Lee Morof's Real Estate Blog

Like any commodity, you’re going to make money if you buy Bloomfield Hills real estate when the prices are low and sell when the prices are high. So why haven’t you, and millions of others like you, bought a home during the major downturn in the real estate market?

When pushed for an answer, many potential buyers respond that they’re afraid, unsure or allowing their emotions to guide them. They’re worried that the prices of Bloomfield Hills real estate will have another huge drop. Or they’re unsure if the prices have reached the rock bottom so they can get the very lowest price possible.

Stop allowing your emotions to guide you. Face the facts. The real estate market is steadily improving.  Those low prices are gradually moving higher and higher. It’s time to get off the fence and buy while real estate prices are still low. Then you’ll have the pleasure of selling after the prices go higher.

If you’re still unsure if now is the best time for you to buy Bloomfield Hills real estate, consider these additional factors:

1. Rent will increase each year no matter what the real estate market does. What is the maximum interest rate you could ever pay, and what would your mortgage payments be at that rate? Have your mortgage broker do the math for you. Is that more or less than you’d pay for rent 10 years from now?
2. Interest rates are at historical lows. Do you really want to miss out on both low home prices and low interest rates?
3. You can deduct the mortgage interest from your taxes. In most cases, you can deduct all of your home mortgage interest. This can save you a bundle.

If you’re ready to buy low, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Want to sell your home this summer? With the help of a Bloomfield Hills real estate professional, you could be signing a closing agreement and on your way to a whole new housing world before winter sets in. So, get inspired this Fourth of July to liberate yourself from your current home.

A local Bloomfield Hills real estate agent who is an expert in his or her field might be the spark needed to get you motivated, strategically market your home and have potential buyers seeing fireworks at your first open house. To help with your quest for the perfect home-selling expert, here are three questions you should ask during initial interviews:

1. What do you know about the local market? Make sure your agent is up to date on the area’s current listings. He or she needs to know what’s happening in your neighborhood in order to market it and ensure it beats out the competition.
2. How will you market my home?  Make sure you’re on the same page when it comes to spreading the word about your property. You’ll want to confirm that your agent is internet savvy and has fresh ideas on how to make your home stand out. It’s always a good idea to ask agents you’re interviewing to provide examples of how they’ve marketed other homes.
3. What will you do to help me prepare my home for sale? Successful agents should do a walk-through with you and use their past experience and buyer feedback to give advice on how to stage your home. It benefits both of you to have your home looking its best, so that it sells fast!

In honor of the Fourth of July, take a cue from our forefathers and enlist the services of a good Bloomfield Hills real estate agent to help emancipate you from your current home.

If you’re looking for a Bloomfield Hills real estate professional, I’d appreciate the opportunity to interview for the job.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule an appointment.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Most property owners getting ready to sell their Bloomfield Hills real estate understand the importance of cleaning, de-cluttering, updating and staging in order to make a quick sale. However, there are also many other steps you can take to ensure your home appeals to potential buyers, draws them in and seals the deal.

Below are five tips to help you not only get your house in tip-top shape, but also make it extremely marketable:

1. Find a good Bloomfield Hills real estate agent. While many people think they can sell their home themselves and save money, they’re wrong. Relying on a professional’s expertise and experience has been proven to net you a bigger profit — and definitely reduce your stress and frustration.
2. Clean and de-clutter. While this goes without saying, we’re going to reiterate it anyway. Make sure your home is spotless and depersonalized. You also might want to consider hiring a staging professional to make it inviting and memorable.
3. Have your home inspected. Many sellers are getting their property pre-inspected so they can head off any potential deal breakers. If an inspector finds a major issue, you might want to hold off putting the home on the market until you get it fixed.
4. Offer a home warranty. Especially if you have an older home, you should consider sweetening the deal with this tempting proposition. While you know your water heater works perfectly fine, today’s buyers want everything new and might be wary of used appliances. So, set their minds at ease, even if it’s just for a year.
5. Develop a marketing strategy. Utilize your real estate agent and come up with a solid plan for marketing your home. Whether listing just on the web or also in local classifieds, you want to make sure as many eyes as possible see your home.

Don’t jump into the market without doing your homework! Follow these five tips and you’ll be on the way to setting up your Bloomfield Hills real estate for a quick sale.

If you’d like more strategies for getting your home in order before putting it up for sale, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Economists say and statistics show that there are true signs of improvement in the most recent housing figures for U.S. and Bloomfield Hills real estate markets. Here are a few of those stats:

• Investors bought 1.23 million homes in 2011, up 64.5 percent over 2010, according to data from the National Association of REALTORS®.
• The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010.
• Single-family home sales rose 3 percent in April.
• New home sales increased 3.3 percent in April, according to new Commerce Department data.
• Sales of existing homes rose in April, up 10 percent from April of 2011.
• Median existing nationwide home prices also moved upward to $177,400 from $164,800. This is the biggest year-to-year gain since January 2006.

In addition to good nationwide and Bloomfield Hills real estate news, there’s also good news about the economy:

• Economic growth is now projected to grow by 2.4 percent this year, up from a 2.2 percent forecast in February.
• The new job creation forecast, which is the most watched economic indicator, has also improved. The data now shows that 188,000 new jobs will be created each month this year, which is up from the 170,000 new jobs per month forecasted earlier this year.

As you can tell from this data, if you want to buy Bloomfield Hills real estate while prices are at their lowest, don’t wait a minute longer. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started!

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

As home buying picks up pace with spring in full bloom, there are a few tips every Bloomfield Hills real estate buyer should keep in mind:

1. Plan to stay in the property more than 5 years.  Typically home values appreciate 7% per year; that number has been 2% to 5% recently, so it will take longer to break even and begin making a profit or building equity in your home.
2. Do the math.  First, figure out what price range you can afford.  Then, calculate how much income is left after paying the mortgage, taxes and insurance.  Use an online affordability calculator to make this easier.
3. Explore the neighborhood.  At various times of the day and night, visit the neighborhood of a Bloomfield Hills home you are interested in.  Find out if it’s an area in which you’ll enjoy living.  How are the schools, the traffic, the noise and the neighbors?
4. Find the right agent.  Interview at least three Bloomfield Hills real estate agents.  Make sure they’re experienced, knowledgeable and professional and that your communication styles mesh.  They will be overseeing the most expensive decision of your life, so take the time to find the best person for the job.
5. Shop for your mortgage.  Shaving even a half a percentage point off your mortgage rate can save you thousands of dollars.
6. Get pre-approved. Before you start house hunting, get pre-approved for a mortgage. You’ll save yourself the grief of looking at houses you can’t afford. Being pre-approved will also improve your chances of getting the sellers to say yes to your offer. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
7. Hire a home inspector. Have the property checked out by a professional home inspector. Even if you and your agent carefully look over the home, there can be hidden problems only a home inspector can find.

If you’re looking for a Bloomfield Hills real estate agent to help you buy a home, I’d be honored to be considered for the job. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule a time to interview me.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

When it comes time to sell your home, the most important person that can ensure a quick sale at top dollar is your Bloomfield Hills real estate agent. He or she will be the primary person marketing your home, and if your professional doesn’t work hard to sell your home, it can cost you precious time and money.

Choosing the right Bloomfield Hills real estate agent can be tricky. To help you make a wise choice, below are five simple questions you should ask agents before making your decision:

1. How many other homeowners are you currently working with? An agent with too many properties on their plate might not give your home the individual attention it needs to attract potential buyers. However, if the agent has no listings, that might also be a bad sign.
2. Are you going to be readily available? There is nothing more frustrating than working with an agent who seems too busy to show your home, take your phone calls or answer your emails.
3. How does your real estate agency compare to the others in town? Any brokerage with great statistics will be happy to share them with you. However, you may get more personal attention working with a lower-volume agency.
4. Are you a member of the National Association of REALTORS®? Members are held accountable for their professional ethics. They continually participate in training and educational courses to keep up their certification.
5. What’s your plan for marketing my home? A good agent should be able to give you a detailed and well-thought-out plan for marketing your home. It’s also a good idea to make sure your expectations are clear before entering into any agreement.

Selling your home can be stressful. When selecting a Bloomfield Hills real estate agent to represent your interests, it’s important to make sure you feel comfortable that he or she will meet your expectations.

If you’re getting ready to sell and have questions about comparables, marketing strategies or the process in general, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Mobile devices have joined desktop computers in helping us search for Bloomfield Hills real estate.  Below are the top apps for your Android, iPhone or iPad:

1. Trulia Real Estate for iPads. Designed specifically for iPad, Trulia HD makes finding your next home easy and fun. Search for Bloomfield Hills real estate for sale or rent with full-screen interactive maps, neighborhood-specific details, high-resolution photos, and more.
2. Zillow Real Estate. Find home values, Rent Zestimates, homes for sale, homes for rent and more as you walk or drive through neighborhoods using the Zillow iPhone App or Zillow Android App featuring built-in GPS technology, plus a mortgage calculator.
3. Realtor.com. It is possible to find your dream home without surprises and heartbreak. Trust the official REALTOR.com® App for your iPad, iPhone or iPod Touch – the most accurate and most up-to-date real estate mobile search experience.
4. Real Estate Genie SP. Did you ever wish you had your own Genie to assist you in your real estate decisions? This app from Apple contains a financial calculator designed for real estate; extensive loan amortization, mortgage payment and refinance tools; and balloon payment and capital gain analysis for selling property.

If you prefer to have a professional do the searching for your Bloomfield Hills real estate (or at least help with the searches), give me a call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com

You’ve probably heard the terms real estate agent, broker, REALTOR®, listing agent and buyer’s agent. But do you know what they mean and the differences between them?

Here are the definitions of terms you may encounter on your Bloomfield Hills real estate agent search:

1. Real estate agent: Agents are licensed sales people. They are not real estate brokers. In fact, they must work for an employing broker and cannot work independently. An agent works under the broker’s guidance and legal protection. Real estate agents are required to undergo education pertaining to real estate law and ethics.
2. Real estate broker: A real estate broker has more education than an agent, they can work independently, and they can hire other real estate agents. While many of the responsibilities of an agent and a broker are interchangeable when it comes to customers, the role and qualifications for each are incredibly different. Typically, a broker is more of a manager for a real estate company. Brokers have to undergo more extensive education than agents in relation to business management.
3. REALTOR®: Not all agents are REALTORS®. A real estate agent becomes a REALTOR® when he or she joins the National Association of REALTORS®.  The term “REALTOR®” is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.
4. Listing agent: They are also known as seller’s agents because they represent the seller.  A listing agent can be a real estate broker, a real estate agent and/or a REALTOR®
5. Buyer’s agent: Buyer’s agents represent the buyer. They can be a real estate broker, a real estate agent, and/or a REALTOR®

Basically you want to find out which side the Bloomfield Hills real estate agent you are talking to is on — the buyer’s or the seller’s.  Then you will understand where their loyalty lies.  You always want someone on your side that will look out for your best interests.

If you’re looking for a Bloomfield Hills real estate agent to help you buy or sell a home, please contact me. I’d love to be considered for the job. You can reach me at 248-514-2640 or info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com

There are many ominous superstitions associated with Friday the 13th. From black cats to broken mirrors, bad luck can stem from almost anywhere and many sellers like to blame it for their Bloomfield Hills real estate sitting on the market for too many months.

Without casting a single spell, you can banish bad luck this month and sell your Bloomfield Hills real estate fast by ensuring you’ve fixed all the pesky problems that inspectors focus on. Below is a list of problems to address to help you turn your bad luck to good.

• Electric shock – Faulty wiring, which is especially common in older houses, might spook some inspectors into suggesting that the entire electrical system needs to be replaced. Have your wiring checked and update what you can before putting your house on the market.
• Structural damage – While damage can be minor and not of immediate concern, you can be sure the inspector will point out potential long-term issues. Repair problems early, so that prospective buyers will feel at ease knowing you’ve taken the necessary precautions.
• Water and air infiltration – This is probably the easiest and most inexpensive way to avoid scaring off a buyer. Just replace the caulking around windows and doors.
• Hazards to health – If you live in an older house that contains asbestos or lead-based paint, before you put your house on the market, determine if these are a direct health hazard. If so, check with your insurance provider to see if any of the renovation costs will be covered.

Be proactive and banish bad sales luck this Friday the 13th. Fix the little issues that spook Bloomfield Hills real estate property inspectors. You’ll sell your house quickly and take good luck with you to your new Bloomfield Hills home. If you could use more information on problems inspectors love to hate, please call 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan Call:  248-514-2640 www.NorthWoodwardHomes.com

Your home is usually the most important and sizable investment you will ever make. Whether you’re buying a starter home or the home of your dreams, you can’t afford to invest in Bloomfield Hills real estate that won’t steadily increase in value over time.

In order to assess a home’s potential and maximize your profit when it comes time to sell, we’ve compiled a list of five helpful questions to ask when choosing a property.

1. Are businesses investing locally? Ask your potential neighbors about new businesses in the area and check the local papers. If businesses are investing, it’s a good sign that the neighborhood will continue to enjoy financial stability.
2. What amenities are in the area? Buyers will pay a premium to be near amenities such as parks, civic centers and swimming pools. If current amenities are lacking, ask if there are any plans for future development. If not, it might be better to consider a neighborhood with more to offer.
3. Does the neighborhood look like it’s being maintained? It’ll be tough to ask top dollar for your home, no matter how well you maintain it, if the neighborhood looks like it’s in decline.
4. Are there a lot of foreclosures and rental properties? Be wary of neighborhoods seemingly devoid of homeowners. If other buyers aren’t actively investing in the community, home values are likely to decrease.
5. Is there an active homeowner association or neighborhood organization? Communities with active residents tend to have the most growth potential and therefore the most stable home values.

Whether you plan to stay in the home for just a few years or for the rest of your life, don’t jeopardize your financial future by investing in Bloomfield Hills real estate that has little prospect of improving in value. If you’re getting ready to buy a home and want to make sure it’s a solid investment, please call 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com