Lee Morof's Real Estate Blog

If you are considering buying new Bloomfield Hills real estate, you may have more fellow buyers than you might think. According to the census report released in May, over the last year, sales of new, single-family homes have increased by 19.8%!

This positive sign for the housing market, and its economic ripples into other sectors, are signs of life for a reviving economy. As such, this means investing in new Bloomfield Hills real estate right now could be a wise investment.

Buying new construction over existing homes has advantages you may not have considered:

1. You choose the options: Depending on the builder of your new home, and how far along he is in the construction process, you may be able to change floor plans and interior design options that you would have to live with in existing homes.
2. Flexible closing dates: Because you are negotiating with the builder, and not the current homeowner, you may find more flexibility in setting a closing date that works for your schedule.
3. Energy Savings: New home construction often uses more energy-efficient approaches to building and newer, more efficient appliances. If your home is Energy Star certified, it could be up to 30% more energy efficient than an older home.
4. Fewer Repairs: The odds are that a new home will need substantially fewer repairs to its structure, appliances, HVAC, roof and other big ticket items than a 20-year-old home will need.

If you’re looking for more information on new Bloomfield Hills real estate, I can help. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

Good news for the housing industry!  Nationwide new home starts increased 14.6% in January, reaching its highest rate in four months and increasing more than analysts expected.

During the International Builders’ Show in Orlando, David Crowe, chief economist of the National Association of Home Builders, projected single-family housing starts to rise 21% in 2011.

To what can we attribute these actual and projected increases?  The four key elements driving new construction in 2011 are:

• Sustained job growth.   Lawrence Yun, chief economist of the National Association of REALTORS®, projects about 2 million jobs to be added in 2011.  Unemployment is expected to drop to 9.2 percent.
• Increasing U.S. population.  Over the past 10 years, the U.S. population has increased by 27 million. Continued population growth will also stimulate construction and sales of Bloomfield Hills homes. “All the indicator trends are pointing to a gradual housing recovery,” Yun says.
• Low interest rates.  The 30-year fixed-rate mortgage for Bloomfield Hills homes is forecast to rise gradually to 5.3 percent around the end of 2011.
• An increase in the multi-family category.  The majority of the new construction projects were for apartment buildings and other multi-family units.  The rate of starts for single-family homes was the lowest in almost two years.  Independent economist Joel Naroff said, “What is nice to see is that developers seem to be picking up the slack by putting up rental and condo units instead, a trend that is likely to continue.”

Another boost to the housing market will come as lending opens up with safe underwriting standards for creditworthy buyers.

If you have any questions about buying or selling Bloomfield Hills homes or about our local real estate market, please give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Trends for national and Bloomfield Hills homes come and go depending on many factors including the needs and desires of buyers, changes in technology and economic issues.

Here are some 2011 design trends predicted for national and Bloomfield Hills homes.

Kitchens Continue to be the Heart of the Home
People still love kitchens that are open and airy.  Popular kitchen countertops will embrace the green movement switching from granite to crushed recyclable glass under a solid, smooth surface.

Energy Efficiency Remains Important
According to The Joint Center for Housing Studies, homeowners and builders alike continue to make homes more energy efficient.  This is led by regional certification programs as well as national green building standards.

Vintage is Hot
Reproductions from the 1950s, ‘60s and ‘70s will be a hot design trend in home furnishings.  Think of the furniture in the hit TV show “Mad Men.”

Bold Lighting Touches are Added
In addition to functional lighting, bathrooms will boast chandeliers.  Ooh, la la!

Ceilings Become a Focal Point
Ceilings will no longer fade into the background with the addition of architectural enhancements such as domes and bold paint options including metallic colors.

 Whether you’re looking for trendy or traditional Bloomfield Hills homes, I can help you find your perfect fit.  Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to get started.

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