Lee Morof's Real Estate Blog

The biggest barriers to selling your Troy Michigan real estate are often those you create yourself such as:

1. Wanting a quick sale.
2. Not knowing how to price your home correctly.
3. Not knowing how to present your house to its best advantage.

When you first begin to think about selling your home it seems easy. Put a sign on the lawn and list it. Once the shine wears off of the desire to do it all yourself, you might need some tips to help sell your home: 

Clean It Up

That’s the first and foremost advice. Nothing deters a Troy Michigan real estate sale faster than a messy house. Living in your home while trying to sell it makes it difficult to keep it clean, but if you’re serious about wanting to sell your home, it’s worth the extra effort.  You may want to learn how to clean your home fast for those times when a buyer calls and wants to see your home in 15 minutes or less.

Take Good Pictures

Where do you think people search first for homes for sale?  Online!  Newspapers used to be the first place people looked for homes.  But now, approximately 80% of all home buyers look online before searching anywhere else. 

Due to cost and space limitations, newspapers usually display only one photo of the front view of the home.  On the internet, where space is abundant, buyers expect to see lots of exterior and interior pictures, in fact, the more the better. If you aren’t experienced at getting good room photos that show off your Troy Michigan real estate home to its best advantage, hire a photographer or a real estate agent who can do it for you.

Hold an Open House

Or several. Selling your home takes time. If you are busy and can’t fit opening your home up to viewers into your schedule, you may want to list your home with one of the Troy Michigan real estate agents who can do it for you. It’s better to leave your home in the hands of a professional real estate agent so you aren’t tempted to hover over buyers as they walk through. Hanging around discourages buyers from talking to each other about the qualities of your home and from taking the time to view and consider the true potential of your home.

Want to learn more about how to stage your home for a successful sale?  I’m prepared to send your FREE book, “Staging Tips to Prepare Your Home for Market.” There are absolutely no strings attached!

There are pitfalls you can get tripped up on when selling your Troy Michigan real estate. If you’d like to work with one of the Troy Michigan real estate agents who can help you maneuver around those pitfalls, send me an email now at info@NorthWoodwardHomes.com or give me a call today at 248-514-2640.

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

If you’re thinking of listing your Bloomfield Hills real estate for sale and know it needs a little sprucing up, here are a few tips on the smartest home improvements you can make to help sell your home faster and for more money.

• Kitchen remodeling stands at the top of any list of most attractive projects for re-sale value. Crisp clean new cabinets, fresh tile and countertops all make for buyer approval and is money well spent.
• Bathroom remodeling is a good bet but not nearly as good as adding additional bathrooms, unless your home already has a lot of them.
• Adding central heat and air to replace floorboard or radiator heat is a huge selling point for any Bloomfield Hills real estate home for sale.
• Installing a deck or patio. This one hovers close to the middle of the do/don’t numbers but it is still a nice investment that can make your home feel more comfortable and give it more ‘space.’

Items that are less likely to be worth the money include:

• Installing a backyard pool. Some people think a pool is attractive.  To many buyers, it’s nothing but additional work and expense.  Unless you live in a climate where the majority of people want a pool, steer clear of this investment.
• Converting your basement into a finished living space. Many buyers like a finished basement, but it’s the main living space that counts most to them.  Your money would be better spent above ground.

It is important to fix up your home to get it ready for buyers.   But with money tighter than we’ve seen it in a long time, you need to focus on those improvements that will give you a good return on your money.

If you’d like more tips on what works and what doesn’t when fixing up your Bloomfield Hills real estate for sale, I can help you Sell Your Home for the Max. 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

Going it alone and listing your home as for sale by owner can be exciting at first, but there is a turning point where the prospect of losing money makes it necessary to bring in help. There are several reasons to change your plan and list your home with a Southeast Michigan real estate agent in order to facilitate a sale.

Speed

If your property has been languishing on the market for more than three months, it is no longer fresh. People will avoid it simply because it hasn’t sold. A Southeast Michigan real estate agent can give your home wider exposure and get traffic moving through it again.

Knowledge

Fresh eyes on a project are helpful in any business endeavor. You can be too close to your home. You love it and see it in a positive light that can often overlook minor items that will kill a sale. Your Southeast Michigan real estate agent can help you see the problems you didn’t even know existed.

National Exposure

As a FSBO (for sale by owner) seller, you are not able to list your home on the official MLS (multiple listing service). That exposure alone can get much faster responses and sales. Additionally, a professional real estate agent markets your home on multiple websites which gives your home a Virtual Open House 24 hours a day, 7 days a week.

An Earthly Advantage

Many FSBOs price their homes way over market for two reasons.  First, they love their home and see certain aspects of their home as more valuable than they really are.  Second, they don’t have extensive knowledge of the real estate market nor do they have the ability to do current home price comparisons. You ‘might’ know what your neighbor’s house sold for 10 years ago, but do you know what it is worth now?  And even more important, do you know exactly how comparable your house is to that one? Your Southeast Michigan real estate agent does.

Thinking about selling your Southeast Michigan real estate in the following communities?  I can help!

• Berkley
• Birmingham
• Bloomfield Hills and Bloomfield Township
• Ferndale
• Huntington Woods
• Royal Oak
• Southfield
• Troy

Sellers, I’d love to tell you about my 30-Day Marketing Plan that sells 85% of the homes I list!  

If you would like more information on how a professional real estate agent can help you sell your home, please give me a call at 248-514-2640 or email me now at info@NorthWoodwardHomes.com. 

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

Buyer’s remorse happens to most people. The fear of signing a long term deal with a mortgage company at the closing of a Bloomfield Hills real estate deal, whether it is for a family home or investment property, can be frightening. It’s important to not let that fear get the best of you for several reasons. Not only will you lose out on that perfect piece of property you’ve looked so long for, you can lose a lot more than that.

Walking away from a deal before signing can mean losing any earnest money you have put down when you bid on the property. Unless you made a bid with no money to back your offer, which is highly unusual, you will lose it by deciding not to go through with the closing.

There are a few contingencies that may allow you to get all or some of the earnest money back when you walk away but only if you have listed those possibilities in the offer such as:

• Not getting the financing you’d hoped for. If you don’t list that possibility as a contingency for buying a home, even if you can’t get financed, you will lose your earnest money deposit.
• Not selling existing Bloomfield Hills real estate.  Again, this only works if you included the sale of your existing real estate before final closing on the new home as a contingency.
• Appraisal, title, or inspection contingencies are also good clauses to have in your offer to protect you in case you want to back out of the deal. These allow you to change your mind if the appraisal value of the Bloomfield Hills real estate doesn’t come back matching the price you are paying, inspections turn up problem areas, or the title has issues.

Don’t be fooled into thinking that you can back out of a signed contract bid because of those items if you do not list them as contingencies.

As a licensed real estate broker and lawyer, I can help you prepare a proper real estate contract, including all contingencies.  And, I’ll keep you from making a mistake that could cost you thousands of dollars.  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

All the talk is about how the President’s stimulus plan helps out new and first time home buyers.  The good news is that it also helps homeowners.  You can get stimulus plan benefits from your existing Troy Michigan real estate too.  Add a little green living to your environment and you’ll be pocketing some change at the end of the year from your income tax return.

Under the stimulus plan, both eco friendly new home purchases and eco friendly improvements on existing homes are tax deductible. Now’s the time to make your home more energy efficient and get a tax break at the end of the year for your efforts.

Going green saves money, makes your living environment healthier, and improves the world we live in. To reap the benefits from the stimulus plan, you can make major home improvements such as adding solar power or moderate priced home improvements such as adding low flow water fixtures.

You need to make your home improvements soon to get the stimulus plan benefit.  The plan only allows for the tax benefits through the year 2010.  Why wait?  Use this as motivation to get your projects started (and completed) now.

Here are a few additional eco friendly home improvements to consider for your Troy Michigan real estate:

• Re-cover your roof: The color of your roof can make a big difference in how well your attic retains or refracts heat and cold.
• Install an energy efficient Energy Star furnace: Make sure it has a high SEER rating (seasonal energy efficient ratio).

With a little work and a reasonable investment, your Troy Michigan real estate will not only pay you back in dividends for years to come, it could get you a great tax break.

If you need more ideas for how to make your home energy efficient and get tax credits, give me a call 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

Buying newly constructed Bloomfield Hills real estate in Southeast Michigan isn’t much different from buying an “already used” home.  What variances there are, however, can make all the difference between buying a diamond or a lemon.  Here are a few tips to keep in mind when buying new construction:

Tip #1: Don’t use the builder’s sales agent – hire your own.
If they’re the builder’s agent, they’re being paid to represent the builder, no matter what they tell you.  Your own Bloomfield Hills real estate agent, who is representing you, is required to tell you the negatives as well as the positives.  The builder’s agent doesn’t have to tell you the drawbacks of the transaction.

Tip #2: Find your own lending agency.
Again, if you go through the builder, the lending agency may offer you a deal that isn’t in your best interest.  In addition, the builder may actually own the lending company, and will have full information on your personal progress.  Your Bloomfield Hills real estate agent can refer you to a reputable lender, if you don’t already have one of your own.

Tip #3: Talk to a Bloomfield Hills real estate agent and lawyer.
Although standard agreements are made to keep everyone out of court, they aren’t necessarily in your best interests.  Ask about cancellation rights and make sure you understand both your liability and your commitments.  Also, check your contract to make sure it doesn’t contain warnings about health issues. 

I’m not your usual REALTOR®.  I’m both a real estate broker and lawyer who can keep you from making a costly mistake when buying a new home.  And, I’ll help you purchase it at the best price and terms to meet your monthly mortgage budget.  Contact me now for more information.

Tip #4: Decide what options or upgrades you want.
Remember that the profit margin for many builders is highest in upgrades.  Find out if your lender allows the options and upgrades you’ve chosen to be added to the loan.   If your lender doesn’t allow this, the cost of the upgrades will come out of your pocket in cash. 

Tip #5: Research the builder.
It’s amazing how many people think a builder is good, simply because they can build a house.  Unless you’re a licensed home inspector, the chance of you catching a cut corner or shoddy building practices is slim to none.  Check out the neighbors’ homes and talk to them.   Are the homes a consistent size or are they shrinking in size?  Do the neighbors have consistent complaints about the quality of their homes?  Also, check public records for lawsuits.

Owning newly constructed Bloomfield Hills real estate and knowing that you’re the first person to live in the home can be a wonderful, exciting experience.  Make sure that you protect yourself so you can enjoy it worry free!

Are you thinking about relocating to Bloomfield Hills, Michigan and buying newly constructed real estate?   Click here to learn more about the community of Bloomfield Hills.  

Talk with me before you start shopping for Bloomfield Hills real estate.  If you visit a builder prior to working with me, I won’t be able to legally represent you with that builder.  To find out more about how I can help you save money and get the best terms when buying newly constructed real estate, call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com now.

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

The new stimulus bill gives first-time home buyers a tax credit of $8,000! Whether the Troy Michigan real estate you purchase is new or a re-sale there are always things you can do to make improvements. Here are a few ideas on how you can use the tax break for your new home.

1. Put in all new modern appliances. $8,000 will buy a nice set of kitchen and laundry appliances, and enough groceries to fill up that new refrigerator for several months on top of it.
2. Furnish a room. Many times a new home means old furniture just won’t fit in or fill it up. $8,000 goes a long way to decorating a new room or two.
3. Add on a porch or deck.  The stimulus money can be used to add value to your Troy Michigan real estate by making additions like a patio, deck or porch. It will make your new home even more enjoyable too. Construction jobs not only help the economy, but they create jobs in the community—a double bonus that you are making happen!
4. Buy a car. Okay, maybe your new home is perfect as it is. That’s lovely. Use your stimulus tax incentive to put a big down payment on a new car. The huge down payment will keep your monthly payments low and affordable while helping out the other big industry failing in the current economy.

The key to the President’s stimulus plan is to spur the economy and give people money to spend—so go ahead and spend it. Buy those items you’d have trouble buying for your Troy Michigan real estate without the extra help.  And, feel good about it because you’re stimulating your local Michigan economy. 

Are you ready to purchase a new home?  Have questions about how the stimulus helps first-time buyers get Troy Michigan real estate? I’ll be happy to assist you in finding the right home for you at the best price.   Email me at info@NorthWoodwardHomes.com or call 248-514-2640 now for more information.

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

There are several indications that the new stimulus bill passed by Congress will have a positive influence on the struggling housing market. If you are considering buying your first home and would like to purchase Troy Michigan real estate, the stimulus plan may help make that happen.

How the Stimulus Bill Stimulates the Bottom Line

The biggest effect the stimulus plan will have on new home buyers is a tax incentive. We all want to get more money back on our tax returns and the stimulus bill has an $8,000 tax credit for first-time home buyers purchasing Troy Michigan real estate in Oakland County.

How You Qualify

In order to qualify for the stimulus tax incentive you must:

• Not have owned a home in the past three years.
• Use the new home as your primary residence.  
• Have an income of less than $75,000 per person or $150,000 per couple.

No action is necessary other than reporting the purchase on your income tax filings.  You must keep your home for at least 36 months in order to not have to pay back the incentive in the following tax year. If, however, you keep your new home for 36 months or longer you never have to repay the incentive.

There is no cap on return for this incentive either. Even if you would not normally be entitled to the full amount according to your taxable income level, you will still receive the entire $8,000 amount in return.

Purchase Troy Michigan Real Estate and Stimulate Interest

The stimulus bill also gives first-time home buyers a chance to get into those big ticket houses. Houses with market values over $417,000 will be eligible for lower interest rates to make them more affordable. The luxury home industry has stagnated in the failing real estate market and this should give it a vital boost.

President Obama’s stimulus plan is serious about improving the housing market. The bill gives people looking to buy Troy Michigan real estate reason to hope. 

Interested in more information on how the stimulus plan can help you purchase a home?  Call me at 248-514-2640 or email info@NorthWoodwardHomes.com.  I’ll never share your contact information with anyone for any reason.

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

Few things can derail your plans to sell your Bloomfield Hills real estate like failing a home inspection.  Most states require that a home inspection be completed and turned over to the buyer before the contract is finalized.

To prepare for your Bloomfield Hills real estate inspection, you’ll want to thoroughly clean your home.  It’s also a good idea to examine all the appliances to make sure they’re in good working condition.

What Will the Inspector Do?

You may be surprised to learn that the inspector will turn on the stove and test the dishwasher and garbage disposal.  They’ll make sure the furnace and air conditioning systems work.  You’ll want to clear out the area around the furnace and hot water heater because the inspector will need a few feet of space to work in.

If you plan to leave your home before selling it, be sure to leave the pilot lights lit for the inspection.  Most of the Bloomfield Hills real estate inspectors will not re-light pilot lights because of insurance regulations.  This can delay the completion of the inspection and cause the loan process to take longer.

The inspector will test the water pressure by flushing the toilets and turning on all the faucets.  This process can reveal leaks or clogs in the system.

It will be easier for the inspector if you aren’t in the house at the time.  Try to arrange to be out of the house for the inspection, and take your pets with you.  Pets can be an unnecessary distraction to the inspector.

What’s Next?

Hopefully your home passed inspection with no problem.  If you get a repair request from the inspector, don’t worry.  You aren’t obligated to make the repairs unless it’s stated in the contract.  However, you run the risk of the contract being canceled if you refuse to make reasonable repairs.

If you’d like ideas on how to stage and prepare your Bloomfield Hills real estate for sale, order the FREE book for sellers, “Staging Tips to Prepare Your Home for Market.”  There is absolutely no obligation or strings attached to this FREE offer. 

Ready to sell your Bloomfield Hills real estate in Southeast Michigan?  I’ll help you obtain the best price for your home.  Call me today at 248-514-2640 or email info@NorthWoodwardHomes.com right now to get started.

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

According to the Better Business Bureau, contractor problems are one of the most common consumer complaints.  With those kinds of statistics, buying a newly constructed Troy Michigan real estate home calls for a knowledgeable individual.  Here are a few things you can do to make sure your contractor  doesn’t end up as your complaint:

Know What Your Warranties Cover

There are two types of warranties.  One is called an express warranty, and is given to you by the contractor.  Usually, this warranty lasts between one to ten years, with one year being the most common.  It covers everything from cosmetic flaws to serious defects.

The second type of warranty varies depending on the state you live in.  It’s an implied warranty that states the residence has to be habitable.  To have your defect covered by this warranty, you have to be able to prove that it’s a health or safety hazard. 

Have warranty questions?  I’m in a unique position as a licensed Troy Michigan real estate broker and lawyer, to assist you with all facets of purchasing your new home.  And, I’ll keep you from making a mistake that could cost you thousands.

Find Real Defects

If you spot a defect, you need to find out whether it’s an acceptable imperfection or a real defect.  For instance, small cracks in the interior of new Troy Michigan homes for sale are normal defects.  The only cracks that need to be repaired are those longer than 3/16 of an inch, according to the National Association of Home Builders’® performance guidelines.  In addition, hammer marks or nail pops only count if you can see them from more than six feet away.

Document Everything

Once you find a real defect, document everything.  Take photos and make detailed notes.  You may want to hire an independent inspector or structural engineer to give your house a full examination.

Buying new Troy Michigan real estate can be enjoyable when you work with a REALTOR® like me who has the knowledge and experience to guide you through the homebuying process.  Call me today at 248-514-2640 or email me at info@NorthwoodwardHomes.com now.

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