personal recommendations:  In addition to understanding the local real estate market inside and out, a real estate agent who specializes in a particular area knows the businesses in the neighborhood.  He can recommend the best dry cleaner, dog walker and doctor from his own personal experience.  He can also tell you which businesses to avoid. 

4. Save time:  When you tell the neighborhood specialist the type of home you want to buy, she knows where to find that home.  She knows about new homes that are not yet on the market but are coming soon.  She knows which properties you should stay away from and which you should snap up quickly, if you like them.  In other words, she saves you precious time you’d otherwise spend trying to find that elusive, perfect piece of Troy Michigan real estate. 

5. Discover the real scoop:  Want to know what’s really going on in a community?  Ask the real estate agent who specializes in that community.  She can tell you what’s really going on.  She knows the quality of the schools, the condition of the roads and the amount of crime in the neighborhood.

6. Save money:  The neighborhood specialist knows what makes some homes on a particular street worth more (or less) than others.  He knows the supply and demand of the houses in that area. He knows how long the property has been on the market, and if it was previously on the market.   Bottom-line, he knows what you should pay for a neighborhood home and the terms you should ask for.

If you’re looking for an agent who specializes in Bloomfield Hills real estate, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Many potential homeowners are starting to look towards foreclosures for sale in Southeast Michigan as a way to get the home of their dreams without spending their life savings. What they may not realize is that the sheer amount of foreclosed properties can be daunting. Some are so completely overwhelmed by the choices that they give up and walk away.

Foreclosures for sale in Southeast Michigan can be great deals, but you’ll have a few decisions to make before you even go looking. Because there are so many options, here and throughout the nation, it’s important to figure out what type of foreclosed home is best for you.

Government Foreclosures
Homes with federally sponsored loans, such as HUD homes, are repossessed by government housing agencies. Because these homes offer a lot of opportunities for discount purchases, they move quickly.

Foreclosure Auctions
One of the most common ways to buy a foreclosure is while it’s on the chopping block of a traditional real estate auction. The auction is public, with homes sold to the highest bidder.

REO Foreclosures
Repossessed by the bank, real estate owned properties have been through a foreclosure auction without being bought. There’s not necessarily anything wrong with the home itself.  In fact, many foreclosure auctions fail to sell the home.  The primary reason foreclosure auctions do not succeed is that the auction price is more than what the property is worth. When the auction does fail, ownership reverts to the bank and the home becomes an REO.

REO foreclosures also have auctions, but the bidding process is closed and blind – no haggling allowed. You look over the available properties and come up with an offer to buy the home directly from the bank, rather than competing with other buyers in a public sale.

The good thing with REO foreclosures is that you can also set up the financing and mortgaging options through the same bank. Often, this gives the bank encouragement to give you a better price for the home.

Whether you’re looking at foreclosures for sale in Southeast Michigan as investment opportunities, or to buy your dream home, you have a myriad of options. Knowing what you want – before you start looking – is one of the best ways to ensure you get the deal of a lifetime!

If you’re unsure which type of foreclosed home is best for you, or if you want help finding a great deal on a foreclosure, 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