Lee Morof's Real Estate Blog

Summer is drawing quickly to a close. That means you need do some serious evaluating in order to take advantage of the rest of the season’s long daylight hours and get your Southeast Michigan real estate sold. While it might be the last thing on your to-do list, it’ll be worth it in the end.

So before you can spend the evening catching fireflies and roasting marshmallows, buckle down and get s’more work done on your Southeast Michigan real estate. Below are five ways you can prepare your home and yourself for the big sale!

1. Host a block-party barbecue. People in the neighborhood are a great way to market your home. Host a party to tell them your plans and allow them to see your home. If they have a friend they want to move nearby, they might just sell your house for you.
2. Make your yard memorable. Summer is the ideal time to spruce up your curb appeal and have it making a good first impression for your home.
3. Repair the roof. This can be a big expense, but it is also one of the first things that home inspectors note. If it needs repairs, do it now. If you don’t, it could cost you more money in the long run when it comes time for closing negotiations.
4. Eliminate odors. Buyers want to imagine themselves living in the home, not how they’re going to get the summer-intensified smell of your pet out of the carpet.
5. Know your minimum price. You need to prepare yourself for the numbers game. Do your research using comparables and determine what your house will most likely go for and what you’re willing to accept.

Use what’s left of summer to make your home stand out from the rest! You’ll sell quickly and can start looking forward to next summer break in a new home — maybe one with a pool.

If you’re thinking about selling your Southeast Michigan real estate and would like more tips on how to get it ready, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

In addition to providing a dazzling description about your home for sale, you need to include features about your home in the MLS listing. Potential buyers want to know as much as possible about your Southeast Michigan real estate.

1.  The three top things all buyers want to know about a Southeast Michigan home for sale are the:

a. Price
b. Location
c. Number of bedrooms and bathrooms

2. But don’t stop there. They also want to know about the:

a. Garage
b. Size of the lot
c. Square footage
d. Fencing
e. Traffic
f. Fireplaces
g. Built-ins
h. Basements
i. Air conditioning and heating
j. Things that have been newly renovated, remodeled or upgraded
k. Special features and amenities such as bay windows, community pool or walking trails

3. Learn about Fair Housing Laws. The law prohibits the use of words, phrases, and symbols to convey in any way discriminatory preferences or limitations about your Southeast Michigan real estate for sale. Do not use words about:

a. Race – don’t even use wording such as “minority community”
b. Color — do not use White, Black, Brown, Yellow or any other such wording.
c. Religion — do not mention nearby churches or any specific religions
d. National Origin — do not mention national origins
e. Sex – do not write things like “perfect for single female”
f. Handicap – do not use wording such as blind, deaf, mentally ill, impaired or physically fit. You can include information about the availability of accessible housing.
g. Familial Status – do not write about the home that is “perfect for a young couple”

When you are ready to put your home on the market, I can help you write a dazzling description, include all features in the MLS and market your Southeast Michigan real estate to get it sold fast and for the most money. Give me a call today at 248-514-2640, or email me at info@NorthWoodwardHomes.com to learn more.

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

Setting the sales price for your Southeast Michigan real estate is the most important factor to get it sold quickly and at a price you’re happy with. Why is it so important?

• A high price can turn people away. Pricing doesn’t just influence how much money you’ll make off the sale of your Southeast Michigan real estate, it also dictates whether buyers will even take the time to look at your home. Price your home too high and it could sit on the market for months until you lower your asking price. Identify your home’s true value in today’s market, and set the price slightly under that price, if you want to sell your home as quickly as possible.
• Your home’s appeal drastically decreases after the first two to three weeks of showings. The amount of traffic that a listing gets in its first week is five to seven times more than it gets in the following weeks. Buyers are mistrustful of a home that’s been on the market for a long time. They’re suspicious that something’s wrong with it.
• Buyers shop by price brackets. If your home is priced one hundred dollars too high or too low, it can move your home into a different price bracket and exclude an entire set of potential buyers from even seeing that your home is for sale. Being in the wrong price bracket can reduce traffic to your listing by as much as 7%. Price brackets vary by market and by price. An experienced agent will know the best price bracket for your Southeast Michigan real estate.
• There’s lots of competition. With so many homes for sale, yours has to stand out as a good value immediately or buyers will move on.
• Dropping your sales price can be a kiss of death. If you need to lower your price, you’d better make it a reduction that counts. Small reductions give buyers the idea that you might drop it again a month from now. Buyers will realize you’ve dropped the price. The best listing sites show how many times a price has been reduced and by how much.

Pricing your home right when it first hits the market is the key. Let me help you set the right price and position your home in the best price bracket to get it sold. Call me 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

When walking into Southeast Michigan real estate that is listed for sale, you might notice the seller has applied a fresh coat of paint or installed new carpet. While most sellers make updates like this to make their home more appealing to buyers, they also could be trying to hide faults within their home, such as water damage or cracks.

Sellers are obligated to disclose all major property issues, but buyers should double-check the disclosure statement before signing any sort of contract. Below is important information about Southeast Michigan real estate disclosures:

• If you know it, disclose it. Don’t try to hide anything negative about a home because it could come back to bite you. There are standard documents that sellers can fill out, but know that verbal disclosures can also be documented.
• Things you should disclose. Disclose all renovations, whether or not you were required to obtain a permit. Other normal disclosures include property line disputes, termite problems, indoor pets, consistent neighborhood disruptions and appliance issues.
• Disclosures and inspections are not the same thing. Some people get these confused. A disclosure is something the seller fills out and gives to the buyer. An inspection is conducted by an independent party and might bring to light home issues of which the seller is unaware.
• Improper disclosure can result in a lawsuit. If buyers quickly discover that their new home has serious undisclosed issues or renovations that were hidden and aren’t up to code, they can ask their real estate agent to confront the seller’s agent and seek a settlement. If the seller does not cooperate, the buyers have the right to file a lawsuit.

If you’re getting ready to sell your Southeast Michigan real estate and would like help deciding what to include in the disclosure or if you’d like to buy a home and want to be sure you’re getting all the proper disclosures, 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
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

The data from the 2011 National Association of REALTORS® Profile of Home Buyers and Sellers is now available. Here are the significant changes you need to know that will help you market your Southeast Michigan real estate and get it sold:

1. Most buyers are married: 64 percent of all buyers are married couples (up five percent from 2010), 18 percent are single women, 10 percent single men and 7 percent unmarried couples.
2. Your property is competing against 12 other homes: Buyers searched a median of 12 weeks and visited 12 homes, both unchanged from 2010.
3. Multiple bedrooms and bathrooms are preferred: The typical home had 3 bedrooms and 2 bathrooms.
   4. Most buyers want single-family homes: 77 percent of respondents purchased a detached single-family home, 9 percent a condo and 8 percent a townhouse or rowhouse.
4. You need to promote your home to buyer’s agents: 60 percent of buyers working with real estate professionals were represented by a buyer’s agent.
5. Hire a Southeast Michigan real estate agent to sell your home: 87 percent of home buyers use real estate agents to find their home. 91 percent of buyers who used the Internet to search for a home purchased through a real estate agent.
6. Market your home online, with yard signs and at open houses: When buyers were asked where they first learned about the home they purchased, 40 percent said the Internet; 11 percent said a yard sign or open house.

Want to work with a Southeast Michigan real estate agent who knows how to market your home to get it sold? Let me show you my proven marketing plan. Schedule an appointment with me today by calling me at 248-514-2640 or emailing me 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

With Daylight Saving Time turning back the clock this month, sellers having trouble going the for-sale-by-owner route should take a hint from Father Time: Set aside the time to “fall back” on helpful connections and get your Southeast Michigan real estate sold.

Your for-sale-by-owner home is probably clear of clutter and staged to perfection, so why aren’t buyers lining up to take a peek? If it’s not the price, then it probably means you need to take a look at your marketing. The tips below will guide you on how to take some time to fall back on local connections and reach out to more people.

• Connect through all your communities. Networking online through real estate sites and social media  platforms are a good place to start, but don’t stop there. Utilize all of your connections by emailing friends, close coworkers, social groups and any other contacts from activities in which you participate. Also, talk to neighbors because they’ll be the best advocates for getting someone they know and like to move in down the street.
• Ask a friend to do a walk-through. It is always valuable to have a fresh set of eyes to notice the things that you’ve gotten used to, such as old hardware, a yard in need of attention or a wall that could use a fresh coat of paint. Also, if you have pets, make sure you ask a friend without any pets to give your home a quick sniff. Lingering pet smells are always a turnoff for potential buyers.
• Reach out to Southeast Michigan real estate agents. While this may seem counter-intuitive for a for-sale-by-owner seller, this is actually a great avenue for reaching potential property purchasers. Real estate agents have buyers, and if you offer a commission, they might send them your way.

Selling Southeast Michigan real estate is harder than it seems, so make sure you’re utilizing all of your resources. And if nothing seems to be working, then you might want to seriously consider hiring an agent.

Please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com if you’re finding it hard to unload your home for sale.

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

In today’s economy, people are looking for ways to save money.  This is also true when it comes to selling their homes.  Some homeowners believe that selling their homes without a Southeast Michigan real estate agent will save them thousands.

Is selling your home on your own right for you?  After weighing some of the advantages and disadvantages to selling your home without a Southeast Michigan real estate agent, you will be able to make a more informed decision on which choice is best for you.

Here are three advantages to selling your home as a For Sale By Owner (FSBO):

1. You may save money by eliminating the commission.  Selling your house as a FSBO means you don’t have to pay commission to a listing agent.  The average commission is 6% of the sales price, so you could possibly save that amount.  Unfortunately, buyers know that too.  So, most buyers believe that if you are selling on your own and not paying a commission, they should get the savings – not you.
2. The Multiple Listing Service (MLS) is now available to you.  A FSBO can now be advertised on many local Multiple Listing Services.  In the past, this tool was only available to real estate agents and brokers.  You will usually have to pay a fee to get your home listed on the MLS.
3. Offers and counter offers can be negotiated face to face between you and the buyer.  You don’t have to wait for your listing agent to talk with the buyer’s agent and get all the paperwork drawn up.  However, if you are not skilled in negotiation, you may leave money on the table.

One other thing to take into consideration before you put up your For Sale By Owner sign is the state of your local Southeast Michigan real estate market.  If it is a buyer’s market, you will most likely have a hard time selling your home by yourself.  It’s easier to sell your home by yourself when there is a seller’s market.

If you’re still not sure if selling as a FSBO is right for you, and you have plenty of time, you can try selling your home without an agent.  If your home hasn’t sold after a few months, you can then hire a Southeast Michigan real estate agent.

If you’d like information on how to sell your home on your own or what paperwork you need, I’d be happy to help.  Call me today at 248-514-2640 or by email 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

Is it really that difficult to sell your home by yourself?  It depends.  Do you like to market, negotiate and fill out legal documents?  If yes, you may prefer to sell your home without the help of a Southeast Michigan real estate agent.

Before you make your decision, consider these three disadvantages to selling your home as a For Sale By Owner (FSBO):

1. You may under-price or over-price your home.  If you’ve overpriced your home, you won’t get many interested buyers.  When you drop the price of your home a few weeks later, you’ll have missed the “new on the market” window of opportunity that brings in a lot of potential buyers.  If you under-price your home, buyers will wonder what’s wrong with it, and, if it sells, you’ll be leaving money on the table.
2. You have to pay to market and advertise your home.  When you sell your own house, you’ll spend money on marketing and advertising costs including for sale signs, online ads, print ads in newspapers and real estate magazines as well as the cost to be included in the MLS.  When you hire a Southeast Michigan real estate agent, they pay to market and advertise your home.
3. You are responsible for all the legal paperwork needed to sell your home.  This means you must know what paperwork is required by the state and how to fill it out correctly.  If you fail to do this properly, it can delay the sale or leave you open for a lawsuit down the line if something is wrong or missing.

If you determine that listing your home as a FSBO is not right for you right now, hire an experienced Southeast Michigan real estate agent to sell your home for you.  Although you’ll have to pay commission, it will save you time and effort (and maybe even money) in the long run.

If you’ve decided to hire a Southeast Michigan real estate agent in Oakland County, I’d be honored to be interviewed for the job.  Please give me a call me at 248-514-2640 or by email at info@NorthWoodwardHomes.com to schedule an interview.

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

There’s a lot of confusion surrounding southeast Michigan short sales, so I thought I’d answer some of the questions I’ve received from clients, owners of southeast Michigan real estate and blog readers.

Q:  What is a short sale?

A:  A short sale is when a lender agrees to accept less than what is owed on a home.  For example, you owe $300,000 on your home loan, but your lender will allow you to sell your home for $250,000.

Q:  Who makes up the difference between the short sale price and the amount owed?

A:  In the past, the owner of the home would receive a 1099 income statement at tax time.  The “forgiven amount” would then be counted as income subject to income tax.  This left homeowners in debt to the federal government for the tax owed on that amount.  Now, with the passing of the Mortgage Forgiveness Debt Relief Act and Debt Cancellation, the short fall on a primary residence is not counted as income.  This eases the financial hardship of those who are already struggling.

Q:  Does a short sale impact your credit the same way as a foreclosure?

A: No, the impact of a southeast Michigan short sale is milder on your credit than a foreclosure. Short Sales usually reduce your score by about 80 to 250 points and only stay on your record for around 5 years.  Compare that to foreclosures which reduce your score approximately 250 to 400 points and remains on your record for 10 years.

Q: How do I qualify for a southeast Michigan short sale on my home?

A:  Contact your lender as soon as you know you are in financial trouble.  Government programs, particularly the Home Affordable Foreclosure Alternatives (HAFA), are designed to make short sales more attractive to lenders by giving them incentives for allowing a short sale over a foreclosure.  However, if you allow your loan to become delinquent (more than 60 days), lenders are less likely to grant a short sale.

Q:  Can I sell my home as a FSBO and still qualify for a short sale?

A:  No.  Lenders rely on “broker opinion” as to what the home is worth at this time.  You need to hire a real estate professional that has experience with short sales.  Short sales take longer to close and properly handling the sale can make a difference in getting an offer accepted by your lender.

If you are facing the possibility of foreclosure, let me help you discover the options that are available to you. I’m a Certified Distressed Property Expert and an Attorney. You can reach me at 248-514-2640 or by email 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

Today’s turbulent southeast Michigan real estate market means the days of selling homes without any planning or preparation are a distant memory for most people. Don’t put all of your eggs in one basket, because there is tons of competition and buyers are not hunting southeast Michigan real estate in a hurry like they once were. To sell your house quickly, staging and well-thought-out marketing plans are now necessities — not luxuries.

Do you know how to best present your property? What are the most effective ways to get buyers in the door? Using the tips and techniques below, you can begin to emerge from your rabbit hole and quickly move on to your next home with as much money in your pocket as possible.

Selling techniques for Southeast Michigan homes:

• Price it Right – No amount of marketing or staging will help if your property is overpriced. For most people, it’s hard to look at their home objectively. Compare it to other southeast Michigan real estate properties for sale in your neighborhood, and take into account square footage, upgrades, location, and amenities, as well as, current market trends.
• Develop a Marketing Plan – You have to decide the best and most cost-effective way to get potential buyers in your house. Rarely is a newspaper ad or an Internet posting enough. Today’s competitive southeast Michigan real estate environment requires more aggressive techniques which includes everything from social media marketing to prompt follow-up chats with potentially interested buyers.
• Stage your Home – You want your home to appear its best every time a potential buyer comes to see it. If buyers see dirt and stains, they might begin to wonder about how diligently the rest of the property has been maintained. De-clutter and depersonalize. Turn on all your lights and open all the blinds to make your house appear as light and open as possible. For open houses, take the extra time to add fresh flowers, build a fire in the fireplace and have something baking in the oven.

Do you need egg-stra help preparing your southeast Michigan home for sale? I’d love to share my 30-Day Marketing Plan with you. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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