Lee Morof's Real Estate Blog

Europe, or more correctly, Greece, is having a debt crisis that may end up being a great boon for national and Troy Michigan real estate. The euro, Europe’s currency, dropped drastically and Europeans responded by exchanging euros for the American dollar.

Help for Troy Michigan Real Estate for Sale
As more money pours into the U.S. “safe haven,” interest rates drop. Although interest rates may rise again once global economies begin to recover, the real estate market will benefit during this period of European instability. In fact, the mortgage markets are already benefiting.

On May 20, Bankrate.com, known for its accurate reporting of average national mortgage rates, reported the lowest 30-year fixed-rate mortgage  in almost 25 years. At the time of the report, national averages hit at 4.96% for a 30-year fixed mortgage, 4.34% for a 15-year fixed and 4.14% for a 5-year ARM (adjustable rate mortgage).

Pessimists vs. Optimists
Pessimists believe that the low mortgage rates won’t affect home sales, because of the large influx of buyers who beat April’s tax credit deadline. In short, their view is that all the eligible homebuyers have already signed closing papers.  They think that a few more buyers may trickle in before the busy season for real estate is over, but their general attitude is that the fat lady has already sung.

Optimists, as usual, have a much brighter point of view about the economy. Banks, they say, are finally letting some of the much-talked-about shadow inventory into the light. Unemployment seems to have slightly reversed, retail sales are up and manufacturing inventories are increasing – all of which indicate a stabilizing economy. Although even optimists aren’t betting on a huge real estate boon, they do point to an uphill trend.

Questions for You
Which are you, an optimist or a pessimist?  And, how can there be such a big difference in real estate market outlook when all the experts are looking at the same information? Lastly, if you’re trying to sell your home, can you really afford to be pessimistic?

Here’s a hint: the attitude you have about your chances of selling will carry over to the results you achieve. Think positive, even when you hear about downturns.  You’ll have a better chance of getting your Troy Michigan real estate sold!

If you’d like 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

There are a few things you can do to make the process of buying a new home easier and faster.  Getting pre-approved for financing of your Troy Michigan real estate is one of them.  Here are four advantages of loan pre-approval: 

REALTORS® Take You Seriously

When you walk into an agent’s office with pre-approved financing, the agent knows he is not wasting his time showing you homes. If you do not have pre-approved financing be prepared for agents to ask a lot of questions and even possibly request that you get financing in hand. They are not trying to be invasive. They are avoiding “tire kickers” while helping you streamline the process.

Home Sellers Feel More Comfortable Dealing with You

When you have pre-approved financing, sellers are more apt to work with you on price, or other needs, in order to close the deal. They know that there are not going to be contingencies on a loan, or waiting and wondering if you qualify for the loan. They know they don’t have to worry about turning other prospects away and then finding out you haven’t been able to get a loan.

Fast Closings

Getting pre-approved for a loan means no waiting on the biggest of all hurdles before closing.  Other items needed to close on your Troy Michigan real estate purchase usually move quickly, but loan applications can drag out and require setting a closing date far into the future to allow for the time needed.

Less Stress

Above all else, having your financing in hand before you even begin to look for Troy Michigan real estate makes the entire process less stressful for you. Knowing you have the money to back you up when you find the home of your dreams is much better than finding paradise and having to worry about getting financed and possibly losing it.

If you would like to find out more about pre-approved home loans, I can help. Contact me 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 in need of an appliance for your Troy Michigan real estate, you may want to buy now to save cash.  The U.S. government is giving you good reasons to buy energy-efficient appliances through its Energy Star designation.  Thirty-six states have launched programs to distribute almost $300 million in rebates to consumers who buy energy-efficient appliances.

The federally-funded programs are similar to the hotly debated cash-for-clunkers auto rebate program of 2009. Rebates differ by state and appliance but typically run between $50 to $75 on refrigerators, washers, dryers and freezers.

To qualify for rebates, consumers must buy Energy Star appliances, which meet or beat energy standards.  These standards are set by the federal government and are up to 30 percent more efficient than non-Energy Star appliances.

Should you buy new appliances for your home now?  Say yes if:

• You need a new appliance anyway.
• You’re tired of throwing away money every time you operate inefficient appliances.
• You want a good deal on a new appliance.
• You want to help the environment by going green and saving energy.

You may even be able to trade in your old-but-still running refrigerator or dishwasher when you buy a new Energy Star model.  For the specific rules and amount you’ll save, go to Energy Savers.  

Want to save even more?  You may also be eligible for rebates offered by manufacturers, local utilities and retailers.  Home Depot, Lowe’s and Sears are all planning special promotions in certain states to coincide with the federal rebate program.

Research the stores’ promotions before you buy.  To find a list of retailers of Energy Star qualified products in your area and the categories of products they carry, use the Energy Star Store Locator. 

Since rebates for Energy Star qualified (or higher) appliances are generally being given on a first-come, first-served basis, and because funding is limited, you might want to act fast before the available cash is gone.

If you’d like to buy Troy Michigan real estate for your new appliances, 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

Modern technology is a wonderful thing, creating easy “connectivity” between people all over the nation.  But it’s also causing problems in many areas, and buying Troy Michigan real estate in Oakland County is one of them.

Here’s the problem: Many people selling Troy Michigan real estate may live in another city or state. In this case, negotiations may be conducted over the phone, through email, via Yahoo conversations – some even use Twitter for real estate deals and information.

At the same time, this also means that legal documents may be passed through email, uploaded to a website for easy viewing or through any number of other online methods. PDF documents, for instance, have become a very popular way to pass on legal forms because they’re easy to fill out, don’t have to printed, etc.

As the buyer, you can’t afford to take the seller’s word that they’ve accepted your position – especially through email. For instance, a buyer recently had a home sale fall through. The seller accepted the terms through email, told the buyer that the seller had signed the contract and sent it on to the agent. Somehow, even though the buyer was positive the contract had been agreed upon, the house was sold to another buyer.

Although laws change from state to state, it’s always best to have the contract in printed form, with an actual signature – in ink. Without the actual contract, all you have is an email. Although emails can be legally binding, they don’t hold a candle to having the printed and signed contract in hand.

Here are a few tips to make sure your housing purchase goes off without a hitch:

• Meet in person – This may be a difficult prospect, especially if the seller lives out of state. However, if you can’t meet them in person, their agent should at least be local. Meeting with the home seller’s legal representative (i.e. Real estate agent) is the next best thing.
• Get it in writing, and get it in print – Who wants to wait for the post office to deliver a paper contract when you can get it from an email? Well… you do. Yes, it might slow the process of buying a house and closing the deal, but so will having the seller back out.
• Verify the important points – Make sure you and the seller really do agree on the terms of the contract before you put your signature on it. You, or preferably your buyer’s agent, should go over the contract with the seller’s agent who should go over it with the seller.

It’s a great time to buy Troy Michigan real estate, but don’t let technology lose you the contract. Cross your t’s and dot your i’s – on paper!

If you’re looking to buy a home, as a licensed real estate attorney and broker, I’ll make sure all those t’s are crossed and i’s are dotted for you. 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

I can hear you now, “Oh, no! Not another article on curb appeal to sell my Troy Michigan real estate!” To which I reply, “Oh, yes.” One more time around the block, but this time, we’re doing it in style.

The 21st Century Curb
Curb appeal is that thing you do to pretty up the outside of your home. It’s the landscaping, the painting and the checking of the little details. However, many home sellers (and Troy Michigan real estate agents, for that matter), don’t take into account that the curb nowadays isn’t just the view from the front of your house. In the 21st century, the “curb” starts right here on the Net.

Your online Troy Michigan real estate listing has only three seconds – three short moments of time – to catch a potential buyer’s eye and turn them into an interested party. Unfortunately, it’s hard not to be biased or become used to the problems and eyesores your home may have. Because first impressions are so crucial and the housing market is glutted with competition, you have to bring it up a notch to get your home sold.

The Right Perspective
Most real estate agents park across the street, when they’re showing a home. So, to get the same perspective of your home as potential buyers will have, walk to the other side of the street and stand where potential buyers might stand. Go ahead; walk over there.

Once you’re on the other side of the street, turn around and look at the house for a few seconds. Most buyers don’t look for very long, so don’t stare, just glance. Then, as you slowly walk back to the house, keep your focus close, no more than a few feet out. What are you seeing?

• Yard ornaments
• Plain façade
• Obstructed pathway to the door
• Driveway stains or cracks
• Yard tools
• Leaves

These are just a few things that might be detracting from the beautiful home you have to sell. Take one last look around – a long, searching look from the front door – and see if anything stands out. If it does, fix it up!

The Virtual View
Once you think you have your home’s curb appeal perfected, create a video of it for your potential buyers. Take a video camera across the street and start from there. Give your buyers a virtual tour of your home, using your curb appeal to its (and your) best potential. Online IS the new curb – use it!

When you hire me as your Troy Michigan real estate agent, I’ll market your home with plenty of photos, including its curb appeal.  Your listing will appear on key real estate websites giving your home maximum exposure with a 24/7, world-wide virtual open house. 

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

If you’ve recently applied for credit to finance a Troy Michigan real estate purchase, and were declined, you might be wondering why a lender would deny you credit.  Most lenders have a checklist of qualifications necessary to get approval for a home loan, and some don’t have anything to do with what your credit score is.  Here are the basic reasons a lender may deny a mortgage loan:

• Little or no credit.  You may be under the mistaken impression that no credit is better than bad credit, but you’d be wrong.  A blank credit history is not something a mortgage lender wants to see.  A lender needs some idea of how you make payments.  You can build your credit history by getting a department store credit card, and only using thirty percent of your available credit to make a purchase.  Making regular payments will soon add up to good credit, and lenders will look more favorably at your loan application.

• Bad Credit.  It’ll be difficult to find a lender that will approve a person with bad credit.  It’s not the end of the road.  You can improve your credit score with a little hard work and still buy that Troy Michigan real estate you want.  You’ll want to get a copy of your credit report from all three of the major credit bureaus.  If you have frequent late charges or many items in collections, you’ll need to call each company and arrange to get your accounts current.  You’ll be surprised at the difference each timely payment makes on your credit score.

• Credit-to-Debt Ratio.  Most mortgage lenders will decline a loan application if your credit to debt ratio is too high.  The ratio is figured by dividing the amount of credit available to you by the amount that you are actually using.  Using all or a high percentage of the credit available to you may leave the impression that you are short on money and will have trouble making loan payments.

Let me help you get on the road to a Troy Michigan real estate loan or other property in Oakland County.  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

From national and Troy Michigan real estate to the U.S. economy, the predictions for 2010 are in.  Like any predictions, they vary from somewhat bright and cheery to doom and gloom:

CNBC’s Realty Check predicts:

• the beginning of a housing market recovery mid-year
• higher foreclosure inventory
• rising mortgage rates, probably leveling off around six percent
• suffering commercial real estate

The National Association of REALTORS®’ (NAR) chief economist is projecting:

• A sustainable recovery.  The tax credit expansion will help to relieve extra housing supply through mid-2010.
• A rise in existing home sales.  The NAR is expecting existing home sales to rise as high as 5.69 million, even with continuing unemployment issues.  That’s a 13.6 percent increase.

In fact, the U.S. forecasts for national and Troy Michigan real estate are overall positive for 2010.

Housing Predictor, one of the first places to predict the wave of foreclosures, also forecasts positive numbers for 2010.  They anticipate rising home sales, market improvement and even value appreciation for some places. Again, the magic period for the start of stabilization is the middle of the year.

Although no one knows for certain what will happen in the future – especially for such struggling sectors as national and Troy Michigan real estate – we can all gain a little hope from the 2010 forecasts. There is one thing that is fairly well agreed upon according to these predictions:  there will be a real estate recovery in 2010.

If you’re struggling 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

Recently, I came across a show on the Bravo network. Three high dollar real estate agents push million dollar deals in the City of Angels, Los Angeles, California. I can’t say that it reminds me of when I was a new Troy Michigan real estate agent.

Called Million Dollar Listing, the show is a “docu-series” with three young stars:

• Josh Flagg graduated high school in 2004, stepped into high-end residential real estate, made several record sales and became one of Los Angeles’ best agents.
• Madison Hildebrand graduated from Pepperdine University, sold his first home to a celebrity and now sells homes as high as $20 million.
• Chad Rogers got his real estate license at 18, rose through the ranks and is currently working for a prestigious real estate brokerage.

What does all of this have to do with being a Troy Michigan real estate agent? Nothing – and everything. Watching the show, I can’t help but think, “If these young bloods can sell a $20 million dollar house in Beverly Hills, in this economy, we can certainly sell $143,308 homes here.”

Okay, so they’re selling to a lot of celebrities. And, yes, people in Beverly Hills and the surrounding counties are famous for their big wallets. I also have to admit that it might be easier to sell a house with fifty natural selling points (huge pool with pool man, beautiful grounds cared for by landscapers, two-ton chandeliers, stables) than it is to sell an average house that has five selling points.

Having said all that, however, when times get tough remember that we have a beautiful city. We have beautiful homes for sale, nice neighborhoods and great communities. We have a lot of selling points to show off, at more affordable prices.

If you’re looking for a beautiful home, even if you’re not a celebrity, 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

The Troy Michigan real estate industry is full of numbers and metrics that can influence your home for sale. Here are just a few you need to know before putting your house on the market:

1. Pricing – Is your Troy Michigan real estate worth more than you bought it for? Even now, it’s a possibility. Check the average sales prices for the homes in your area, neighborhood and street. You might be pleasantly surprised. Contact your local agent for the information.

2. DOM – Days on Market is the time period a home sits on the market before closing. Currently, the average days on market in almost any area are rather high, but the actual metric may change depending on the price of your home. If you’re faced with a timeline and have a set goal for the sale, the average days on market for your area is a number you need to know. Again, you can ask your local real estate agent.

3. List Pricing – The average list price tells you how much your competition is going for. If you’re trying to sell your house way above the average list price, it probably won’t leave the market.

4. Competition – How much competition do you really have? How many “For Sale” signs are up? The higher the inventory, the lower your chances of selling the home quickly.

Of all the numbers to know, these are at the top. As every agent knows, the best way to sell Troy Michigan homes is to do the research – and then hire a proven Troy Michigan real estate agent!

If you want to sell your home and need current information, I can help. Call me now 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

During this festive season, owners of Troy Michigan real estate have thoughts that turn to giving gifts, baking delicious treats and visiting friends and family. However, there are others who think about unoccupied, gift-filled houses.

Don’t give a thief a chance this year.  Safeguard your Troy Michigan real estate for the holidays by following these tips:

Holiday Safety at Home

• Keep all doors and windows locked, even if your step out for a moment.
• Videotape valuables so you’ll have a record of ownership.
• Inspect all holiday lights for frayed wiring before your hang them.
• Beware of strangers coming to the door asking for charitable donations. Ask for identification, if donations are tax deductible, how the funds will be used. If you are not satisfied, don’t give. Instead, help a charitable group you know.

Holiday Events Away from Your Troy Michigan Home

• Turn on lights, a television or radio so that it appears that someone is home.
• Lock all doors and windows.
• If you have a home alarm system, use it.  Alarm systems are only useful when they’re activated.
• Holiday gifts should not be displayed where they can be seen from the outside.
• Never leave keys under doormats, flowerpots or other “secret” hiding places — burglars know where to look for hidden keys.

Holiday Travel 

• Secure all doors and windows including your pet doors.  Burglars can gain access to your premises from amazingly small openings – including cat doors. Secure all pet doors and remember to lock every single window and door, including those on garages and exterior buildings or storage sheds.
• Ask a neighbor to watch your house and pick up any packages left for you.
• If you leave your car at home, park it where you normally would.
• Use automatic timers for your interior and exterior lights.
• Stop your mail and newspaper deliveries.
• Arrange to have snow shoveled (if necessary) while you’re away.
• Notify your local police department and leave a number where you can be reached in case of an emergency.

Take the time to be safe so you can relax and enjoy this wonderful time of the year.

Happy Holidays to you and yours!

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