Lee Morof's Real Estate Blog

Today’s Bloomfield Hills real estate buyers generally want modernized, updated properties. In a lot of markets, features like stainless steel appliances and granite countertops are almost expected, especially in higher price ranges. As your Father’s Day gift this June, help your dad add value to his Bloomfield Hills home.

Five renovation tips that are great gifts for Bloomfield Hills real estate owners that will increase value:

1. Windows and doors – Almost any upgrade to windows, exterior doors or the garage door will add value to a property and increase its security. However, if you want to make a big impact, splurge for energy-saving windows. These will be especially appealing to buyers looking to lower their carbon footprints and those looking to lower their utility bills — which is everyone!
2. Curb appeal – The outside of a house is the first thing buyers see, so it makes sense to spend money to keep it looking its best. With a few new plants, a hedge trimmer, a paintbrush and a shovel, even the most inexperienced DIYer can make a significant impact on a property’s curb appeal.
3. Kitchens and baths – Everyone uses them daily and would like them to be as nice as possible. Any money spent updating the kitchen and bathrooms will see a positive return when your Dad decides to sell his Bloomfield Hills real estate.
4. Don’t overdo it – Almost everyone wants granite counters, but maybe you live in a laminate neighborhood. Don’t spend so much on updates that your house is far and away the most expensive per square foot in the neighborhood. As a general rule, it’s always hard to sell the most expensive property on the block.
5. Sweat the small stuff – A few bucks spent on new light switches, faucets and doorknobs can go a long way to improving the look of a house, without any major investment.

Would you like more Bloomfield Hills real estate renovation ideas that would make great Father’s Day gifts for your Dad’s home? 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

With the wide array of Bloomfield Hills real estate on the market today, how do you narrow your search without missing out on that perfect home?

Here are 4 steps you can take to narrow your search for Bloomfield Hills homes.

Step 1:  Decide on your top priority.  Is it location, price, number of bedrooms or something else?  Once you’ve decided on the most important feature, concentrate your search there.

Step 2:  Search for homes.  Most people start their Bloomfield Hills home search online.  There are many Bloomfield Hills real estate web sites you can browse through.  Unfortunately, there are two big challenges to searching online:

1. Home listings quickly become out of date and may have incomplete or inaccurate information.  Overcome this challenge by enlisting the help of a Bloomfield Hills real estate agent.  Your agent can quickly get all the current details on Bloomfield Hills homes for sale.
2. You can spend hours searching online without finding what you’re looking for.  Overcome this challenge by setting a limit on the amount of time you spend searching online.  Use a timer to remind you when your time is up, then walk away from the computer.

Step 3:  Get comparables.  After you‘ve narrowed the list to your favorite neighborhoods, get a few sales price comparisons that include homes that have sold in the last six months as well as those with contracts pending.  Make sure you are comparing apples to apples, which means to compare homes that are the same size, same style and in the same neighborhood.  Your real estate agent is the best resource for this type of information.

Step 4:  Double check availability.  Once you’ve made your top picks of Bloomfield Hills homes to view, have your agent make sure the properties are still available and don’t have pending offers.  You don’t want to waste your time going to see a property that is no longer for sale.

Let me do the work for you.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to find out how I can streamline the search process for you.

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

The availability of Bloomfield Hills real estate and real estate throughout the U.S. is tremendous. Whether you’re looking for investment real estate or a vacation home, you can get great deals when buying U.S. real estate.

Here are 5 reasons why now is a good time to invest in U.S. and Bloomfield Hills real estate:

REASON #1:  More for your money.

With the decline in the value of the U.S. dollar, foreign investors get a lot more for their money when purchasing U.S. real estate.  For example, on April 21, 2011, if you had $250,000 Canadian dollars to invest in real estate it would purchase an American home worth $262,109 U.S. dollars.

REASON #2:  The average American home price has dropped.

With the days of inflated prices for American real estate gone, so is the worry of huge losses when the market falls.   The American real estate market has reached an equilibrium allowing it to once again be a safe long term investment.

REASON #3:  America is diverse.

From ski slopes to desert dunes to ocean waves, America has it all.  Whether you love warm sandy beaches or rolling hills lined with grapevines, the choices are numerous.  Not your style? Try Brooklyn’s delicious diners or California’s Rodeo Drive.

REASON #4:  Earn income from your U.S. real estate.

Purchasing American real estate opens up the opportunity to gain rental income.  There are many property management companies that can oversee the day-to-day operations of your property in your absence.

REASON #5:  Sun and fun all year long.

If you live in Canada or other cold-weather areas, you can escape the long winters when you purchase real estate in warm-weather areas like Arizona, Florida, New Mexico, Texas or California, to name a few.  Year-round golf and warm beaches can make any winter worth looking forward to.

If you’d like more information on purchasing Bloomfield Hills real estate, 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

Sometimes, when buying – or even thinking about buying – Bloomfield Hills real estate for investment purposes, you’re faced with the need to fix up the property.  The question then arises: Should I fix it up myself or hire it done?  Unfortunately, no one can give you the right answer.  However, there are a few questions that you can ask yourself to help decide the issue:

1.  Do I have the time?

Time is an issue that many people forget about, but it should be one of the deciding factors.  Some renovations, such as handles, hinges or kitchen hardware can take very little time to do.  Others, like retiling a bathroom, can take hours, or even days to accomplish.  If you don’t have the time to do these things personally, you’ve already answered the question.

2.  Do I have the money?

Obviously, money is as important a factor as time.  Often, if you don’t have the time, you do have the money to hire someone.  However, if you have neither the money nor the time, you may need to reassess whether you can really afford the Bloomfield Hills real estate you’re thinking of buying.  You may want to continue looking to find something that needs fewer repairs or that you can get at a lower price.

3.  Do I have the know-how?

Granted, there is a lot of do-it-yourself information out on the Internet.  However, if you don’t have the necessary knowledge to understand what they’re saying, you’ll either have to research more, or hire someone.  Being knowledgeable on what you’re doing may not be so important when, say, you’re painting the living room, but it’s incredibly important if you need to rewire a room or want to knock down a wall.

The main key when deciding on what southeast Michigan real estate property to buy, what renovations need to be made and whether to do it yourself is simple:  Be realistic.  Be honest with yourself.  Can you really do this?  Can you really afford it?  Remember, if the answer is “no,” it could just mean “not right now.”

Don’t be afraid to wait until you have everything in place before picking your investment properties.  If you’re careful with your time and money management, you may find yourself able to buy that dream Bloomfield Hills real estate investment property.

Let me help you find the perfect southeast Michigan real estate investment property for you.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Buying your first home is exciting, but it can also be expensive, especially if you’re unaware of the mistakes frequently made by many first-time home buyers.  Here are six common mistakes many Bloomfield Hills real estate buyers make and how to avoid them:

1. Going it alone.  Buying a home involves a lot of little (and big) details.  Additionally, buying a home is the most expensive purchase you’ll most likely ever make.  All that adds up to needing a professional on your side.

2. Hiring your cousin.   Although your cousin (or cousin’s best friend) may be a Bloomfield Hills real estate agent, it doesn’t mean she’s the right agent for you.  Do your homework.  Interview at least three buyer’s agents to find the agent who meets all your criteria.  If your cousin meets all your criteria, then hire her.  But only after you’ve done all your homework.

3. Working with the seller’s agent.  One of the most costly mistakes you can make when buying a Bloomfield Hills MI home is working directly with the agent who is selling the home you want to buy.  They are not looking out for your best interests.  They are looking out for the best interests of the seller.  Instead, hire your own buyer’s agent. 

4. Assuming your lender is giving you the best deal.  Lenders are not required to give you the very best terms.  It’s your responsibility to shop for a mortgage the same way you shop for anything you buy.  Consider this:  You’re not just buying a home; you’re buying a very expensive financial product — a mortgage loan.  Getting the best mortgage terms can save you thousands of dollars.  For example, if you get a mortgage for $250,000, at 5 percent interest and keep that loan for a full 30 years, you end up paying $229,910 in interest alone.  Insist on the best mortgage terms, or find a new lender who’s willing to give them to you.

5. Making an unappealing offer.  Yes, this is a buyer’s market, but that doesn’t mean sellers automatically accept any offer that comes their way.  Make your offer impossible to resist by offering the highest price you can, making the largest down payment possible, getting preapproved for a mortgage and attaching a copy of the preapproval letter to your offer.

6. Forgetting about resale potential.  Statistics show that the average first-time home buyer only stays in a home for four years.  That means you need to consider the home’s resale potential now, before buying it.  You may love the hustle and bustle of life on a busy street, but the majority of buyers do not.  You may only need 2 bedrooms, but the average buyer wants 3 or more bedrooms.

If you have any questions about buying Bloomfield Hills real estate or avoiding the mistakes many first-time homebuyers make, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Picking up the phone book and letting it fall open to the real estate agency page is not the best way to find a great Bloomfield Hills real estate agent.   Here are several other pitfalls to avoid when looking for a real estate agent:

• Impulse: Just because you walk into a busy, bright, and productive looking office doesn’t mean all the agents who work there are also busy, bright and productive. Take the time to get to know the agents you’re considering working with.  Interview them, like you would any other professional you hire, to determine their abilities and knowledge of the community in which you want to live.
• Easy Agreement: If you finally find an agent who instantly agrees with everything you have to say about the selling price of your home without question, beware. This is especially true if you’ve been to others who disagreed with your price.  Consider why this one agent is so agreeable. As in any industry, there are people out there who will tell you anything you want to hear to get your business.
• Trusting Your Judgment: While you may very well be a great judge of character, make sure you get at least three references from all the Bloomfield Hills real estate agents you’re considering.  Then, take the most crucial step and contact those references. 
• Lowest Commission: Don’t go with a real estate agent just because they have the lowest commission on the block. Remember the old adage “you get what you pay for.”

These are just a few of the considerations when choosing a Bloomfield Hills real estate agent, but they will get you started on firm footing.

If you’re looking for a knowledgeable Bloomfield Hills real estate agent, I’d be honored if you’d interview me.  To schedule an interview, call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

There was a time when Bloomfield Hills real estate was ruled by the phrase “buyer beware.” This meant the seller did not have to share any information about defects in the home. Today, however, more than two-thirds of all states in the U.S. require some form of seller disclosure. This means that sellers are required to share certain information with potential buyers. What do you have to share when selling your Bloomfield Hills real estate?

1) Lead-based paint. For all homes built before 1978, a disclosure is required. This gives the buyer 10 days to have the home inspected for lead-based paint. Some real estate brokers require this disclosure for all homes because lead-based paint is still sold in some places.

2) Material facts. Material facts are items which may affect a buyer’s decision to purchase a property. What material facts are required varies from state to state, so talk to your Bloomfield Hills real estate agent about the laws for your state. Material facts can include any of the following:

• Death in the home. Some states require sellers to disclose if anyone died in the home. Buyers may be uncomfortable buying a home in which someone has died.
• External issues. You may need to disclose issues that could affect the property, like earthquakes, zoning changes, flood zones and pollution.
• Foundation problems. Damaged slabs and accompanying moisture problems may need to be shared with the buyers.
• Repairs. You don’t have to disclose every repair you’ve made to your home, especially since a repair means the problem has been taken care of. However, you can let buyers know when you had a new roof put on or the air conditioner replaced.

Don’t go through the process of selling your home on your own. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information about what you have to disclose when selling your home.

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

The national and Bloomfield Hills real estate markets are constantly fluctuating, falling somewhere between more inventory and lower prices and less inventory and higher prices. People are often frightened when the home inventory rises, but a declining real estate market may just be the perfect time to find your next home.

Here are 4 reasons why you should consider buying Bloomfield Hills real estate in a down market. 

1. Inventory. When the market is down, more homes are for sale. This means you have more homes to choose from, which makes it easier to find a home in your dream neighborhood or closer to work or school.

2. Negotiation. There’s a reason down markets are called “buyers’ markets.” Sellers want to sell their homes, and they are often willing to do whatever it takes. This means you have the advantage and can buy a home for a great price. You can also ask the seller for other incentives like paying all or a portion of your closing costs.

3. Mortgage Rates. When the real estate market begins falling, interest rates get cut. This can mean considerable savings for you over the course of your mortgage. You can even buy a larger home within your price range than you can when the market is booming.

4. Investment. Even though doom and gloom is forecasted in a down market, your home will still most likely go up in value or at least retain its value. Keep in mind that your home is your most personal investment. It is a place where you will create memories and maybe even raise a family.

If you’re considering buying a home, let me help you find a wonderful home at a great price. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Trying to sell your Bloomfield Hills real estate in a slow market can be frustrating. You may find that it takes longer to sell and you can’t get as much money as you could during a booming market. However, you can’t believe all the hype about a sluggish real estate market. Do your research and separate the facts from the fiction. 

Here are 3 myths and the facts behind the fiction:

1. You won’t get a decent price. Your Bloomfield Hills real estate will sell for whatever a buyer is willing to pay. A comparative market analysis shows you what other buyers spent on property like yours. Of course, if you bought your home when values were up, you may not get the return on your investment you’d hoped for. However, most sellers get a fair price and even make a profit in a slow market.

2. Your Bloomfield Hills real estate will stay on the market too long. While it’s true that real estate tends to take longer to sell during a slow market, it’s not impossible to sell. People still buy in slower markets. If your home is priced right, prepared for sale and marketed professionally, it will sell.

3. Buyers only want foreclosures and short sales. The truth is that buyers want good deals, and this can be in the form of money or time. The price of a foreclosure or short sale  may certainly be attractive, but they can take a considerable amount of time to close while the banks negotiate their terms. Paying slightly more for a traditional sale is sometimes well worth the time they can save.

Using my proven marketing plan, I can help you sell your home whether it’s a slow market or a booming market. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

When you look for a mortgage to purchase Bloomfield Hills real estate, you want to find one that allows you to buy the biggest house possible for a monthly payment you can afford. This seems simple enough. All you need to do is a little division to determine your monthly payment.

Unfortunately, this isn’t the entire picture of your monthly mortgage payment, and lenders don’t always explain this to you. Here are three things you need to know about your monthly mortgage payment for your new Bloomfield Hills home:

1. Interest and Principal. Only part of your monthly mortgage payment actually pays down your loan. A portion of your mortgage payment goes toward your loan principal and part of it pays the interest. The longer you have your loan, the more money goes toward your principal. Be aware that at the beginning of your loan term, most of your payment goes toward interest and does little to reduce the amount of money you owe on your home.

2. Homeowner’s Insurance and PMI. Typically, your lender collects money to pay your homeowner’s insurance premium. This increases the amount of your monthly payment and can change if your insurance company raises or lowers premiums. Depending on your loan amount and property value, you may also have to pay private mortgage insurance (PMI) which protects a lender against loss if you default on your loan.

3. Property Taxes. In most cases, your annual property taxes will be paid through your lender. The lender collects extra money each month that they pay to your local government at the end of the year. When local taxes increase or decrease, so does your payment.

Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to help you find the home (and mortgage provider) of your dreams.

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