Lee Morof's Real Estate Blog

“Buyer’s market” means that the buyers have the upper hand; there’s more supply than demand. When it comes to selling your home, it’s safe to say that you’re competing in one of recent history’s toughest real estate markets.  This is a true buyer’s market, where supply far outweighs demand. So how do you go about selling your home in these conditions?

Interview Southeast Michigan Real Estate Agents
Don’t pick an agent based on looks. An agent who drives an expensive car may very well just be someone who lives beyond his or her means. Instead, create a list of the top Southeast Michigan real estate agents in the area and interview them. Ask:

• About their experiences in selling homes in your area this year and last year – not in years gone by

• What they’d recommend to make your home more marketable

• How they would market your home

If, after interviewing, there is more than one with excellent experience and great marketing plans, choose the one you feel most comfortable working with.

Fix it up
While interviewing, Southeast Michigan real estate agents will look at your home (otherwise, how could they answer two of your questions?). They may tell you that your home is out of date. They may tell you that the cracks in the wall don’t “add character” to the house. No, neither does the wild 70’s style carpeting in the living room.

You might even take an extra step and hire a home inspector to get a better idea of any issues.

Then, build a list of needed home improvements – and then improve. If you need to hire a contractor, again, interview!

Set a good price
These days, most buyers want the deals, and some are willing to compromise on interior decorating in order to get them. Sit down with your agent; find a high and a low selling price. Set the best price you can afford based on what homes are going for in the area, and be willing to negotiate.
The worst things you could do are hire a poor agent, leave your home repairs up to the buyer and overprice your home. Follow the three simple tips above and you’ll get your “Sold!” sign!

If you’re ready 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

If you’ve ever been to a block party, you know it is a great way to gather your neighborhood friends together for some fun. If you’re an owner of Southeast Michigan real estate, you can easily throw a block party everyone who lives near your home will love. Here’s how:

1. Enlist the help of your neighbors. Throwing a block party at your home is a major undertaking, so you will need all the help you can get. Ask other Southeast Michigan real estate homeowners in your community to help you plan, decorate, prepare food, and clean.

2. Get permission. You don’t want your party broken up by the police or fined by the homeowner’s association. Find out from your municipal government if you are required to get a permit for a block party. Follow up with your homeowner’s association and make sure they will allow the block party.

3. Select a theme. Themed parties are easier to plan and more fun for the guests. For example, if you choose a beach theme, you know what colors and accessories to use in the decorations:  anything blue or tan, coconuts, beach balls, and Frisbees. You also know to serve beach foods like hamburgers and hotdogs.

4. Plan a menu and decorate. Keep the menu and decorations simple to prepare and easy to clean. Choose food that can be eaten without utensils, like finger foods and sandwiches. Don’t use elaborate decorations.

5. Have fun. The most important part of your block party is the party itself. Give yourself permission to enjoy the party and the company of your neighbors. Talk to people. Laugh with your neighbors. Participate in any games you play. This is your night to shine.

6. Clean up. If you planned properly and have enough help, clean up shouldn’t be too overwhelming. Make sure the area where you held the party is completely litter-free and looks better than it did before the party. Don’t give your homeowner’s association any reason to prohibit future block parties.

Getting to know neighbors makes life more enjoyable.  Throwing a block party is a great way to accomplish that while also having fun.

Let me help you find the perfect Southeast Michigan real estate in a great neighborhood. 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

So, you’ve decided you want to sell your house.  You know it qualifies as one of those “ugly houses,” but you don’t want to do any work to your home.  You especially don’t want to do major repairs or updates like replacing all the windows with broken seals.   

You may think that means real estate agents will not want to list your home for sale.  Think again.  Southeast Michigan real estate agents sell ugly houses, too!

Here’s what you should expect if you have an ugly house that you don’t want to make improvements to:

1. A lower price:  Maybe you don’t have the time, energy, money or know how to make improvements to your home.  That doesn’t mean it won’t sell, it just means the price has to be low enough to convince a buyer that it’s worth the time and money they’ll have to spend to get it into shape.  An experienced Southeast Michigan real estate agent can do the necessary research to come up with the right price to get your home sold.
2. A smaller number of potential buyers:  In today’s market, most homebuyers are looking for that perfect home.  The one they can move in to without doing any work.  Since your home doesn’t fit that description, you’ll lose those homebuyers.   Typically, homes like this will sell to Southeast Michigan real estate investors or buyers who enjoy fixing up houses. 
3. A longer time on the market:  Because of the smaller number of potential buyers, it may take a bit longer to sell your home.  Because of the lower price, you’ll probably have several lookers, but getting someone to purchase it will most likely take longer than normal.

Don’t say you’re going to sell your house someday, when you get all the repairs and upgrades completed, if you know in your heart that isn’t reality.  Sometimes it’s worth taking a lower price and moving on. 

Whether your home is gorgeous, ugly or somewhere in between, I can help you get it sold.  Give me a call today 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 begin your search for the perfect house it usually starts with a search for the perfect Southeast Michigan real estate agent. A good agent can help you with every aspect of buying a home.

They know the proper price ranges, what properties are available that match your needs and all of those pesky legal details required for closing. Your Southeast Michigan real estate agent will keep things moving and make sure deadlines are met and everything goes smoothly.

Here are four tips to help you choose a real estate agent: 

Meet Them Face to Face

Perfect harmony should be as instantaneous as love at first sight. You simply know you hit it off with someone, or you don’t. Don’t fight the feelings if you have doubts. Even the best Southeast Michigan real estate agent isn’t going to have a connection with everybody.  There will be one that is perfect for you. Keep looking.

Ask Questions

When you do find a real estate agent you have a connection with, ask questions. There needs to be more than just a friendship between you. Make sure the agent has a real grasp of the area, the types of houses that are available, and seems in tune to what you are looking for.

Assess

Do they listen to your needs?  If they’re not listening to what you want, move on.  Did they answer your questions thoroughly?  If they were unable to answer your questions or purposely avoided answering any of your questions, this is not the right agent for you.

Answer Their Questions

Your Southeast Michigan real estate agent will have plenty of questions for you too. They want to be sure you can afford a new home. Don’t be offended by what may seem like personal questions. They need this information in order to give you the best advice.

I’m not your typical real estate agent because I’m also a licensed real estate lawyer.  If you’re searching for your perfect real estate agent, I’d be honored if you’d interview me for the job.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule a face-to-face meeting.

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

If you’re like me and other real estate agents, home sellers, homebuyers and homeowners, you’re always looking for a great resource for information on the Southeast Michigan real estate market. You have questions and you want answers.

• What are the mortgages like in this area?
• What are the current selling prices for homes?
• What’s a specific neighborhood like?
• Is there anything besides the economy affecting the Southeast Michigan real estate market?

For instance, you want to know current market trends. Are they stabilizing? Are things still sliding down hill? Is there a buying trend sellers can take advantage of to market their homes? While a professional real estate agent will help you sell or find a home, it doesn’t hurt for you to do some research on your own to become more knowledgeable. Who knows, you may come up with some ideas we haven’t thought of!

So where can you find reliable information on the real estate market? On the Internet, there are thousands, perhaps millions, of informational sites. Below are just a few of my personal favorites:

CNNMoney.com (real estate) – The information on CNNMoney.com has no bias in terms of convincing you to sell or buy. Where are home prices falling? Where are they strongest? What information do you need to know as a buyer or seller? From mortgages to pricing and market stability, you can find it here.

RISMedia.com – If you can’t find it on CNNMoney, you can most likely find it on RISMedia. Home improvement, financing and foreclosure information are just a few of the topics. As well, because RISMedia is actually involved in real estate, you can find the latest market information.

DQNews.com – DataQuick provides real estate data on a state-by-state basis or on a specific area. While the information can be a little technical for the non-real-estate-professional, if you want to know how the Las Vegas region is doing for home sales, or the average mortgage rates in Missouri, DQ can help. Depending on your area, you may have to pay for the data, but it’s fairly inexpensive and can give you great information.

If you’re interested in the Southeast Michigan real estate market in any way, bookmark this blog and the listed sites for easy reference. The more you know, the better you can prepare for upcoming trends, good or bad!

If you’re trying to sell your home, or are looking for your dream home to buy, 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

Government support in the national and Southeast Michigan real estate sectors is slowly being pulled back. For instance, the federal homebuyer’s tax credit expires this month and the Fed stopped purchasing mortgage-backed securities in March. These two changes in financial backing for the housing market are causing worry because people fear the expiring tax credit will cause a dramatic drop in sales.

An important question right now is how much did the government support really help the national and Southeast Michigan real estate markets and the economy?

The Economy
Dean Maki, chief U.S. economist for Barclays Capital (New York) and one of the most accurate economic forecasters for the past 20 years, says the U.S. economy is on the rise. Many economists share Maki’s view:  We’re at the bottom and there’s no place left to go but up.

The Fed Stops Buying Mortgage-Backed Securities
The largest hurdle for the real estate market came at the end of March, as the Fed finished buying up $1.25 trillion worth of mortgage-backed securities and taking care of housing-agency debt to the tune of $175 billion. However, strategists and economists conclude that the change won’t have a lot of impact; the central bank will be replaced by private demand.

The Expiration of the Homebuyers Tax Credit
The second largest hurdle, the expiration of the homebuyers’ tax credit, might have a bigger impact if it had brought a huge sales increase. It didn’t, however, and the belief is that things will slowly improve with – or without – the credit. Although vacant housing rose to 2.09 million by the end of 2009 and foreclosures are expected to hit around 2.2 million this year, the number of new households may reach as high as 1.25 million.

The Good News
Of the potential 1.25 million new households, almost 1 million are currently living with family members. With home sales gradually improving, economists predict that even a slight improvement in the job market will bring those 1 million households out of the woodwork to find a home. When this happens, the excess housing supply will quickly disappear. 

If you’ve been stuck, waiting to sell your Southeast Michigan real estate in Oakland County, your home is part of the housing supply. With the housing market slowly improving, you may very well end up coming out on top within the next three to six months.

If you’d like to sell your home, or buy a new 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

When people meet you for the first time, their first impression is usually a lasting one. You also never get a second chance to make that first impression when you’re selling your Southeast Michigan real estate in Oakland County. You need to present your home at its very best all the time.

Here are 3 things you can do to make a great first impression:

1. Clean up the yard: A messy yard is a distraction.  It can be time consuming to keep up with general yard work, but it’s worth the effort.  Overgrown shrubs, limp lawns, and general disarray can turn off a potential buyer. If you have to hire someone to come in and give your yard a quick pick me up, it’s worth the money.

2. Get Rid of Items You Don’t Need: Be very strict about this and get rid of all but the bare necessities. You don’t have to throw or give everything away. Find a storage unit and put the things in there you will be taking with you to your new home but do not need immediate access to for now.

3. Fix Up the Little Things: Little things count. If you have a leaky faucet, a broken tile in the floor or a crack on the wall, now is the time to fix it.  Little flaws like this make potential buyers worry that there are bigger problems waiting to be found. 

Selling Southeast Michigan real estate is a lot of work.  You can get it sold faster, easier and for the most money when you take the time to make a great first impression.

If you have any questions about what you can do to make your home sell faster, I can help. Order your free copy of the book, “Staging Tips to Prepare Your Home for Market.” 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

There has truly never been a better time to think about buying a new home. The current economy has created a buyers’ market like never before. This works to your advantage, and the fact that the real estate market is recovering means that buying Southeast Michigan real estate as a future investment is a smart move.

Consider New Construction
Builders are faced with unsold homes in developments and are willing to make deals. They are interested in all reasonable offers, and, especially if you have pre-approved financing, will negotiate with your real estate agent to give you better price and terms. It is in their best interest to get their existing homes sold.

Best Mortgage Rates in Current History
You can take advantage of the low mortgage rates to get fantastic payments on your new Southeast Michigan real estate. These low rates won’t last forever, so if you have good credit and solid employment, buy now to make your new home truly affordable.

Tax Credits
If you or your spouse has never owned a home, or if neither of you have owned a home as a principle residence in the past 3 years, buying a home now makes financial sense. You will get a large tax rebate at the end of the year for making a home purchase now.  However, you must act immediately because you have to have a binding contract signed no later than April 30, 2010, and close on the home no later than June 30, 2010, in order to qualify for this first-time home buyer tax credit. 

If you’re a repeat home buyer, you too might qualify for a tax credit.  Again, you must act fast.  The same dates apply for this repeat home buyer tax credit as for the first-time home buyer tax credit. 

Affordability and Availability
The market is wide open for buyers now, and finding the perfect home at a reasonable price is easier than ever before. Waiting too long can prove to be a very costly decision. The market is getting stronger and tax credits are coming to an end. Over the course of the next year, it will become increasingly more difficult to buy Southeast Michigan real estate at prices and rates now available.

If you would like more information on the intelligence of buying a new home now, please call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I look forward to talking with you!

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

Buying a home is often considered one of the most stressful things you will do in your life.  Unless you’re a real estate investor, you will most likely experience home buyer stress.

You can help your Southeast Michigan real estate agent find you a home, and successfully close the deal, if you are as prepared and knowledgeable as possible. Here are a few tips to help you be ready and make your transition as painless and stress free as possible.

Have all of your financial records in order. This includes:

• Income records: You usually need two recent pay stubs. If you are self-employed, it will get trickier.  Want to be even more prepared?  Get pre-approved for your mortgage.
• A clean credit report: Make use of those free credit reports and check for errors, outstanding debts, and a high debt-to-income ratio.  If you find any errors, it’s worth your time to get them fixed prior to applying for a loan or searching for a home.
• Know what you want: As unusual as that seems, not knowing specifically what you need and want in a new home can prolong the search and have you and your agent running in circles trying to find the right home. Price is only one of the considerations. Know how many bathrooms and bedrooms you need. If there are specific amenities you desire, let them be known.  Don’t wait until you’ve traveled all over the countryside looking at homes to tell your Southeast Michigan real estate agent you absolutely must have a sunken tub.

Read up on everything you can find that will help you understand the options available to you and what you need to get financing and you will be your own best asset in finding the perfect home. Making your Southeast Michigan real estate agent work smarter, not harder, is the way to a beneficial arrangement for you both.

If you’re looking for the home of your dreams, 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 thinking of buying Southeast Michigan real estate in Oakland County, now is the time to take advantage of this buyer’s market.

Back in the “good old days,” (a few years ago) it was easier to qualify for a loan, with one-page loan applications, stated incomes and “no doc” (no documentation, meaning nothing had to be proven) loans. There were amazing loan programs, like 125% loan on the purchase price with no down payment.

Now, buying Southeast Michigan real estate is more burdensome. No more “no doc” loans; lenders want every piece of documentation you can come up with. So then, why is it the best time to buy? And what does this have to do with your real estate team?

Although the current loan situation isn’t ideal, it’s worth the effort to find a home you can afford. Here are two reasons:

1. First time homebuyers tax credit – this is a big one. If you can get into escrow by April 30 and close by the end of June, you can qualify for the $8,000 ($6,500 for existing homeowners) federal incentive.
2. Mortgage rates – It might be hard to get a loan, but it isn’t hard to get a loan with low interest rates. Unbelievably, many are still waiting, hoping the mortgage rates will go down further. Stop waiting for that to happen.  It’s not going to be long before they’ll be going back up – not down.

This doesn’t include the incredibly low prices for many homes, as well as the huge housing supply. “Slim pickings” doesn’t apply to our current housing market.

With all these incredible opportunities, it makes sense that your team – the people who represent you – knows what they’re doing. In this day and age, your dream team doesn’t just need knowledge; they need experience.

At a minimum, your dream team should consist of:

• Your real estate agent who needs to be able to guide you to the best housing opportunity available for your area.
• Your lender (who is actually supposed to be helping you) who should be able to build a loan package that fits your specific needs and budget. As well, that loan package must stay within the lender’s guidelines to make sure your loan application is successful.

The more you know – and the more your team knows – the better the chance you have of buying the home of your dreams, at a price you can afford, with a low interest rate, before the April 30 deadline. By July, you could be sitting pretty with your own piece of Southeast Michigan real estate and a cool $8,000 in your bank account!

Putting together your dream team?  I’d be honored to have the chance to interview for the position of your knowledgeable, experienced real estate agent.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com today.

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