Lee Morof's Real Estate Blog

Buying or selling real estate is a significant milestone in life. Frequently, it means that a new phase is starting, whether it’s a new job, a new relationship, or moving to a new area. However, when the most basic steps are missed, this transition can be fraught with stress and disaster. To ensure a smooth deal, home buyers and sellers alike should be sure to mind the following tips.

#1: Always Be Honest

Honesty and clear communication need to be a two-way street. Home buyers and sellers expect their real estate agent to be honest with them, and likewise it is always necessary for a home buyer or seller to be honest with their real estate agent.

Hiding details or covering up potential problems will only cause more issues when everything comes to light. When important information is withheld, it’s possible for delays to occur, costs to rise, or even for the deal to be killed.

It’s much better to disclose all necessary information upfront so the situation can be handled appropriately. An expert real estate agent will be able to guide home buyers or sellers through the problems and to a workable solution.

#2: Hire A Professional Real Estate Agent

Buying and selling real estate is not an easy process, so it’s never a good idea to try to proceed without a professional who can be trusted.

Far too often, people let friends or family members represent them in real estate transactions. In these cases, it’s likely for feelings to be hurt, relationships to be damaged, and trust to be compromised.

Rather, it’s recommended for home buyers or sellers to use a real estate agent they do not have a close personal relationship with. That way, they can stand confident that their agent is looking out for their own best interests, and nothing else.

#3: Understand The Market

Far too often, home buyers or sellers fail to recognize their area. If they are the home seller, this means understanding what kind of buyers are looking in their market. If they are the home buyer, this means understanding what kind of neighborhood they would enjoy living in.

Failing to identify this crucial information will waste time for the seller and buyer alike. However, this is where a real estate agent comes in: he or she will know the market inside out and be able to offer valuable counsel.

Home buyers and sellers should call their agent if at any time they have questions; this professional is the key to a smooth real estate transaction.

Are you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.

#1: Review Local Laws and Your Tenancy Agreement

First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour.

#2: Communication is a Vital Part of the Process

Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Meet with them to let them know that you would like to place the home on the market, and explain how the sales process is going to work. Allow your tenants to ask questions and to state their case as they may be willing to buy the home from you if they can afford it, or if the price is right. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.

Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.

#3: Incentives Can Sway an Unruly Tenant

Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives make them back off a bit. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.

While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, contact your local real estate agent as they can share their expertise and guidance to ensure you get the most from your sale.

Moving is not exactly enjoyable at any time of the year, but it can be especially stressful in the winter. Moving all of your items when it is snowing and blowing outside makes things a lot tougher. However, if you prepare accordingly and have the right attitude, you’ll find that your move will go much smoother. Here are five relocation tips that will help ease the stress of a move.

Do not Pack Your Winter Supplies

When you are moving in the wintertime, you should keep your winter supplies, such as a snow shovel and salt, in the car with you. For example, let’s say you get to your new place and there is a lot of snow on the ground. If you have your shovel nearby, you can dig out a path from the driveway to the front door. If you see ice on the ground, you can sprinkle salt on it to prevent falling and hurting yourself.

Pay Attention to the Weather

It is a good idea to watch the weather reports the day of your move. If they are predicting a big snowstorm or other dangerous conditions, it may just be best to reschedule your move to a different day.

Hire Movers

Hiring movers will cost some extra money, but it will be well worth it. If you hire professional movers to move your belongings, you will not have to worry about carrying heavy furniture in the snow and ice. They have the experience to get your items moved in a timely manner.

Get Your Car Serviced

If you are moving a long distance, you should get your car serviced beforehand. Take it to a trusted mechanic and have him check your tires and brakes. If you let a professional look at your car before your move, you will be less likely to break down on the road.

Protect Your Entryways

When you move in the winter, you can bring in a lot of snow and salt from the outside, damaging your floors. That is why you should place cardboard or plastic on your flooring before you start the moving process. It will prevent snow, ice and other particles from ruining your floors.

Moving during the winter is not exactly pleasant, but it does not have to be impossible. If you follow these helpful tips, you will have a much easier move. If you have any more questions, you should contact our trusted real estate professional today.

Are you thinking about buying or selling a home? If you don’t know a real estate agent or have a referral to one, you may end up working with someone unfamiliar who you will need to build a relationship with. Of course, as with any relationship there’s always a chance that things can go sour.

In today’s blog post we’ll share three easy ways that you can ruin the trust and rapport that you’ve built with your real estate agent.

#1: Lie or Embellish the Facts

When you ask a real estate agent to represent you in the home buying or selling process they’re going to need accurate information to help you make the best decisions. Lying or embellishing the facts can cause significant issues and should obviously be avoided.

For example, if your agent asks you how much you can afford for your new home, give them an accurate figure based on your mortgage pre-approval, your income and your current financial situation. If you’re selling your home and your real estate agent asks you about the home’s maintenance history, be honest and don’t try to cover anything up.

#2: Cheat on Them with Another Agent

Once you have a real estate agent searching for that perfect new home, they may need to expend quite a bit of effort in order to find exactly what you’re looking for. Imagine how hard they would work if they discovered that you’re having another real estate agent perform the same job, but only one of them will be paid for their work?

Don’t cheat on your real estate agent. If you feel that your agent is doing a poor job or you could find someone better, let them know. It’s better to move on than to have professionals working behind each other’s backs.

#3: Fail to Be Trusting or Respectful

If you fail to show trust and respect for your real estate agent you can rest assured they’re not going to bend over backwards to help you squeeze out that extra discount or get your home sale closed as quickly as possible. Treat your real estate agent as you wish to be treated and they’ll be more than willing to do their job.

Buying or selling, an experienced real estate agent is the best way to ensure that your transaction goes according to plan and that you accomplish your goals. When you’re ready to discuss buying a new home or selling your current one, contact your real estate agent and they’ll be happy to assist. Don’t forget to keep the above points in mind!

As prices continue to rise across the board with everything from food to gas, it’s no wonder that real estate prices are high in many cities across the USA. While this is the case for a large number of cities, there are also certain areas in which prices are decidedly low. Here’s a small look at the most affordable and unaffordable cities within America.

The Seven Most Unaffordable Cities

Oakland, CA – Though Los Angeles and San Francisco are 2 California cities that may first come to mind, Oakland is also highly expensive when it comes to real estate, with a median home value of nearly $450,000, which is over 100 percent more than the national average.

Los Angeles, CA – Los Angeles is another city in California that is particularly unaffordable. With a median household income of just under $50,000, the exceedingly high median home value of nearly $470,000 is largely galling in its expensiveness.

Boston, MA – The Boston real estate market becomes more unaffordable with each passing year. The median home value within the city is set at well over $350,000. This, combined with the relatively high cost of living, can make for a bleak outlook.

New York City, NY – As one of, if not the most, unaffordable cities in America, NYC is also the most populous city in the United States. While the borough of Manhattan is the most expensive for real estate prices, Brooklyn and Queens aren’t much better, while the median home value of the entire city is just over $500,000.

Washington, D.C. – Though the median household income within the city of Washington D.C. is higher than the national average, the median home value sits at a substantial $443,000, with a cost of living over 40 percent above the national average.

San Francisco, CA – Living in San Francisco is extremely unaffordable, though mitigated a bit by higher household incomes. The median home value is likely the highest in the nation, at just over $750,000.

Honolulu, HI – As the capital city of Hawaii, Honolulu is much higher than the national average in everything from utilities to transportation, with the median home value sitting at $547,000.

Three Affordable Alternatives

Cleveland, OH – Though there are a surprising amount of affordable cities in Ohio, Cleveland has a median home value of just over $75,000, well below the state average of $129,000.

Knoxville, TN – Knoxville is a city in Tennessee that combines a generally low median home value of $140,000 with a median household income of just over $60,000, which is much higher than the national average.

Syracuse, NY – If you want to live in New York, but can’t afford the high real estate prices of NYC, the city of Syracuse has a low median home value of just under $80,000.

If you’re searching for the perfect city to buy your next home in, call your real estate agent today for all of the latest information.

For both buyers and sellers, choosing the right real estate agent is an important and difficult decision, but making the right selection is critical. Consider the following essential characteristics for a real estate agent before signing a contract:

Experience

An agent must understand the real estate market as well as the practices and processes of buying and selling. While a new agent may have energy and desire, experienced agents will be able to offer insights and experiences which are likely to give their clients the edge in their deal. Experience also indicates negotiating skill.

Of course an agent must be licensed, but they must also be knowledgeable about the specific neighborhoods and types of property their clients are interested in buying or selling. Commercial properties are much different than residential properties, for example, so find an agent with the experience you need.

Creativity

Since a variety of problems can happen at any point in a real estate deal, a real estate agent should be able to solve problems creatively. An agent who helps their clients think through problems, offers reasonable alternatives or finds a way to overcome obstacles is invaluable to both buyers and sellers.

Marketing is essential in the real estate world, so an agent who knows how to creatively use technology to entice buyers or to locate homes is a benefit. Buyers usually start their search online, so an appealing, user-friendly and updated website is essential. For sellers, videos are often the best way to display the best features of a home. These are today’s real estate tools, so an agent who knows how to use them has a better chance of making an effective deal for their clients.

Honesty

Home sellers need someone who will be realistic with them about the value of their home, no matter what other homes in the neighborhood are selling for or what the sellers think their home is worth. Home buyers need an agent who will tell them, for example, that consistently under-bidding in order to get more home for their money is not a viable strategy. These conversations are difficult, but an honest agent will have them in order to achieve a successful result.

Another aspect of honesty is maintaining consistent communication in whatever form suits their clients. Even if there is nothing new to discuss, a quick update to say that nothing is happening is essential to maintaining trust. Silence is a sign of denial or worse, so an agent who communicates regularly is being honest with their clients.

Finally, an agent should be honest enough to put their client’s interest ahead of their own, showing the client every house that fits the criteria and not just those that will get the agent the biggest commission. An effective seller’s agent will give their clients the feedback they receive from potential buyers, even if the news is discouraging. Keeping problem areas from a seller may keep the relationship friendly, but it does not put the seller’s interest above the agent’s.

Call a local and professional real estate agent specializing in your real estate needs. This is the first step to owning the home of your dreams.

With the prices for everything skyrocketing these days, every penny counts. This includes your homeowner’s insurance costs. If you’re thinking of buying a home and need homeowner’s insurance, here are a few tips on getting quality insurance for a fair price:

Tip #1: Shop Around

Ask family and friends about their homeowner’s insurance. Check the Yellow Pages, the National Association of Insurance Commissioners (NAIC) and the state insurance department. 

Other places to shop for insurance include consumer guides, insurance agents and online insurance quote services. Don’t just look for lower prices, however. You need a fair price for the services you need.

Tip #2: Raise Your Deductible

The deductible is how much you have to pay before the insurance company starts to pay a claim on your home. The higher the deductible, the lower the premiums. If you live in a disaster-prone area, your policy may have a separate deductible for specific types of damages. 

Make sure, when reading the policy, you carefully go over damage-specific information.

Tip #3: Use The Same Insurer

Some companies will take five to fifteen percent off your premium if you buy more than one policy from them. If the insurer offers homeowner’s, auto and liability coverage, you stand a chance of having a lower premium than if they only offer one or the other. 

The key is to make sure that the combined price is lower than the price would be if you had purchased them separately.

Tip #4: Improve Home Security

By installing a sophisticated fire sprinkler system and a fire/burglar alarm that rings the monitoring stations, some companies will cut your premium as much as fifteen or twenty percent. 

For a smoke detector, burglar alarm or deadbolt locks, you can usually get at least a five percent discount. Check with your insurer to make sure that the system you’re installing will lower your premiums, though; the systems aren’t cheap and not all of them qualify for a discount.

Read everything carefully before you sign, to make sure the policy covers your insurance needs without adding on hidden fees. Even a little money saved can go a long way toward making it easier to live within your budget. 

Ready to buy a home? Let me help you find the perfect home and get it at the best terms and price. Call or email your trusted real estate professional.

Any real estate agent will tell you that it’s harder to sell your home in the winter. The days are colder and shorter, leaving less time to show your home to potential buyers. 

The good news is that most of the buyers who are looking at houses in the winter aren’t just killing time. They’re serious enough about finding their new home to go house hunting at a time that most people would rather stay inside.

There Are A Few Things You Can Do To Make A Good Impression On Home Buyers This Winter:

• Make sure all walkways are safe. Spread out ice melt or sand to provide traction during snowy weather. Shoveling the snow on the driveway and sidewalks will make your real estate appear more inviting and well-maintained. Be sure to place a mat for visitors to wipe their feet on.
• Warm up the house. Buyers will remember the house that was pleasantly warm on a frigid day. In addition, you will be able to demonstrate to the buyer that your furnace is in good working order.
• For a welcoming scent, bake cookies the day of the showing. Some people are sensitive to the fragrances in air fresheners and perfumes, so skip spraying those when expecting someone to look at your house. 
• Serve snacks in the kitchen. Give the buyer a reason to linger in your home by leaving a light snack in the kitchen. If the weather is cold, consider providing chili or soup in a crockpot to keep it warm with festive disposable bowls. Or, to keep it simple, you can provide coffee or hot chocolate and cookies. Be sure to talk with your real estate agent before leaving these snacks so he or she knows they’re for the buyers.
• Make your house appear warm and inviting. Turn all the lights in the house on; place warm-toned throws and decorator pillows around the living room. Put on some soothing classical or jazz music; keep the volume low enough that buyers can talk quietly to each other.

You can make your home seem more inviting this winter by using these proven techniques. 

Are you ready to sell your home? Call your trusted real estate professional today.

It’s a great time to buy a new home because there are still quite a few Bloomfield Hills homes for sale, and interest rates have continued to stay comparatively low.

Whether it’s your first time purchasing real estate or you’re a seasoned professional, here are a few tips to make shopping for a new house more pleasurable.

1. Get Help

Searching through all of the available properties on the market can be mind-boggling.

Find a professional real estate agent to help guide you through the homes for sale and select one that meets your family and financial needs.

2. Start Looking Now

Finding the perfect house can take longer than you might think, especially if you’re looking in a competitive market.

If you’re looking at getting a good deal on a foreclosure or short sale, then these transactions can take even longer because you’re likely waiting on the bank to make the final call on your purchase transaction.

Try to be patient. The more thorough you are in your search, the happier you’ll be in the long term.

3. Don‘t Settle For The First Place You See

Searching for a house can be extremely emotional.

If you think you’ve found the one, then take a step back, consult your real estate agent and go over your housing checklist one last time before writing an offer.

4. Weigh The Pros And Cons

Almost any property will need a few improvements; even newly constructed houses usually need improvements like landscaping.

Sellers are more savvy now about how to make cosmetic changes to catch a buyer’s eye, so look carefully.

There will still be things you want to change, so weigh the difference between the cost of those repairs and the sales price of the home.

If you really want a house even though it’s going to take a lot of work, make your offer accordingly.

5. Make Sure Your Financing Is In Order

Having financing done in advance makes the process of buying homes for sale much easier because you’ll know how much you can afford.

Your loan officer can also help you determine what your monthly payments will be based on how much money you borrow. 

A great first step is to consult with a licensed mortgage financing specialist to go over the available programs and terms available in the area.

Buying real estate for the first time is a very exciting step in life.

It is likely to be one of the biggest financial commitments that you make, so it’s very important to navigate the purchasing process wisely.

Many first-time home buyers make rookie mistakes that bring on negative consequences and a lot of frustration.

Outlined below are common errors home buyers make, so you can learn from their missteps and avoid them yourself.

1. Buying More Than What You Can Truly Afford

Just because the bank says that you qualify a certain amount for a mortgage doesn’t mean that you have to choose a house at the very top of this price range.

Many people get carried away and buy the most expensive house that they qualify for.

If something unexpected happens, they may find it difficult to keep up with their monthly mortgage payments later on.

Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.

2. Failing To Get A Home Inspection

Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake.

You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.

Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.

3. Disregarding Your Future

When you are buying Bloomfield Hills real estate, don’t just think about how the home will work for you in the immediate future.

Also consider what your needs will be five, ten or even 20 years from now.

Find out the development plans for the neighborhood.

Look for reputable schools if you intend to start a family.

And consider whether the street’s home values are likely to increase or decline in the future.

Your Next Steps

Don’t let the home-buying process overwhelm you!

Learn from these common first-time home buyers’ mistakes, so you can avoid them.

A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.