Lee Morof's Real Estate Blog

You don’t list your Royal Oak Michigan home for sale on a whim; you don’t just decide you don’t like the one you have. Selling a home carries significant financial, emotional and family repercussions. Selling your home is one of those life decisions, the ones you discuss with your spouse, look over with professionals and use experts to move forward.

While you might have been able to list your Royal Oak Michigan home for sale and have it sold quickly at the beginning of the decade, that’s no longer the case. Now, you have to be truly motivated in order to get your home sold.   Unmotivated sellers, those without concrete reasons, are not serious sellers.

If you’re a motivated seller, on the other hand, you have several new marketing weapons at your disposal. These include government incentive programs, short sale practices, state-of-the-art technology and creative marketing plans to help consummate the transaction.

Are You A Motivated Seller?
So, think about it. Are you a motivated seller? There are a number of reasons people are motivated to sell. These reasons include:

1. Lifestyle Change – The time for a quieter way of life has arrived. The nest may be too empty. You may want more freedom and less household commitment. In any case, a change of lifestyle is a very strong motivation to sell.
2. Relationship Changes – Partners get together and partners divide. Marriage, divorce and newborns all set the stage for household change.
3. House Too Small – As families expand, it can be more cost effective to move rather than over-improve. For example, it can cost over $10,000 for a room extension on your home.
4. Time to Upgrade – Prior to the recession, American families moved an average of seven times per marriage. Although those numbers have dropped some, we do still seem to seek the greenest pastures.
5. Changes in Neighborhood – Many homeowners move because of local community issues. A school system may trim budgets or the homes may not be increasing in value. A desire for neighborhood change could be your motivation.
6. Health Issues – People with health issues who cannot continue or afford household upkeep are moving to smaller, more protected and service oriented communities. If this is you, you can definitely consider yourself a motivated seller.

If you’re motivated and have one of the Royal Oak Michigan homes for sale, you already know the market is competitive. However, professional representation, an astute marketing plan and expanded reach can help you locate the perfect buyer.

Are you a motivated seller? This professional real estate agent would be honored to help you get your home sold. 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

When you first decide to look for a new Royal Oak Michigan home for sale, whether you are a first time buyer, or you currently own your own home, it is an exciting experience. Visions of perfection begin to dance in your head. Grand expectations and all of your fondest dreams begin to spring into being. But how do you balance dreams with reality so that you get what you need and maybe some of what you dream of?

Condition Counts

You can get great deals on amazing homes when they need a little repair. However, that is a big trap if you don’t take into consideration how adept you are with a hammer and nails. If home repair isn’t up your alley, that’s not a sin.  But, it is unwise to buy a fixer-upper if you’re not into fixing or not financially prepared to hire professionals to do the fixing.

Wide Open Spaces

Rural living or huge parcels of property can be very appealing. The desire to own a big spread with rolling lawns can make you feel like a real land baron—until you have to maintain it. There are other aspects to looking at property removed from the hustle and bustle of the big city. Lack of convenience that might seem like a good thing will soon become just inconvenient. Consider the trade-offs if your idea of a perfect Royal Oak Michigan home for sale isn’t exactly in the city.

Don’t Settle

While you need to be realistic if your budget isn’t unlimited, you should not settle for less than what you truly need. Take the time to determine exactly which features are most important to your family. Consider:

• Which rooms will be most used
• How many people will be living in the house
• How many bedrooms you need
• How many bathrooms are necessary

Don’t try to squeeze into something that won’t fit those needs. If you have to wait a little while until you can afford a home that is the right size, it will be worth it to avoid the frustration of being dissatisfied with something as important as your home.

If you would like more information on what to consider before buying one of the Royal Oak Michigan homes for sale, I can help. 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

Once again, the clock is ticking for first-time home buyers to get one of the  Royal Oak Michigan homes for sale before the tax credit runs out. Extended in November, 2009, the first-time buyers’ tax credit is set to expire in April, 2010, and there are no plans for another extension.

What does this mean for you? If you’re a home seller, it’s time to look over your Royal Oak Michigan home for sale, make sure all your t’s are crossed, i’s are dotted and that you’ve done everything you can to put your home at the front of the buying line. If you’re a first-time or repeat buyer hoping to take advantage of the credit, it’s time to start looking for your new home; the binding sales contract has to be signed by April 30, 2010.

Making the Buying Process Easier
Many times, the buying process can take forever.  Red tape, failing negotiations and more has caused several possible sales to fall through. So, what can you do to make the buying process easier? Here are a few tips:

1. Find out if you qualify for the first-time or repeat buyer tax credit. The home buyer requirements are many.  If you can’t afford to buy a home without the tax credit, make sure you qualify.
2. Shop for lenders before hand. Choosing a mortgage lender can be a lengthy process, so finding one you want to use before you start looking for a home will cut down on the time it takes to buy the house.
3. Get pre-approved. Getting pre-qualified is the first step in the loan process, but it’s based on an estimate, not verified facts. By getting pre-approved for a mortgage, you know exactly how much you qualify for, and how much house you can afford. Because this is a large part of the buying process, once you’re pre-approved, the lender can expedite the rest of the deal for a quicker closing.
4. Negotiate wisely. Remember that you’re on a time-line and try not to let negotiations with the seller turn into a contest of wills. Yes, negotiate, but make sure your counteroffer on the home is realistic.

Buying one of the great Royal Oak Michigan homes for sale before the tax credit expires is definitely possible, even with only four months to go.  Following the tips outlined above can make the sale go as smoothly and quickly as possible.

Have questions about the home buyer tax credit?  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

Those with Royal Oak Michigan homes for sale are buckling down for the long haul, but exactly how long will that be? I spent a little bit of time roaming the Internet to get the general “feel” from people on the housing market. It turns out that the answer all depends on who you ask…

Housing Predictor
Housing Predictor.com says, yes, the housing market appears to be making a rebound. However, that rebound, says economist, John Hines, is a false front. The government is pushing the rise in sales to make the housing markets look good and increase buyer confidence. Will the market ever get back on track? According to Hines, if Congress can get the lending pipeline going again, we might finally see a bottom around the third quarter of next year.

The Ledger
According to an article at The Ledger, Stephen Blank of the Urban Land Institute isn’t at all optimistic. Blank says there’s no quick fix, and that 2010 will be sobering. While the housing market is being helped by various factors, the foreclosure rate probably isn’t going to drop and lenders aren’t lending. Blank worries that financing may be lacking, even for those wanting to buy. He doesn’t see the market doing much for another year.

CBS Money Watch
The best article I’ve come across so far, however, was written back in June at CBS MoneyWatch. The article says give the market at least seven years to recover. The author doesn’t just quote doom and gloom, however. She has some great points for people with Royal Oak Michigan homes for sale. I highly recommend the read, but here is the quote that stuck firmly in my mind:

“If you are a seller, get realistic about what you can get for your house. With so little upside in the foreseeable future, you may be better off to sell, even at a loss, since you can probably get back into a similar house at a lower price and very low interest rates.”

It’s a buyer’s market; the supply of empty homes is much higher than the demand for them. If you have one of the Royal Oak Michigan homes for sale and it’s not selling, you may need to change your mindset a little. In this buyer’s market, sellers may just have to bite the bullet.

Ready to buy or sell?  I can help.  Give me a call 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

New Years is just around the corner, and for many with Royal Oak Michigan homes for sale, it’s the perfect time to make some resolutions. Let’s be expansive, though, shall we? Don’t say, “I will sell my house by April.” We can be more specific than that. Here’s a short list of resolutions that might help you take that home off the sales shelf:

1. Resolve to look over the competition. Not just one or two of the Royal Oak Michigan homes for sale, but ten or eleven. Look at them with the buyer’s mindset. What selling points do they have? What negative points do they have? Your goal should be to outshine the competition. You can’t do that if you don’t know what the competition is.

2. Resolve to do a little home improvement. These don’t have to be big projects. Your project could be as simple as adding a few bushes for better curb appeal. You don’t have to spend a lot of money or a huge amount of time for the home improvement to count. What you do have to do, however, is make the improvement count. In other words, don’t forget to walk buyers past whatever you’ve decided to do, or tell your real estate agent about it.

3. Resolve to check with your agent about the state of your home. Not when they think it will sell, but what you can do to up the value. Remember, “value” is a relative term. Upping the value for buyers may be as simple as cutting $5,000 off your price.

4. Resolve to be calm if a buyer suggests a lower price than you want. Consider the options fully – don’t just snap his or her nose off. Can you afford to let the house go at the offered price? If you can and still want to say no, think about it… how long did it take to get this potential buyer? Can you afford to wait longer?

If you have one of the Royal Oak Michigan homes for sale, keep in mind that it’s just one of the homes for sale. You have an amazing amount of competition; not just here, but around the nation. Take a chance to do something a little different. Your New Years may turn out to be even happier than you expected!

If you’re looking for unique ways to sell your home, 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

Oh, the dreaded/happy DOM question. “How long has this house been up for sale?” If it’s your Royal Oak Michigan home for sale we’re talking about, you’re probably wondering about the split “dreaded/happy” bit. For that matter, whether you’re a buyer or a seller, you’re probably asking, “what the heck is ‘DOM’?”

Days On Market
“DOM” is the shortened industry term for Days on Market, used by the multiple listing services (MLS). It’s exactly what it sounds like: the number of days your Royal Oak Michigan home for sale has been on the market. This metric covers the time it actually goes on sale to the time the deal is closed.

Why Is DOM Important?
Remember the “dreaded/happy” part at the beginning of this article? As a buyer’s agent, I might gleefully answer, “Fifty days.” I say “gleefully”, because a house that has sat on the market for a long time is a good thing for my client. The seller is probably more eager to sell than a month before, and is most likely willing to work a deal. An eager seller makes a happy buyer in most cases.

On the other hand, as a seller’s agent, I might not be so happy about it, and for the same reason. My seller is now an eager seller. I want to get the best deal for my client, but I know the buyer has the upper hand. It is then up to me to help my client get the home sold without giving away the barn, the pool, the tool shed and the tools.

Already, you may be beginning to understand how the Days on Market metric can affect the sale of your home.

The problem with the DOM metric is that it causes buyers and agents to build false assumptions. If a home has been on the market for an above-average length of time, we start to wonder, “What’s the matter with that listing?” Even though I know there are other reasons for a home to go static and not sell, many people automatically think there’s something wrong.

Although you can’t force a house to sell, you do have control over some of the reasons for an extended DOM metric:

• The home may be overpriced – Nothing is wrong with the property itself; it’s just priced too high.
• Testing the market – Although it’s a big mistake and agents will tell you so, some sellers test the market by throwing a high price on a home they don’t care if they sell – just to see if somebody is foolish enough to take it.
• Sticking to your guns – Often, sellers get fixed on a price and won’t budge, come hell or high water. They figure they can wait around until the market can meet their price, not the other way around.
• Renovations – Sometimes, a home will go on the market in the middle of renovations. The sellers aren’t ready to let the home be seen, so it just sits there.
• Availability – A growing problem is the lack of access to Royal Michigan homes for sale.  Sadly, agents and FSBOs alike seem to be unavailable when a buyer wants to view the home. Obviously, no viewing means no sale.

Don’t let your DOM get high because of simple mistakes. If you’re serious about selling your home, remember the five reasons above and make sure you aren’t doing them.

If you’re ready to sell your home with a professional who understands how to keep the DOM to a minimum, give me a call 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

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

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