Lee Morof's Real Estate Blog

If you’re looking at Royal Oak Michigan homes for sale, want to buy a home and are waiting around for better prices, you might want to rethink your strategy.

If you’re a market watcher, soaking up the information overload across news media and Internet websites, you’re probably overwhelmed with confusion by now. Is the housing market getting better? Is it getting worse? Was there really, when it gets down to it, a housing bubble collapse? And, if so, who popped it?

First, the quick answers. Yes, the housing bubble collapsed, and everybody had a hand in popping it: the government, the lenders, the investors and the general public. Now the hard answers: it’s getting better – and worse.

The truth is that market predictors are all on the fence. With the ARRA (American Recovery and Reinvestment Act) giving first time homeowners some incentive to buy Royal Oak Michigan homes for sale and elsewhere, there has been a steady increase of sales. However, once the tax credit deadline hits at the end of this month, the numbers are once again expected to drop.

Again, though, it’s better and worse. While the housing market is still dropping in some areas, such as the southeast in Mississippi, Alabama and so forth, there are definitely some strong markets in the country.

For instance, Boulder, Colorado holds 60% of the share of increasing home values. The average value is about $350,000, but there’s a limit in place on the amount of homes allowed in the area. In Binghamton, New York, the average value of a home is around $112,000. They also have a housing limit, which means a small supply, so prices probably aren’t going to plummet.

Just because this is a buyer’s market, doesn’t mean you’ll get the exact price you’re looking for. If you want to buy a home and you’re waiting around for the prices of homes to plummet into a “sweet deal,” make sure you don’t wait yourself into an expensive mistake.

Instead of checking market forecasts, potential homebuyers need to look at things the way we always should have. Do I want to buy a house? Can I afford one of the Royal Oak Michigan homes for sale the way things are now? By researching, crunching numbers and answering the important questions, you’ll find the sweetest deal you could ever have: a wonderful house you can afford.

If you’re looking for a place to call your own, 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

If you’re looking at one of the many Royal Oak Michigan homes for sale (and especially when reading about buying a home), you’ve probably already read articles that ask, “How much house can you afford?” and “Can you really afford the mortgage for a new home?” From beginning to end, to get a good estimate, you’ll need to figure monthly payments, loan qualification guidelines, closing costs and much more. Frankly, all those calculations can set your head to reeling.

To cut down on some of the frustration, save a few trees from the paper you’d use up and help give you a better guestimate, I’ve decided to go looking for the best real estate calculators I could find on the Net. Here are my top 3 picks I’ve come across:

#3. Real Estate Calculator Suite – This product seems to be an excellent choice for anyone, whether you’re a homebuyer, seller or even, yes, a real estate agent like me. Sixteen different real estate and mortgage calculators can help you figure out refinancing costs, amortization schedules – even whether it’s better to rent or buy one the Royal Oak Michigan homes for sale. Although it’s $40.00, which might seem rather expensive to many, it could more than make up for the time you’d spend staring at a sheet of paper and numbers. To top it all off, it even includes a home inspection form and to do list for movers, tying your buying or selling experience up nicely.

#2. Yahoo! Real Estate Calculators – You can’t beat a search engine for information, and the Yahoo! Real Estate really does a thorough job in collecting a fantastic amount of calculators. Budgeting and finance, mortgage refinancing, deciding fixed or adjustable rate mortgages and more are all available on this one page. The major upside as compared to the Real Estate Calculator Suite is that it’s free.

#1. CNNMoney.com – CNN isn’t a worldwide news network for nothing, and they’ve taken their complete coverage to calculators. On one page, you have over thirty calculators to figure out everything. Compare costs of living for any area, figure out how much house you can afford, calculate the gain or loss on your home and more. As a bonus, it’s all free, too.

I ranked CNNMoney.com as the top due to the amazing amount of information you can gain in one place. However, that doesn’t mean you can’t try one of the others, or even all three. If you want one of the Royal Oak Michigan homes for sale, get to calculating, get informed and see what you can accomplish.

Or, you can contact me, and I’ll do the figuring for you.  Call Lee Morof, the Michigan Real Estate Expert, at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Potential first time homebuyers in Oakland County are racing the clock to find the perfect Royal Oak Michigan homes for sale. Who’s going to reach the finish line first?  And… why are they racing?

Many of you have probably heard of the American Recovery and Reinvestment Act of 2009 (ARRA) by now. For those looking for Royal Oak Michigan homes for sale that haven’t heard of the ARRA, first time homebuyers can receive up to $8,000 back in tax credits from the U.S. government. Singles and those married but filing jointly, have an $8,000 threshold, while married individuals filing separately have a $4,000 threshold.

Sounds wonderful, doesn’t it? With the tax credit, your taxes are matched dollar-for dollar. This means, if you owe $9,000 in taxes for 2009 and get the full $8,000 tax credit, you’ll only owe $1,000 in taxes. That’s quite a bit of money to save, especially now. Better yet, if you don’t owe anything, that tax credit may become a tax refund – $8,000 of refund, to be exact.

With all the homes available, why are first time buyers racing? Aren’t there enough homes to go around? Of course there are – in fact, millions of homes in the U.S. are waiting for a buyer. However, first timers want to take advantage of the tax credit, and it only goes until November 30, 2009.

You may think that’s still plenty of time, but it’s not, really. To qualify for the tax credit, you have to have the keys to your new house in hand and the sale finished by the ARRA ending date.

Should you be racing, too? Well, that depends. If you want to buy one of the Royal Oak Michigan homes for sale, can realistically afford it and have been waiting for the best time, that time is here and almost past. However, if you want to buy a home, but can’t afford it yet, don’t let the tax credit push you into a tight monetary situation you can’t get out of. Take the time to build up equity and savings until you can buy a home you can afford! 

If you’re a first time buyer wanting to take advantage of the tax credits, I can help. Call me 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

If you’re looking to buy Bloomfield Hills real estate in Southeast Michigan, you’re probably already looking at mortgage possibilities as well. Since many buyers are also looking for energy efficient options, I thought it only right that I brought EEMs (Energy Efficient Mortgages) and EIMs (Energy Improvement Mortgages) to your attention.

What are EEMs and EIMs?
An EEM adds a home’s energy efficiency into the mortgage, giving you the ability to finance energy efficient measures as part of the mortgage payment. One of the good things about an EEM is that it stretches the debt-to-income qualification ratio, which means that you can qualify for a larger loan and a more energy efficient home.

An EIM is for existing Bloomfield Hills real estate that you plan to make energy efficient improvements to. You can include the cost of the improvements into the mortgage without raising the down payment. In addition, whatever you save in utility costs from the improvements can go to finance more improvements.

Qualifications
If you’re trying to qualify for an EEM or EIM, you’ll need to have a home energy rating conducted first. This is to give you an estimated Energy Savings Value – the value of the measures and the estimated monthly energy savings.

Types of Energy Mortgages
There are several types of energy mortgages available:

• Conventional – sponsored by Fannie Mae and Freddie Mac, these EEMs give the Fannie Mae approved lender the ability to raise your income, matching a dollar for each estimated dollar gained through efficiency.
• FHA – Lenders can add 100% of the cost of improvements to an approved FHA loan, up to $4,000 or 5% of the home value (maximum of $8,000). FHA loan limits won’t stop you from getting the EEM. You can find out more about the FHA EEMs on their website. 
• VA – Veterans Administration EEMs cap energy improvements at $3,000 to $6,000, and are for buying existing Bloomfield Hills real estate. If you’re a qualifying reservist, veteran or military personnel, you can find more information on the U.S. Department of Veteran’s Affairs website.  
• Last but not least, there is the Energy Star mortgage pilot program. Currently, it is only available in a few states, but it’s growing to include others.

If you’re interested in making energy efficient improvements to an existing home or buying a home that’s already energy efficient, I strongly recommend that you look into EEMs and EIMs.

If you’re looking for an energy efficient home or one you can make energy efficient, I can help. Call me at 248-514-2640 or email me now 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

When people think of environmental concerns, very seldom do they think of their home environment. Mold spores, carcinogens, allergens and more can fill up your Troy Michigan real estate and create a bad environment. Here are a few ways to make sure your indoor air quality is as good as it can be:

• Check for mold. Mold has a distinctive odor; somehow, it manages to smell both wet and dry, as well as musty. It can grow around windows, in the bathroom and in your air ducts. For windows, bathrooms and small areas within your home, you can clean the mold yourself wearing protective gear and using the right mold cleanup methods. 
• Check the ductwork. Mold, dust, insect parts and other small to microscopic pollutants settle in ductwork and then, when the air is turned on, flow out into the various units. I recommend leaving this job to professionals with the proper equipment.  Research green janitorial services in your area that specialize in environmentally safe cleaning practices and provide good indoor air quality through the practices.
• Check your carpet. Carpets can be a big cause of bad indoor air quality. Some carpets contain a high level of VOCs (volatile organic compounds), which are emitted into the air as gases. Exposure to VOCs can cause nose and throat irritation, headaches, nausea, fatigue, dizziness and skin rashes. If you’re having any of these issues, you may want to replace your carpet with an eco-friendly carpet. 

If you’re looking for eco-friendly Troy Michigan real estate, I can help. Call the Michigan Real Estate Expert, Lee Morof at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Many facing the possibility of being added to the number of Michigan foreclosures are frightened, often frustrated and feel helpless. It’s understandable; nobody wants to lose their home. However, those feelings often lead to being victimized by loan modification con artists who promise freedom from foreclosure for a little bit of money and leave victims in their wake.

Here are a few tips to protect yourself from scams that could take you one step closer to becoming one of the Michigan foreclosures:

1. Never believe a guarantee. No one, company or individual, can guarantee loan modification or that your lender won’t foreclose. If the loan modification company starts spouting guarantees, walk away.

2. Never sign over power of attorney. Sometimes, con artists will tell you that if you sign over your house to them, their good credit can help save your home. This is never a legitimate proposal and no legitimate company will ask you to do this.

3. Never spend thousands of dollars. Fees higher than $6,000 should be dismissed. Often, scam companies will charge absurdly high upfront fees to help. While some counselors will charge you a fee, those costs are added up after the loan closes, NOT before they even do anything. As well, any company charging over $4,000 needs to have a proven high quality of service and level of success.

4. Always talk to your lender first. Many loan modification scam artists will tell you to stop communicating with your lender. Communication is key, however, since your lender owns the note and will, ultimately, approve or deny the modification. Talk to your lender to find out how to refinance or restructure your payment.

5. Always check with the Better Business Bureau before hiring a “rescue” company. You can check with the Attorney General or Real Estate Commission as well.

6. Always look for free services first. Many foreclosure specialists can help, and will do so free of charge if you can’t afford them. As well, the U.S. Department of Housing and Urban Development (HUD) has approved housing counseling that will provide foreclosure prevention services, also free of charge.

When you’re already faced with the possibility of being one of the Michigan foreclosures, you need help – not someone who will push you further across the line. Be careful when looking for loan modification help.

If your loan modification has been denied and you need to do a short sale instead, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardhomes.com today for more information.

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

By now, everyone knows that, just like the Dot Com bubble, the real estate market grew its own bubble to a degree that it finally popped.  Not only foreclosures across the nation, but Southeast Michigan Foreclosures went up, sales went down and everyone, from the government to lenders to John Q public, started looking around for someone they could point a finger at and blame.

The hard truth is that placing blame doesn’t do anyone any good, especially those trying to save their home from being a Southeast Michigan foreclosure statistic.  The truth is that it’s time to do what Americans have been doing since the country was founded – picking ourselves up off the ground, dusting off and working with what we still have. Thanks to new acts such as the “Helping Families Save Their Homes Act of 2009,” it’s even more possible to do that.

If you’ve been dealing with the possibility of becoming one of the Southeast Michigan foreclosures, you may have missed the news, so here are a few uplifting highlights that can make all the difference:

1)  If you rent your home and it is being foreclosed upon, you have to receive a 90-day eviction notice. You can’t just be preemptively kicked off the property. As well, if you have a lease you have to be allowed to live on the property until the lease is up unless:

     a) the new owner wants to move in and make it his or her residence or
     b) state law says the lease can be terminated on notice.

Although three months doesn’t seem like a lot of time, that’s three months you wouldn’t have had in most states before the Act was passed.

2)  Lenders and homeowners are now receiving incentives for successful loan modifications and refinancing under the Making Homes Affordable Program. According to the White House government website,  “Servicers covering more than 75 percent of loans in the country have now begun modifications and refinancing under the Administration’s MHA Program.”

3)  One of the biggest challenges to homeowners is finding out who owns the mortgages on their homes.  This can make it incredibly difficult to discuss refinancing or modification with the mortgage owner. Thanks to the Act, you have to be informed whenever your loan is sold or transferred to another party. Now, you always know who has control of your mortgage and who you need to talk to.

Dealing in the current real estate market can be hard. If you’re already struggling financially, it can be even harder. Try to keep abreast of the current laws that can help prevent homeowners and families from becoming one of the Southeast Michigan foreclosures and stay in their homes!

If you can’t qualify for loan modification or refinancing, and are considering a short sale, I can help. Call me now 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

It’s getting close to Halloween, and families across the nation are slowly but surely decorating their homes.  The spirit of the season is in the air, the leaves are changing colors, and pumpkins are going up for sale.  It’s time to prepare your Troy Michigan real estate for the season and carve!

Picking Tips

• Make sure your pumpkin has a stem; it won’t last very long if it doesn’t.
• The pumpkin needs to have a flat bottom so it won’t roll.
• No holes or soft spots, because they’ll rot.
• Choose a light-colored pumpkin for easier carving, or a dark colored pumpkin for a longer lasting decoration.

Pattern Tips
On the steps of Troy Michigan real estate homes everywhere, pumpkin faces sprout fangs and witches ride their brooms.  Maybe you want your carvings to stand out, though.  Here are a few things to look at when choosing a pattern:

• Keep in mind who’ll be doing the carving.  Smaller children generally have a harder time with detailed carvings. 
• Carving patterns should be as large as the pumpkin you’re working with.
• If your design is elaborate, draw it out on paper first.  You can’t erase a cut.
• Remember that you have to leave space between the cuts.  The pumpkin has to stay together.

Carving Tips

• Before carving, wash the pumpkin and let it dry.
• Use good carving tools – or a sharp knife and a small serrated knife – for the more elaborate designs (unless you want to carve a difficult design with a spoon tip)
• Start at the center of your design and work outwards.
• Use petroleum jelly on the cuts after you’re done so the pumpkin will last longer.

Left-overs
Once you’re done carving, you’ll have a lot of left over pumpkin.  Instead of throwing it in the trash, try roasting the pumpkin seeds for a great snack, or try using the flesh for a delicious pumpkin pie.

When you own Troy Michigan real estate, soon, children will be visiting your home in mass.  With these tips on pumpkins, patterns and carving (and candy, of course), you can have them oohing and aahing with delight.

Want to find new Halloween decorating ideas for your home?  Click to Learn More!

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

It’s October, which means Halloween is just around the corner. Are you still struggling to come up with great decorating ideas for your Bloomfield Hills real estate? Have no fear; your real estate agent is here to help. Here are a few ideas that will take away your holiday Halloween jitters:

1. Nothing says “Halloween” like twitching fingers, growling werewolves and hovering demon skeletons. Thanks to today’s technology, you can turn your decorations into a hellish wonderland with animated Halloween props. Build a graveyard and have a rocking tombstone or a creeping skeleton to snatch up visitors.

2. Everybody has the standard jack-o-lantern on the front porch. As Halloween nears, they crop up everywhere. This year, try something a little different. There are plenty of pumpkin-carving patterns  available for purchase or for free on the Internet. Grab some bloodcurdling patterns and get to work.

3. Are you throwing a party this year? Add a little fog to your Halloween decorations! Fog machines aren’t near as expensive as they used to be. You can grab one big enough for fantastic, spine-tingling effects for less than $50. Sometimes the extra touches make all the difference, and fog is a great addition

4. Spruce up your doorbell with sinister sound effects and chilling Halloween music. Record-A-Chime™ by Dimango® Carlon® is perfect for just such a thing. Although it’s somewhat expensive at $59.98, you can record whatever sound effect or music you want for any holiday.
 
Each Halloween, people struggle to come up with something different for their Bloomfield Hills real estate home. I hope these ideas help you find your own “something different” and get your creative juices flowing. Have fun, stay safe and happy holidays!

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

Halloween is just around the corner, but if you’re looking at the Royal Oak Michigan homes for sale, it’s probably the first-time buyer fears that have your knees shaking. Hey, buying a house seems like such a final thing, so that’s understandable. It could be the biggest change in your life – EVER!

Now that I’ve thrown some scary thoughts your way, let’s take a turn at facing those first-time buyer fears.

1)  Am I crazy? No, you’re a first-time buyer. You may alternate between periods of paranoia, confidence, nervousness and calm, but you aren’t crazy to want to buy one of the Royal Oak Michigan homes for sale.

2)  Is this really the right time to buy a house? The best way to answer this question is with a few questions. Do you have good credit? Do you have a decent job? If the answers to these questions are “yes,” then there’s never a bad time to buy the right house. Especially now, with tons of inventory, record low interest rates and the $8,000 tax credit.

3)  What if I don’t pick the right neighborhood? What if I buy, move in, hate it, and then can’t turn around and sell the house? An understandable fear; one of the most common horror stories is moving into the perfect house, right next to the neighbor from the Black Lagoon. This is why it’s imperative to do your research (or, at the very least, tell your real estate agent exactly what kind of neighborhood you want). With the Internet, you can find out everything from the crime rate of an area to the quality of the schools.

4)  What if I lose my job? I won’t say that’s not a possibility. However, keep in mind that you have the same question when you’re renting. The difference is that if you can’t pay the rent, you can be evicted within days, depending on where you currently live. While some lenders may do the same, most lenders don’t want to foreclose and are willing to work with you to keep you in the home and making your payments. In addition, many are willing to wait for at least two months of nonpayment before starting the foreclosure process.

If you’ve been a renter all your life and are looking at the Royal Oak Michigan homes for sale, take a deep breath. Yes, it’s scary and yes, the worries can give you worse nightmares than the freakiest Halloween you’ve ever experienced. However, remember what made you decide to start looking in the first place. If those reasons still exist, go for it!

If you’re looking for that perfect, affordable home, I can make the whole process less scary and fear free. Call me at 248-514-2640 or email me now 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