Lee Morof's Real Estate Blog

Millennials are finally starting to enter the real estate market after delaying home purchases for several years. With a completely new client base looking for homes, it is time to start making your home more appealing to these young buyers.

Millennials are used to using high-tech gadgets every day, so they are going to desire these things in their new home. While there are several high-tech upgrades you can make on your home, these three will appeal the most to young homebuyers.

Keyless Entry: Security for the New Millennium

Keyless entry doors are becoming a popular way of keeping a home secure while adding that great “wow” factor. These keyless entry systems mean there’ll be no more fumbling for keys when all you want to do is get in the door. It may seem like something out of a sci-fi film, but several companies have mastered the art of keyless entry doors that you can use in your home today.

The door automatically locks when it is shut, and you will need the correct fingerprint to unlock the door. If you could show off a keyless entry system at your open house, you would immediately pique the interest of every young buyer interested in technology.

A Home Security System is a Great Practical Addition

A high-tech home security system will certainly make your home more appealing to young buyers, who may even be thinking about having children in the near future. No matter how safe your neighborhood is, everyone is always looking to feel more secure at home. Placing a few security cameras around the exterior of your home will allow you to know what is happening outside at all times, and buyers will love having that peace of mind.

Home Energy Monitor: For the Eco-Conscious Generation

Young people are extremely conscious of the environment, so they would love seeing a home energy monitor when shopping for a new home. A home energy monitor is able to track the energy use of every aspect of your home.

If you think your air conditioner is not running efficiently, a home energy monitor can tell you whether or not you’re right. Since young people know about the dangers of improper energy use, they will want to make the home as efficient as possible.

Millennials are slowly entering the real estate market, and although they are starting to look at homes, you’ll face a lot of competition from other homeowners looking to pass properties onto this new generation. These three upgrades will increase your home’s value and make it more appealing to Millennial buyers. For more information about selling your home, contact a trusted real estate professional today.

Do you remember when you were buying your first home?

You may have looked at dozens before you settled on the perfect home for your family to live and grow in. Perhaps another home came in a close second, but you ultimately settled on that house or apartment – the one you’re now selling.

Chances are you don’t remember anything much about most of the homes you viewed, and the things that stand out are the best (that bedroom with a fireplace!) or as bad as they can be (remember the sofa placed over the cigarette burn in the carpet?).

When you’re staging your own home and giving tours to prospective buyers, it’s important to give them something to remember, and saving the best for last is one way to do it.

First In, First Out

When it comes to memories, older isn’t necessarily better.

In fact, research shows that the brain clears out older memories to make room for new ones. That’s why what you did today is fresh in your mind, but things get hazy when you think about last week or try to remember life as a child.

If you show off the best rooms in the house toward the end of the tour, it will stick in the buyer’s mind after she leaves.

Just like you make sure the first impression is good – this is known as ‘curb appeal’ – you’ll want to end on a high note. This helps sell your home faster.

Doorway To The Mind

Entering a new room causes you to forget why you’re there in the first place. Researcher Gabriel Radvansky from Notre Dame completed a year-long study about this phenomenon, which is also known as ‘event boundaries.’ In essence, your brain compartmentalizes data to a specific location.

When you’re indoors, the walls around you literally become mental boundaries. As soon as you step through a doorway, you forget that you meant to put the phone back on the hook. For home buyers, every new doorway acts as an event boundary.

If you put the bedroom with the fireplace or the outdoor jacuzzi in the first half of your tour, buyers will walk through a lot of doorways after seeing some of the best parts of your home.

Every doorway is an opportunity for their brains to forget something that might help you when it comes to getting the sale closed. Put fewer doorways between the strongest architectural or design features and the end of the tour to make the biggest impact.

If you have further questions about staging, contact your real estate agent today for advice and strategies.

Irritating any potential buyers is the last thing you want to do when selling a house because it is can be a challenging and sometimes lengthy process.

The buyer is going to have a wide array of options when deciding on a new home, so they have no problem going somewhere else if they see something they do not like.

While there are a plethora of ways for a seller to irritate a potential home buyer, these are the four most common – and most costly.

Pricing The House Too High

There is nothing worse you can do when trying to sell a home than pricing it too high. While you may think that it gives you room for the buyer to counter at a lower price, they are more likely to simply ignore your listing entirely even if the home is a good fit. The best way to keep this from happening is by pricing your home in the same price range as the rest of the neighborhood.

Not Making Home Repairs

Buyers are going to be immediately turned off if they walk into the home and see a state of disrepair. Not taking the time to make small visible fixes is going to make the buyer think that the house is going to have major issues. Taking the time to get the house in great shape before showing it at an open house will ensure the house sells faster.

Leaving Your Stuff Everywhere

Buyers want to feel like they could move into the house as soon as the purchase is finalized. They also want to envision themselves living in the home, and this is almost impossible if you have your personal items throughout the house. This is more difficult to pull off when selling a home you are currently living in, but it is best to stage the home with as few personal items as possible.

Getting Emotionally Invested

While you may have lived in your house for years, you have to drop any emotional attachment to the home the second it hits the market. You can’t take it personally if the buyer wants to make a major change to the house after the purchase. Their idea of a perfect home is not going to be the same as yours. The best way to make sure you do not insult the buyer when they bring up their vision of the home is by letting your agent handle home viewings. If you have become too attached to your home or are guilty of any of the other three things on this list, then you make sure they are corrected before your next open house.

Before you make a major structural change to your property, it is important to consider how this will affect your resale value. While there are many steps that you can take to improve your property, the addition of a detached garage may be beneficial to you and may drastically improve your resale price when you are ready to sell.

You can contact a trusted real estate agent today to obtain customized information about how the addition of a detached garage may affect your property’s value.

Adding Square Footage to Your Home

As a property owner, you may be well aware that one of the most common ways the value of your property is determined is by the market rate for price per square foot of homes in the area.

While factors such as age of the property, condition of the property and amenities in the neighborhood may affect whether your property’s price per square foot is above or below market average, the kind of the improvements has a direct impact on property value.

While adding a detached garage adds overall square footage to the property, it generally won’t be considered at the same rate as finished square footage within the home.  However, outbuilding improvements do add value to your property and a real estate agent can help you to determine the true financial gain you may experience through this addition.

Increasing Appeal to Potential Buyers

Properties that are more appealing to potential buyers may sell for a higher price. When you add a detached garage to your property, you may be adding style and function to the property by adding a place to park vehicles and to store items like seasonal items and lawn equipment. You can also create a detached garage with a workshop or another functional area for added appeal.

Transforming Existing Space

Some home additions will add a detached garage to a property because a garage was never constructed on the property, but others will be added because the homeowner wants to transform the existing garage attached to the home into a more functional area. For example, a new home addition, may turn the existing garage into a living room, a bedroom or another functional area. With the addition of a detached garage, the property owner can retain the benefits of having a garage while also improving the functional use of the main area of the home.

The addition of a detached garage can benefit you and your family in a number of ways, and it can also improve the resale value of your home. By speaking with a real estate agent, you can get a better idea about how this addition will affect your property.

As exciting as selling a home should be, there’s no denying that it can be a stressful endeavor for those interested in making their home an attractive option for buyers. Nowhere is this more evident than for homeowners who were former smokers.

While it’s truly commendable to quit smoking, removing the smell of smoke from a home can feel like an impossible task. With that in mind, here are some of the most effective ways to make smoke smell and paint stain removal as effortless as possible.

Make Preparations Beforehand

Cigarette smoke has a nasty habit of permeating through every facet of a home. As such, it can be difficult to pinpoint the areas that are most problematic. Before starting the cleaning process, open all of the doors and windows throughout the home to help it air out naturally.

It’s also worth mentioning that many longtime smokers have difficulty picking up the odor that they’ve become accustomed to. If you know someone that isn’t a smoker, invite them over and ask them to point out any problem areas.

Treat Your Home Like a Quarantine Zone

Unfortunately, a home that is infested with smoke can create a cyclical effect on anything that is washed. If you want your clothing and linens to stop carrying the smell, you’ll need an alternative to your own washer and dryer. Of course, you’ll also need to keep them away from your home for the remaining duration of the cleaning process.

In particular, carpets have a habit of retaining smoke smells long after you’ve quit. With this in mind, taking care of any carpets or curtains in your home should be a top priority.

Account For Deeper Problems

Once you’ve given your home a steam cleaning treatment and washed all of the stained surfaces down with a mixture of water and bleach, you may still discover that some areas of the house are still affected. At this point, it’s time to simply accept your losses and purchase a replacement. A nice smelling home will be far more attractive to buyers than one that inexplicably reeks of smoke.

If you’re unsure of any further steps to take in preparing your home for a sale, don’t hesitate to contact your real estate agent and request more information. Your home deserves a high price for all of the effort you’ve put into cleaning it.

According to the National Association of REALTORS®, existing home sales surpassed both May sales and expectations for June. Sales of previously owned homes increased by 2.60 percent in June and reached a seasonally adjusted annual level of 5.04 million sales. June’s reading was the third consecutive monthly increase in sales of existing homes and was the highest reading for existing home sales in eight months. Existing home sales remain 2.30 percent below the June 2013 reading of 5.16 million sales of existing homes.

Analysts projected sales of 5 million existing homes for June against May’s initial reading of 4.89 million sales of previously owned homes; the May reading was later revised to 4.91 million sales. Lawrence Yun, chief economist for the National Association of REALTORS® said that market conditions are becoming “more balanced,” and noted that inventories of existing homes are at their highest level in over a year and that price gains have slowed to much more welcoming levels in many parts of the country.

Housing Market Headwinds Declining

After a particularly harsh winter and lagging labor reports, analysts forecasted lower annual sales of existing homes for 2014 than for 2013. Labor markets are stronger according to recent labor market reports and a declining national unemployment rate. Steady work is an important factor for families considering a home purchase; as labor markets improve, more would-be homeowners are expected to become active buyers.

Housing markets are not without challenges. In recent unrelated reports, the Federal Reserve has noted higher than anticipated inflation may cause the Fed to raise its target Federal Funds rate in the next several months. Gas and food prices, important components of consumers’ household budgets continue to rise and could slow save toward a home for some families. Steve Brown, president of the National Association of REALTORS®, said that first-time and moderate income buyers continue to deal with affordability due to increased FHA costs and tight mortgage credit. Relief may be in sight as a slower pace of home price growth suggests that more buyers may be able to afford homes.

FHFA House Price Index Reports Gain in May Home Sales

FHFA released its May index of home sales connected with mortgages owned or backed by Fannie Mae and Freddie Mac. The index posted a month-to-month gain of 0.40 percent in May and a year-over-year gain of 5.90 percent year-over-year. FHFA said that increased sales were driven by a 9/60 percent increase in sales in the Pacific region and that average home prices remain 6.50 percent below April 2007.

For most people, their home is their largest asset, so they want to maximize that asset by getting top dollar when they sell. Here are a few reasons you might not get top dollar when you sell – and how to avoid them!

Selling At The Wrong Time

From early spring to late summer is home-buying season for most people, especially those with children. Putting your house on the market during this period is when you are likely to get top dollar for it. Early fall is also a good time to list your home. Winter – especially December – is the worst time to list. If you list your home outside of prime selling season, you are likely to get less for it than you could have otherwise.

Not Staging Your Home Properly

Many people think of staging as simply rearranging the furniture or changing curtains, but there is so much more to it, and not doing it properly can mean less money for your home. To stage your home properly, you must declutter, putting knick-knacks and family pictures away. You also want to make sure your home is as clean as possible and that you correct any defects such as holes in the wall or cracked window panes. Another thing you should do as part of your staging routine is to paint your walls in neutral colors and update cabinet hardware and light fixtures that are out of date. These little changes can make a big difference. 

Not Paying Attention To Curb Appeal

You can spend all the time and money necessary to spruce up the inside of your home, but if your lawn is a patch of dirt and your gutters are falling down, all that work and money can go for naught. To get top dollar for your home, you need to improve your curb appeal. This includes seeding or sodding bare spots in your lawn, trimming trees and shrubbery and fixing up home-related items such as broken concrete and sagging gutters.

Not Getting The Price Right

You might think that to get the highest price out of your house, you have to price it high. However, that’s not necessarily always the case. If you price your house too high, it can make other similar houses that are priced lower look like better deals. You should make sure to pay close attention to what comparable homes are selling for in the area and price your home accordingly.

Not Working With A Real Estate Agent

Many people think they can save a bundle selling their home by not working with a real estate agent. While you do save on the real estate commission, you can lose more than that amount by making mistakes in pricing and marketing. A real estate agent will have access to resources you don’t, such as information on buyers looking in your neighborhood. An agent will market your home, make sure it is priced accordingly and set up showings. It is worth your time and money to call an agent experienced in selling homes in your neighborhood who can give you a market evaluation.

With telecommuting continuing to rise, and with more jobs requiring after-hours attention, showcasing your home’s “home office” can help it show better with a prospective home buyer. 

It’s wise to have your kitchen, bedrooms and bathrooms show well, but a great-looking home office can make a huge impact and help you sell your home more quickly.

Here are a few tips to helping your home office shine :

Designate The Right Space
Whether it’s a spare bedroom or a computer nook, specify a separate place at which business is done. Make sure the area has enough room to set up a desk, a chair, a computer and a printer without making it look messy or cramped. 

Clean The Area
A clean and orderly home office shows better than a messy one. To help your home office look its best to potential buyers, get rid of clutter and only retain the essentials. Use drawers and shelves effectively.

Don’t Waste Money
Don’t break the bank in furnishing your home office. Consider ready-to-assemble furniture as an inexpensive, good-looking option. Buy the necessities, then use leftover, budgeted funds for office supplies such as computer paper, pens, and a cork board, for example.

Add A Decorative Touch
Once your home office is properly outfitted, add some decorative style. Hang artwork. Add a few plants. But, remember to keep it simple and neutral so that potential buyers can easily imagine the space as their own home office.

Few people think of the importance of a home office when preparing their Birmingham home for sale. But, because so many people work from home these days, a dedicated home office space can be a great selling point.

If one of your New Year’s Resolutions is to sell your Bloomfield Hills home, there are a few simple steps you can take to help prepare it for showings.

With a prospective buyer in mind, take a tour of your home, making a list of the good, the bad, and the not-so-bad. You may spot areas in need of major renovation; and areas which could benefit from just a basic touch-up.

It’s these latter areas which will likely yield the biggest return on your investment so, in preparation for making your home “buyer ready”, consider these steps.

Landscaping
The first thing a buyer will notice is the outside of your home. Sometimes called “curb appeal”, first impressions are very important to the sale of your home. Therefore, be sure to trim bushes, rake leaves, and clean up the yard in order to make your house seem more inviting. Clear unnecessary clutter from the yard and walkway to your home.

Bedrooms
Paint the walls of the room a light, neutral color to “open up” the space. Replace old light fixtures with new modern ones; replace all old bulbs; and consider adding a ceiling fan to each bedroom. This can increase the room’s appeal. 

Bathrooms 
If your tub has seen better days, have it resurfaced. Remove mildew stains in, or around, baths and showers. Replace stained silicone seal and grout, where needed. Check all light fixtures for burned out bulbs. Add lighting, if necessary, to make the bathroom brighter.

Kitchen
Your kitchen might also benefit from sprucing up. Do not gut-renovate your kitchen. Rather, refinish or paint its cabinets. Install new, clean-looking handles. Add a new back splash, if you think it will help. 

You’ll spend a small sum to make these improvements but the rewards can be more home showings, which can lead to more home offers, which can help you get the price you want for your property.

Your home may also sell more quickly.

Full-scale bathroom remodeling can be expensive and, in today’s Birmingham housing market, you won’t likely get all of the money back that you put into it at the time of sale.

Knowing that bathroom projects tend to have a low return on investment, therefore, here are a few inexpensive changes which you can make to spruce up bathrooms in a home for sale.

Fixtures
Most sellers will notice if the fixtures in a bathroom are old, and it can have a negative effect on their view of your home. Buy a new set of bathroom fixtures at a home improvement store. Most stores have matching towel racks and bathroom tissue holders, too. There is a wide selection of stainless steel, wood or ceramic fixtures available at most stores, too.

Paint
A fresh coat of paint is a simple way to improve the overall look of a bathroom. Choose paints with a light, neutral color to make the room seem more spacious.

Floors
If your bathroom floor has tiles, it’s a good idea to add fresh grout to brighten up the bathroom’s overall look, or, at least, to clean the grout so that it looks like new. Scratched linoleum should also be replaced. There is plenty of inexpensive flooring which is easy to install, in a variety of patterns and colors at your local hardware or flooring store.

De-Clutter
Prospective buyers should be able to imagine themselves living in your home. It’s easier for them to do that when your home is free of clutter. This is even true in the bathroom. Clear out your medicine cabinet. (Yes, many buyers will look in there.) Leave only the essentials such as toothpaste and hairbrushes.

Making a good impression on your prospective buyers can be easier when you’ve redone a bathroom.  It doesn’t require much money, and it may increase the final sale price of home.