Lee Morof's Real Estate Blog

For the last few years, the news in the housing market has often been gloomy, but the tide is finally beginning to turn for buyers and sellers of North Woodward homes in Oakland County, Michigan! The Pulsenomics LLC survey of 100 economists points to modest gains in home prices starting in 2013 — and those gains will continue through 2016!

Improving Real Estate Market

While some prices are still slated to drop in 2012, those losses will likely mark the bottom of the trough.  The tumultuous times in the real estate industry are, according to most economists, behind us. Those tough times have left their mark, however. For instance, many former homeowners who have gone through foreclosure will find it difficult to return to homeownership because of the impact on their credit. This could cause overall homeownership rates to fall.

Opportunities for Buyers and Sellers

If you have been waiting for the right moment to sell your home, or buy your first or fifteenth home, the stabilization of the market is good news for you:

• Current owners of North Woodward homes looking to sell can benefit from a larger pool of home buyers.
• Home buyers can look to housing as a good investment again. They may have to contend with a more competitive market and bidding wars on properties though.

If you’d like to know the latest on the market for North Woodward homes in Oakland County, Michigan, 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

If you’ve recently gone through a foreclosure, you may already be wondering how soon you’ll be able to buy another North Woodward home in Oakland County Michigan. You enjoy the pride of homeownership, and you want to buy as soon as possible so that you can take advantage of the lower prices.

Here are answers to two commonly asked questions about buying a home after foreclosure:

How soon can we buy a home after a foreclosure?

Fannie Mae and Freddie Mac, the entities that would end up with the property if you default on a mortgage, impose the following waiting periods on conventional home loans, depending on the type of foreclosure you went through:

• Buying after a foreclosure: The waiting period is 5 to 7 years.
• Buying after a foreclosure with extenuating circumstances: The waiting period is 3 to 7 years.
• Buying after a deed-in-lieu of foreclosure: The waiting period is 4 to 7 years.
• Buying after a deed-in-lieu of foreclosure with extenuating circumstances: The waiting period is 2 to 7 years.

Fannie Mae and Freddie Mac frequently issues new guidelines. The above policies were in effect as of August 1, 2008. Waiting periods for FHA loans and VA loans are somewhat shorter than Fannie Mae’s waiting periods.

What can we do during that waiting period to prepare us for success when buying a North Woodward home?

When you go through a full foreclosure, expect your credit score to decline by 140 to 150 points. You’ll also have negative marks about the foreclosure on your credit report for as long as seven years, which makes it more difficult to buy a home. The number one thing you need to do to prepare to buy another home is to fix your finances:

• Reduce or pay off your debt.
• Pay every bill on time every time.
• Eliminate unnecessary monthly expenses.
• Dispute any mistakes on your credit report.
• Save for a future down payment.

If you’re in the market to buy one of the North Woodward homes for sale in Oakland County or would like more information about preparing to buy a home, I can help. Give me a call 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

You’ve decided you want to buy a North Woodward home in Oakland County, Michigan, but you’re not sure if you should buy a previously-owned home or a newly built home. Here are five reasons why buying a pre-owned North Woodward home might be right for you:

1. You want big trees – The cost of landscaping a newly built home can be exorbitant, especially if you want big trees immediately. When you buy a resale home, you get the benefit of bigger trees that have taken years (even decades or centuries) to sink deep roots and grow broad, shade-providing canopies.
2. You want an established neighborhood: Who wants to deal with the noise and dust until all the construction is completed? No one! What if all the homes don’t sell? You could end up living in a partially finished neighborhood without all the promised amenities. When you buy a pre-owned home, you know what you’re getting – just ask the neighbors and check the crime stats.
3. You don’t want to have to deal with a home builder. Not only do you have to deal with the builder while the home is being built, you’ll also be dealing with him or her for years afterwards. There are invariably things that need to be fixed, even after you move into your newly constructed home. If you decide to build a new home, hire a real estate agent to represent you before you begin the process of looking at home construction, and thoroughly research the builder before signing anything.
4. You don’t want to pick out everything: Most people think they want the opportunity to pick out all the light fixtures, flooring, countertops, and on and on, but the reality is that it’s very time consuming. It’s also hard work if you don’t enjoy or have a knack for decorating.
5. You want a definite move-in date: When you’re building a new home, there are invariably time delays. They can be caused by bad weather, slow supply delivery, overbooked subcontractors.  Unfortunately, you have no control over any of these.

Whether you’ve decided buying one of the pre-owned or new North Woodward Homes is right for you, 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