Lee Morof's Real Estate Blog

Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball.  They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of national and Bloomfield Hills real estate buyers.

Here are some of the home building trends to expect in 2010.

Green is growing. 
A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products. 

Homes are getting smaller.
For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.
Because of the rise in homebuyers looking at Bloomfield Hills real estate who are 55 years of age and older, more single-story homes are being purchased.  According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.
In an attempt to respond to consumer demands for practicality, as well as hold the line on prices, home builders surveyed by NAHB are most likely to include these features as standard in their houses this year:

• Walk-in closets in the master bedroom
• Laundry rooms
• Insulated front doors
• Great rooms
• Energy-efficient windows  
• Linen closets
• Programmable thermostats
• Energy-efficient appliances and lighting
• Separate shower and tub in master bathrooms
• Nine-foot ceilings on the first floor

Here are the features builders said they are least likely to add to houses in 2010.  You’ll notice a lot of the items being eliminated are luxury features, as builders try to lower costs.  

• Outdoor kitchens
• Outdoor fireplaces
• Sunrooms
• Butler’s pantries
• Media rooms
• Desks in kitchens
• Two-story foyers
• Multiple shower heads in the master bath
• Smaller kitchens

Thinking about buying one of the new homes in 2010?  If you’re ready to look at Bloomfield Hills real estate in Southeast Michigan, call me at 248-514-2640 or email info@NorthWoodwardHomes.com today.

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

Bloomfield Hills real estate is one of the biggest purchases anyone will make, whether male or female. And, while it’s been scientifically proven that men and women have different approaches to life, one would think that purchasing a home is pretty much the same across genders. We each have our own concerns and important issues, but they basically all add up to, “This is what I want in my home.”

Therefore, the results of a recent survey caused quite a bit of surprise. The survey pointed out places where inherent differences were clear, as well as places where there weren’t any differences at all. So, when it comes to a match in the Bloomfield Hills real estate boxing ring, who comes out on top?

Who is fastest at making up their minds on a home to buy?
Believe it or not, women grabbed the top mark at 70%. A full 8% more women made up their minds on whether to buy a house the day they walked into it. Of those that needed another visit or two, 32% were men, versus 23% of the women. Although women have a stereotype of being wishy-washy, this stereotype doesn’t hold true in the real estate market.

How close is the extended family?
If you had a choice between living closer to your extended family or closer to your job, which would you choose? According to the survey, 55% of the women would rather be closer to family, while only 37% of the men would.

What about home security? 
When it came to security concerns, men and women both agree. It may be the home of your dreams, but if it’s not safe, it’s “no thank you.” What was the percentage? Women grabbed 64%, while 51% of the men said the same. Security is something we appear to agree on.

How would you use a spare room? 
If you had an extra 12 x 12 room, how would you use it? With men and women both, we’d rather have a spare bedroom (25%), an office or study (15%), or a family room/den (11%).

Conclusion: Couples, if you’re looking to buy Bloomfield Hills real estate, sit down with your partner and lay out the rules. Find that fine line between what you each want, and no fighting, biting, kicking or scratching!

If you’re looking for the perfect home to fit what you both want, I can help! Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com now for more information.

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

Buyer’s remorse happens to most people. The fear of signing a long term deal with a mortgage company at the closing of a Bloomfield Hills real estate deal, whether it is for a family home or investment property, can be frightening. It’s important to not let that fear get the best of you for several reasons. Not only will you lose out on that perfect piece of property you’ve looked so long for, you can lose a lot more than that.

Walking away from a deal before signing can mean losing any earnest money you have put down when you bid on the property. Unless you made a bid with no money to back your offer, which is highly unusual, you will lose it by deciding not to go through with the closing.

There are a few contingencies that may allow you to get all or some of the earnest money back when you walk away but only if you have listed those possibilities in the offer such as:

• Not getting the financing you’d hoped for. If you don’t list that possibility as a contingency for buying a home, even if you can’t get financed, you will lose your earnest money deposit.
• Not selling existing Bloomfield Hills real estate.  Again, this only works if you included the sale of your existing real estate before final closing on the new home as a contingency.
• Appraisal, title, or inspection contingencies are also good clauses to have in your offer to protect you in case you want to back out of the deal. These allow you to change your mind if the appraisal value of the Bloomfield Hills real estate doesn’t come back matching the price you are paying, inspections turn up problem areas, or the title has issues.

Don’t be fooled into thinking that you can back out of a signed contract bid because of those items if you do not list them as contingencies.

As a licensed real estate broker and lawyer, I can help you prepare a proper real estate contract, including all contingencies.  And, I’ll keep you from making a mistake that could cost you thousands of dollars.  Contact 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 are a lot of homes for sale now which makes it a great time to buy Bloomfield Hills real estate in Oakland County Michigan. Not only can you find a wide variety of beautiful homes at lower than normal prices but thanks to the new American Recovery and Reinvestment Act of 2009, if you’re a first-time home buyer, you can get a generous bonus at tax time.

Here are some tips for taking full advantage of the stimulus and to make shopping for a new home more pleasurable.

1.  Don’t Settle for the First Place You See

It isn’t a race and you don’t get extra points for being fast. Take your time to find just the right one for you.

2.  Weigh the Pros and Cons

Just about any home will need a few improvements.  Even newly constructed homes usually need improvements like landscaping. Home sellers are savvier now about how to make enhancements to catch a buyer’s eye, but look carefully. There will still be things you want to change. Weigh the difference between the cost of those repairs and the sale price. If you really want to purchase a home, even though it’s going to take a lot of work, place your bid accordingly.

3.  Start Looking Now

The new stimulus plan allows for more homeowners to remain in their homes where only a short time ago they needed to sell. The housing market will begin to stabilize and prices will get stronger. If you are thinking about buying a new home, don’t get left on the sidelines…now is the time to do it.

4.  Get Help

The sea of homes available can be mind-boggling. Find one of the best professional Bloomfield Hills real estate agents to wade through the homes for sale that meet your family and financial needs.

5.  Get Your Financing in Order

The stimulus plan will help make banks and mortgage companies stronger and loans will once again be available. They may not be as easy to get as they were in the past, however, so make sure you have all your information ready. Having financing done in advance makes your job of buying Bloomfield Hills real estate much easier.

If you’re looking for a professional Bloomfield Hills real estate agent to help you find your perfect home, I can help.  As a real estate broker and lawyer, I can keep you from making costly and time consuming mistakes.  I’ll even provide you with a FREE book for buyers, “How to Find Your New Home” with absolutely no strings attached.

Ready to take advantage of the stimulus plan and buy a home?  Call me today at 248-514-2640 or email info@NorthWoodwardHomes.com for more information.

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