Archive for Southeast Michigan Real Estate

Southfield Martial Arts Institute Gets the Whole Family Involved

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on October 28th, 2008

Southfield Michigan Martial Arts Institute

 

 

 

 

 

 

In the Spring of 2008, I learned that my elementary school age son was being picked on by a bully at his school. Almost immediately, I decided it was time for the both of us to learn self defense. I called a couple of Dojos in the area only to learn that my son and I would have to learn separately. I then contacted the Southfield Martial Arts Institute located at 29100 Southfield Rd., Southfield, Michigan, (248) 569-7030. www.southfieldmartialarts.com. Fortunately, this Dojo has family Karate classes three times per week. The experience has been amazing. The Dojo is run by Master Willie Adams, a 10th Degree Black Belt, and several other very talented and patient Senseis who teach Okinawan Isshinryu style Karate. Above is a photo taken at the Dojo’s Beginner Junior Tournament on October 25, 2008 that featured sparring, Black Belt demonstations, awards, and a luncheon following the tournament. A great time was had by all especially the precious children who all had big smiles on their faces as they wore their award medals. This Dojo not only teaches self defense technique that could save your life, but also respect for yourself and others, focus, and provides a sense of accomplishment. I highly recommend it.

Looking for Southfield Michigan real estate?  Give me a call today!

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

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Email and Response to Seller of Southeast Michigan Real Estate Who does Not Want to “Give His Home Away”

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on September 10th, 2008

I just received this email from a potential seller of Southeast Michigan real estate. The email and my response are well worth posting. First the email:

We are interested in listing a single family residence in Birmingham.   We are not in any rush to sell the property and fully realize the market is currently depressed.   We do not want to give the home away in the currently depressed market but thought we should list it at this time.   We want to avoid wasting your time or our time if you are not genuinely interested in listing it with an asking price of $450K which may well be $100K over current market value or appraisal.   If interested please respond to this email

Now, my response:

Wow! Very interesting email. First, if you don’t need to sell at this time then don’t. We are experiencing a severe buyer’s market and homes listed at the top of the market are not selling. Realtors who list properties at the top of the market are either incompetent or using their sellers to attract buyers to sell other home to. Moreover, by listing a home they know or should know will not sell, they are only perpetuating a buyers market.I don’ t want anyone to give their home away either. As you know, youi cannot sell a stock on the New York Stock Exchange for a price above market. The same is true for a home in a buyer’s market. If a buyer falls in love with your home and agrees to the above market price, the transactioin will fail because the home will not appraise and the buyer won’t ge the financing. If you are certain that the $450,000 amount is $100,000 above market, then I respectfully am not able to help you. If you are not certain, I would be happy to do a market analysis of your Southeast Michigan real estate in Birmingham free of charge.

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

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Good June 2008 Southeast Michigan Real Estate Housing Figures For Birmingham

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on August 14th, 2008

Good news continues for Southeast Michigan real estate housing numbers in Birmingham, Michigan.  In June 2008, as compared to June 2007,  total homes on the market declined by 26% and the Median Sale Price increased by 52%. Total sales were down by 33% which was probably due to the decrease in inventory.

If you’re thinking about buying or selling Southeast Michigan real estate, give me a call today at 248-514-2640.

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

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Housing Bill to Provide Relief to Southeast Michigan Real Estate Homeowners

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on July 25th, 2008

Whether it’s election year politics, the White House responding to poor public opnion or a probable veto override or political payback to the lending industry, Congress and the White House will shortly enact housing legislation which will provide relief to Oakland County, Michigan which has been hit hard by a huge rise in foreclosed homes on the market. Presently one in every two homes sold in Oakland County is bank owned as the result of a bank foreclosure. It is expected that the new law will save an estimated 400,000 homeowners from foreclosure by allowing them to refinance into more affordable loans backed by FHA. The law will provide $3.9 billion to areas hit hard by the housing crises to buy and fix up foreclosed homes. Lastly, the legislation will give the Treasury Department power to spend unlimited amounts to keep Fannie Mae and Freddie Mac solvent. The net result of the new law will be a reduction in foreclosed properties on the market which, in turn, will cause prices to stabilize.

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

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Another Southeast Michigan Real Estate For Sale By Owner (FSBO) Disaster, Part 2

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 30th, 2008

I am a RE/MAX Associate Broker/Attorney selling homes in the North Woodward Area of Oakland County, Southeast, Michigan. About a year ago, I posted a blog entry about a law client of mine that decided to sell his home by himself on land contract to buyers he found through Craig List. For the record, I did advise him against it. According to the National Association of Realtors Survey of Home Buyers and Sellers, on average, FSBO sellers sold their homes for 25% percent less in 2007 than they would have, had they used the services of a realtor. Moreover, the fact of the matter is that if someone needs to buy a home on land contract, red flags should be flying all ove the place. I regularly advise my clients that if a bank has decided that the buyer will not pay the bank back, what makes you think they will pay you back?

Now, a year later, the client wishes he had listened to my advice. First, he sold the home for 32% less than the lowest comparable sale. Second, he has been in and out of court as the buyers rarely made their payments on time. Now, the seller has taken the home back through court proceedings and the home has been destroyed on the inside. I do feel bad for the client but you have to wonder, will he listen to my advice the next time? For his sake, let’s hope so.

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

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An Example Of How a Southeast Michigan Real Estate Mortgage Lender Lost Money For No Reason At All

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 27th, 2008

In July of 2007, I had a short sale listing with a well known Southeast Michigan real estate mortgage lender having a first lien. I was able to negotiate a $135,000 sale for the seller which was fair market value at the time. After several months of deliberation, the bank denied its approval for the short sale and ended up foreclosing. Now, approximately one year later, the bank sold the home for $95,000. Amazing!!!!!

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

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New Lending Guidelines May Be Helping Southeast Michigan Real Estate Housing Market

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 26th, 2008

The good housing numbers continue for Southeast Michigan real estate in Oakland County Michigan. May 2008 sales are up by 9.3%, pending sales are up by 15.6%, and listing inventories are down by 7.43% as compared to May 2007. 37% of the homes sold were bank owned down from approximately 50%. I believe the worst is over as, in all fairness, the banks are no longer lending money to individuals with poor credit scores. As less bank owned homes are placed on the market, the laws of supply and demand will eventually stabilize home prices.

This statistical information has been obtained from Realcomp, the REALTORS MLS. Realcomp is Michigan’s largest Multiple Listing Service. Although not guaranteed, these statistics are from data Realcomp believes to be reliable. This information is not to be reproduced, redistributed, or combined with data from other sources without expressed permission from Realcomp.

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

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More Good News For Southeast Michigan Real Estate Home Sales

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 24th, 2008

The good housing numbers continue for Southeast Michigan real estate in Oakland County. May 2008 sales are up by 9.3%, pending sales are up by 15.6%, and listing inventories are down by 7.43% as compared to May 2007.

This statistical information has been obtained from Realcomp, the REALTORS MLS. Realcomp is Michigan’s largest Multiple Listing Service. Although not guaranteed, these statistics are from data Realcomp believes to be reliable. This information is not to be reproduced, redistributed, or combined with data from other sources without expressed permission from Realcomp.

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

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Ferndale Michigan Home Sold IN Fourteen Days

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on June 6th, 2008

I am a RE/MAX Associate Broker/Attorney selling homes in the North Woodward Area of Oakland County, Southeast Michigan. Like the rest of the country, we are in a buyers market with more homes than buyers to buy them. Many home sellers think that they can list a home at a price they have in mind and then “see what happens.” In my opinion, that can be a huge mistake and here’s why. In a buyer’s market, you usually have a pool of buyers who have been looking for a while for a home, usually more than thirty days. To attract those buyers, your home must first be in excellent condition. Second, you must price the home somehwhere between the middle and the bottom of the market as those are the homes that the buyers are looking at. Naturally, they are looking for the best deal. At the present time, in Oakland County, Michigan, one of every two homes sold is bank owned. The reality is that if you want to sell, you have to compete with the bank owned home. Most buyers will pay about a ten percent premium above a bank owned home because bank owned homes are usually in rough shape and have had the appliances removed. After thirty days, new buyers trickle into the market. If the existing pool of buyers have rejected your home due to its price or condition, you will be fighting an uphill battle. Some sellers I recently worked with in Ferndale, Michigan understood all of this and listed their beautiful home at a price around ten percent above the bank owned competiton. Within fourteen days, a first time home buyer who had previously looked at more than one hundred homes made an offer on a Ferndale Michigan home that was ninety six percent of the list price, right after he looked at the home.

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

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Arrogant Listing Agent Blows A Chance To Sell Listed Home

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on May 20th, 2008

I am a RE/MAX Associate Broker/Attorney selling homes in the North Woodward Area of Oakland County, Southeast Michigan. I am currently working with a very motivated buyer who has already sold his home. Last week, we wrote and submiited an offer on a home that he was interesed in.  The amount offered, net of a needed seller contribution toward the buyer’s closing costs and downpayment, was approximately 88% of the listed price. This was not an offer we expected the seller to sing “I’m In The Money” about but, considering that the home was overpriced, was not a bad faith offer.

The listing agent called me the next day and, in a haughty tone of voice, told me that the seller rejected the offer “outright” and would not be making a counteroffer. I asked Mr. “My Morning Breath Doesn’t Stink” what his seller was looking for and his response was, “sorry, but the ball is in your court.” Politely, I told him that I disagreed with him and that he probably wouldn’t be hearing from me again.

The buyer was furious and rightly so. He had made his best offer and, if he would have increased the amount,  would have had to get a gift from a relative or friend which was something that he did not want to do.

This week, a similar offer was made on another home, his second choice. Except that this time, the listing agent came back with an acceptance and a very appreciative tone. She and her seller must understand that in this market. an offer is an opportunity, to move forward with your plans. Last I checked, the other home was still on the market.

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

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