Lee Morof's Real Estate Blog

The real estate market is flooded with homes for sale.   Interest rates are at an all time low on fixed rate mortgages.  And, terms for acquiring a home loan are still fairly open.  This is expected to change and possibly soon, which means now is prime time to buy Royal Oak Michigan homes for sale.

To help you with this process, here are answers to four of the most popular questions I’ve recently received from home buyers:

Q:  Where can I find the best deal on Royal Oak Michigan homes for sale?
A: The answer is almost anywhere.  Because homes are sitting on the market for a long time, most homeowners are more willing than ever to negotiate.

Q:  What about buying new construction?
A: The option for new construction is open to more people than ever before.  Builders are offering extended home warranties and many upgrades to help move their inventory.  Some builders now offer financial assistance to reach an even larger number of buyers.

Here’s the number one tip to get the best deal in new construction:  Before starting your search for new construction, hire a real estate agent.  Your real estate agent can negotiate the best deal for you, even in new construction.   Be sure to visit new construction with your agent so the builder knows you’re represented.  This representation costs you nothing and can save you a lot of money.

Q:  Should I look at short sales and foreclosures for my best deal?
A: Not really.  Although there are good deals to be found, the time and effort involved in purchasing short sales and foreclosures can be a huge negative.  Negotiating with a homeowner can be much easier than trying to negotiate with a lender for the short sale or foreclosure.

Q:  Should I wait for home prices to go even lower?
A: Definitely not.  Prices of Royal Oak Michigan homes for sale have come down from a few years ago and are much more stable and accurate.  The days of inflated home prices are long gone.  This does not mean that homes will not increase in value.  It only means that they will do so at a rate that should prevent the upside-down mortgages that some people are facing today.

This is a prime time to purchase a home.  With the large number of homes on the market, you are certain to find one to call home.  Let me help you in your search.  Call me today at 248-514-2640 or email me today at info@NorthWoodwardHomes.com.

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

Are visions of renovating a stately, older Royal Oak Michigan home for sale dancing in your head?  Older homes offer a unique beauty that can’t be found in newer homes. And, rehabbing them can be rewarding.  But, think twice before taking on this difficult and expensive task.

Here are six problems to look for in the older home you’re thinking about buying:

1. Plumbing problems.  The plumbing in older homes can be inefficient or downright unreliable.  Homes that are 25 years old or older almost always have plumbing problems with the most common problem being lead pipes.  Even after lead pipes were replaced in the late 1940s, the earliest galvanized steel pipes still contained lead. Lead also was present in much of the solder used to join copper pipes as recently as the mid-1980s.

2. Electrical issues.  Electricity in older homes may not be grounded and wiring may not be safely installed.  Even if the electricity is grounded, it may not be available in the quantity needed for today’s home and the vast array of gadgets that depend on electricity.  Electrical boxes in vintage homes were typically 60 or 100 amps. Today’s standard is 200 amps.

3. Lack of insulation.  Older homes are typically drafty, cold and uncomfortable. Not to mention expensive to heat and cool.  Check the type of insulation that was used.   Many older homes were insulated with newspaper, asbestos, or not insulated at all.

4. Cracked foundations.  The foundation materials used in older homes, such as cement and cinder blocks, crack and leak over time.  These days the exterior sides of foundations are commonly sealed; not so with older homes.  As a result, water seepage occurs and can lead to structural threats and health issues such as mold.

The wisest thing to do before buying an older home is to have it thoroughly inspected by a professional home inspector.  Then, calculate exactly how much time and money it’ll take to renovate the home so it matches the vision in your head.

Whether your dream is to buy an older or newer Royal Oak Michigan home for sale, I can help.  Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

Energy efficiency and other aspects of environmentally-friendly living are very important to today’s home buyers.  As a homeowner who wants to sell your property quickly and for as much as possible, it’s crucial to highlight the green elements of your Royal Oak Michigan home for sale.

Your home may have more eco-friendly features than you realize, or you may be able to inexpensively add them.  Here are a few ways to appeal to eco-conscious buyers:

• Highlight energy-efficient features.  What energy-saving systems and appliances do you have in your home?  Take an inventory of your home and identify items such as low-emittance windows, furnace or air conditioner with a high-efficiency rating, programmable thermostats, solar/wind/geo-thermal elements for the home or pool, improved insulation or a tankless water heater.  Add these features to the marketing materials for your Royal Oak Michigan home for sale.
• Publicize health benefits.  Does your home have high efficiency air filters which remove indoor air pollutants?  Did you use low-VOC (volatile organic compounds) paint which reduces problems with allergies and chemical sensitivities?  What about eco-friendly flooring such as low-VOC carpets, cork or reclaimed wood which do not release chemicals?  Mention these features and their associated health benefits.
• Promote natural elements.  Consider the functional natural elements you have inside and outside your home.  Natural lighting coming in through windows or skylights.  Strategic placement of trees to provide natural shading.  Mature trees or shrubs, vegetable or flower gardens and fruit trees.  Eco-friendly gardens and lawn grown without the use of harmful pesticides.  Effective use of cross ventilation to cool your home when the windows are open.  Use of plants to reduce soil erosion.  Promote these elements to your buyers.
• Advertise water conservation.  You may be surprised how inexpensive it is to add water-saving features to your home.  Shop for water-saving toilets, shower heads, dishwashers and washing machines.  Plant landscaping that doesn’t require extensive watering.  Buy a rain barrel to collect rain water for use in garden or landscaping.  Be sure to advertise these water- and money-saving benefits.

In your marketing campaign, you may also want to remind potential buyers that purchasing an existing home is greener than having a new home built.  That’s because it does not require the energy or materials needed to construct a new home.

If you’d like to put your Royal Oak Michigan home up for sale, you’ll get the results you want from my proven 30-Day Marketing System.  For more information about my system, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

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

It’s the time of year we all dread… time for your 2010 tax filings.  While I am not a Certified Public Accountant (CPA) or even a plain old accountant, I do want to share with you some basic tax tips all Royal Oak Michigan home owners should consider before filing their taxes.

• Contact a tax expert.  My motto is always, if in doubt, contact a tax expert.  There’s no way around it; taxes are complicated.  While some don’t want to spend their money on tax experts, I’ve found that they’ve saved me much more money than they’ve cost.  And, the peace of mind they provide is priceless.
• Claim your Royal Oak Michigan home owner’s tax deduction, if you’re eligible.  In 2002, a study was conducted that showed that 61% of eligible home owners did not claim their home owner’s tax deductions on their income taxes.  That means that 61% of home owners who would have saved on their income taxes took the standard deduction and paid a higher tax bill that they needed to.  Don’t miss any more tax savings by automatically taking the standard deduction.  Consult a tax expert to find out how much you can save by taking advantage of your home owner’s tax breaks.
• Review your past returns.  If you think you might have overpaid your taxes in the past, have a tax expert review your past returns and help you file an amended return to reclaim your money.
• Start paying back your 2008 first-time home buyer tax break. If you claimed the very first version of the first-time home buyers tax break on your 2008 tax returns, you must now start paying it back.  The credit has to be repaid in 15 equal payments each tax-filing time, beginning with 2010 returns.  The 2008 tax break wasn’t a true credit.  Instead, it was an interest-free loan, and like all loans, it must be paid back.
• Claim subsequent home-buyer tax credits.  If you qualified for and used the 2009 (which was extended to June, 2010) first-time home-buyer tax credit or home-owner tax credit, you had the option to claim the credit on your 2009 or 2010 taxes.  If you waited to claim them, now’s the time to do so.

Even though the home-buyer tax credits are no longer available, this is an amazing time to buy one of the Royal Oak Michigan homes for sale.  If you’d like to learn more about why now is a fabulous time to buy a home, or if you need help finding a home you love, I can help.  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
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

When you first decide to look for a new Royal Oak Michigan home for sale, whether you are a first time buyer, or you currently own your own home, it is an exciting experience. Visions of perfection begin to dance in your head. Grand expectations and all of your fondest dreams begin to spring into being. But how do you balance dreams with reality so that you get what you need and maybe some of what you dream of?

Condition Counts

You can get great deals on amazing homes when they need a little repair. However, that is a big trap if you don’t take into consideration how adept you are with a hammer and nails. If home repair isn’t up your alley, that’s not a sin.  But, it is unwise to buy a fixer-upper if you’re not into fixing or not financially prepared to hire professionals to do the fixing.

Wide Open Spaces

Rural living or huge parcels of property can be very appealing. The desire to own a big spread with rolling lawns can make you feel like a real land baron—until you have to maintain it. There are other aspects to looking at property removed from the hustle and bustle of the big city. Lack of convenience that might seem like a good thing will soon become just inconvenient. Consider the trade-offs if your idea of a perfect Royal Oak Michigan home for sale isn’t exactly in the city.

Don’t Settle

While you need to be realistic if your budget isn’t unlimited, you should not settle for less than what you truly need. Take the time to determine exactly which features are most important to your family. Consider:

• Which rooms will be most used
• How many people will be living in the house
• How many bedrooms you need
• How many bathrooms are necessary

Don’t try to squeeze into something that won’t fit those needs. If you have to wait a little while until you can afford a home that is the right size, it will be worth it to avoid the frustration of being dissatisfied with something as important as your home.

If you would like more information on what to consider before buying one of the Royal Oak Michigan homes for sale, I can help. 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

If you’re looking at Royal Oak Michigan homes for sale, want to buy a home and are waiting around for better prices, you might want to rethink your strategy.

If you’re a market watcher, soaking up the information overload across news media and Internet websites, you’re probably overwhelmed with confusion by now. Is the housing market getting better? Is it getting worse? Was there really, when it gets down to it, a housing bubble collapse? And, if so, who popped it?

First, the quick answers. Yes, the housing bubble collapsed, and everybody had a hand in popping it: the government, the lenders, the investors and the general public. Now the hard answers: it’s getting better – and worse.

The truth is that market predictors are all on the fence. With the ARRA (American Recovery and Reinvestment Act) giving first time homeowners some incentive to buy Royal Oak Michigan homes for sale and elsewhere, there has been a steady increase of sales. However, once the tax credit deadline hits at the end of this month, the numbers are once again expected to drop.

Again, though, it’s better and worse. While the housing market is still dropping in some areas, such as the southeast in Mississippi, Alabama and so forth, there are definitely some strong markets in the country.

For instance, Boulder, Colorado holds 60% of the share of increasing home values. The average value is about $350,000, but there’s a limit in place on the amount of homes allowed in the area. In Binghamton, New York, the average value of a home is around $112,000. They also have a housing limit, which means a small supply, so prices probably aren’t going to plummet.

Just because this is a buyer’s market, doesn’t mean you’ll get the exact price you’re looking for. If you want to buy a home and you’re waiting around for the prices of homes to plummet into a “sweet deal,” make sure you don’t wait yourself into an expensive mistake.

Instead of checking market forecasts, potential homebuyers need to look at things the way we always should have. Do I want to buy a house? Can I afford one of the Royal Oak Michigan homes for sale the way things are now? By researching, crunching numbers and answering the important questions, you’ll find the sweetest deal you could ever have: a wonderful house you can afford.

If you’re looking for a place to call your own, 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

Halloween is just around the corner, but if you’re looking at the Royal Oak Michigan homes for sale, it’s probably the first-time buyer fears that have your knees shaking. Hey, buying a house seems like such a final thing, so that’s understandable. It could be the biggest change in your life – EVER!

Now that I’ve thrown some scary thoughts your way, let’s take a turn at facing those first-time buyer fears.

1)  Am I crazy? No, you’re a first-time buyer. You may alternate between periods of paranoia, confidence, nervousness and calm, but you aren’t crazy to want to buy one of the Royal Oak Michigan homes for sale.

2)  Is this really the right time to buy a house? The best way to answer this question is with a few questions. Do you have good credit? Do you have a decent job? If the answers to these questions are “yes,” then there’s never a bad time to buy the right house. Especially now, with tons of inventory, record low interest rates and the $8,000 tax credit.

3)  What if I don’t pick the right neighborhood? What if I buy, move in, hate it, and then can’t turn around and sell the house? An understandable fear; one of the most common horror stories is moving into the perfect house, right next to the neighbor from the Black Lagoon. This is why it’s imperative to do your research (or, at the very least, tell your real estate agent exactly what kind of neighborhood you want). With the Internet, you can find out everything from the crime rate of an area to the quality of the schools.

4)  What if I lose my job? I won’t say that’s not a possibility. However, keep in mind that you have the same question when you’re renting. The difference is that if you can’t pay the rent, you can be evicted within days, depending on where you currently live. While some lenders may do the same, most lenders don’t want to foreclose and are willing to work with you to keep you in the home and making your payments. In addition, many are willing to wait for at least two months of nonpayment before starting the foreclosure process.

If you’ve been a renter all your life and are looking at the Royal Oak Michigan homes for sale, take a deep breath. Yes, it’s scary and yes, the worries can give you worse nightmares than the freakiest Halloween you’ve ever experienced. However, remember what made you decide to start looking in the first place. If those reasons still exist, go for it!

If you’re looking for that perfect, affordable home, I can make the whole process less scary and fear free. Call me at 248-514-2640 or email me now 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 worried about the condition of the roof on one of  the Royal Oak Michigan homes for sale you want to buy, you may need a roof inspection.  Although some states don’t require that a roof inspection be included in the real estate contract, it’s often better to be on the safe side and get the roof inspected.

Just what is included in a roof inspection?  Here’s a short list:

What Is The Roof on the Royal Oak Michigan Home Made Of?
Roofs are commonly made of composition shingles, wood shake, or clay tiles.  The material the roof is made of can determine the life of the roof.  Tile roofs can last as long as fifty years, while wood shake has an expected “useful” life span of forty years.  Roofs made of composition shingles can last twenty to forty years, and are often under warranty for that amount of time.
 
How Many Repairs Have Been Made?
The roof inspector may also get a count of how many layers are on a roof.  Some states require that the roof be completely removed and replaced at certain levels.  The inspector will verify that previous roof repairs were done correctly and with the right materials.

Is There Any Roof Damage?
When inspecting roofs of Royal Oak Michigan homes for sale, the inspector will look for any slight movements that would indicate loose shingles or tiles.  He’ll look at the ridges of the roof and around the edges to gauge any damage.
 
The added expense of a roof inspection may seem steep, but it’s worth the cost to ensure that your roof is in good condition.

Thinking of buying?  Let me help you find one of the Royal Oak Michigan homes for sale (and roof) that’s in excellent condition.  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