Lee Morof's Real Estate Blog

The Troy Michigan real estate industry is full of numbers and metrics that can influence your home for sale. Here are just a few you need to know before putting your house on the market:

1. Pricing – Is your Troy Michigan real estate worth more than you bought it for? Even now, it’s a possibility. Check the average sales prices for the homes in your area, neighborhood and street. You might be pleasantly surprised. Contact your local agent for the information.

2. DOM – Days on Market is the time period a home sits on the market before closing. Currently, the average days on market in almost any area are rather high, but the actual metric may change depending on the price of your home. If you’re faced with a timeline and have a set goal for the sale, the average days on market for your area is a number you need to know. Again, you can ask your local real estate agent.

3. List Pricing – The average list price tells you how much your competition is going for. If you’re trying to sell your house way above the average list price, it probably won’t leave the market.

4. Competition – How much competition do you really have? How many “For Sale” signs are up? The higher the inventory, the lower your chances of selling the home quickly.

Of all the numbers to know, these are at the top. As every agent knows, the best way to sell Troy Michigan homes is to do the research – and then hire a proven Troy Michigan real estate agent!

If you want to sell your home and need current information, I can help. Call me now 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

Many who have put their Troy Michigan real estate up for sale in the past year are still waiting to put that “Sold” sign in the yard.  If this is you, don’t panic! There’s still hope for closing the sale this year.

According to the National Association of REALTORS®, home sales have risen five months in a row. Great news for everyone currently in the real estate market. Why are they rising? A few reasons:

• Mortgage interest rates are at an all time low.
• Home prices are dropping to become more affordable.
• Buyers have a large selection to choose from, which encourages buyers that might otherwise have held out.
• First time buyers are rushing to buy before the $8,000 tax credit ends, which means closing the deal before November of this year.

Here are a few tips to help you get your Troy Michigan real estate sold before the year is up:

1. Pricing – The key for most homebuyers seems to be the price. In fact, lower priced homes are selling the fastest. Go over your pricing with your real estate agent. Discuss whether you can afford to drop your home price, and if so, by how much.
2. Valuation – A major reason for some of the sales falling through is because appraisals were performed by home appraisers outside of the area. Unfortunately, many of them appraised homes lower than the price the buyers and sellers had negotiated. Because of this, Freddie Mac and Fannie Mae push for appraisals to be done by home appraisers in the local area and appraisers who are more experienced with the local area’s housing trends and market. So, when it’s time to have your house evaluated, choose someone in your area, and ask that the buyer does the same.
3. Competition – Because there is so much competition, it’s always a good idea to take one last look at your home. Take your Troy Michigan real estate agent with you and go over the home with a fine-toothed comb. What can you do to up the value? What can you do to make it more appealing?

Lastly, don’t give up hope! You have a great house to sell and buyers are looking. Do your best, listen to your agent and stay relaxed.

If you’re ready to sell your home, 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

If you watch the real estate market, you probably know it’s finally showing a little bit of upswing, with national home sales going up by 2.4% in May.  While lower mortgage rates and more affordable home prices, along with an $8,000 tax credit for first time buyers, has made selling a Troy Michigan real estate home easier, you may still end up holding on to that house for quite awhile.  Instead of selling straight out, consider renting to own. 

Called a “rent-to-own” or “lease-option,” these deals normally require paying around 5% of the overall purchase price in up-front fees.  In addition, buyers are usually required to pay extra rent each month.  This is a win-win situation for both the buyer and the seller.

For you as the seller, you have regular rent that goes into your pocket, either to pay down the mortgage you still have on your home or to go toward your new home.  In addition, you keep the property profitable as well as get it off the over-stuffed Troy Michigan real estate market.

For the “rent-to-own” buyer, the additional rent payment knocks down the selling price.  Properly drafted, a lease option agreement can help buyers having trouble arranging financing or money for the down payment. 

Typically, lease agreements are written in 12 to 36 month increments.  If the buyer decides they don’t want to buy after all, you can:
   a) Put the house back on the market to sell straight out.
   b) Put it back on the market as a rent-to-own. 

This is also a plus for you, as you can have the contract state that you keep the deposit, as well as the extra rent they have paid.

Don’t think this is just for home sellers, either.  Many condominiums are offering the option as well.  Some developers are even offering to apply 100% of the rent toward the purchase of the condo.

There are some possible drawbacks to this option, but it is something to consider if you’re trying to sell your Troy Michigan real estate and can’t get it off the market. 

If you’d like to sell your home, I can help.  I specialize in solutions that get your home off the market fast and give you the most money in your pocket.  Call me now 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

Do you own Troy Michigan real estate?  Just when you think you’ve done everything you need to do to get your home ready for the market, months pass and your home doesn’t sell. Consider a few factors that can effect your goal of selling your home.

• Priced Too High –  If your home has an excessive asking price, it will be harder to sell. With so many Troy Michigan real estate properties available today, a big price tag may turn buyers off. And, your competition down the street may have the same home but a better price. Learn pricing tips for Troy Michigan Real Estate.  
• The Market – No longer can you simply put a home on the market and watch the offers roll in. Nowadays, you have to be diligent and knowledgeable in your approach. Research the market value of Troy Michigan real estate in your neighborhood and know what kind of competition you’re up against.  And, understand today’s buyers and what they need in order to make a good offer on a home.
• Unfavorable Location – No matter how gorgeous a home is a bad location can hurt sales. Although you can’t change the location, you can be creative in figuring out ways to appeal to buyers. Offer incentives to attract buyers or lower your asking price.
• The Appearance – Does your home need some work? If so, you want to attack those issues first before putting your home on the market. Things like dirty carpets and broken appliances can turn buyers off. Try staging your home. This will help to ensure your home dazzles potential buyers.
• You Didn’t Consult a Professional – Trying to sell a home yourself can be an extremely daunting task. That’s why you need a Troy Michigan real estate professional who knows the ins and outs of the industry and can market your home in the right way.

The good thing is that you can make changes that will improve the situation. Go over all the points listed and address any problems. Once that’s done, you’ll have a better chance of watching your home sell.

Let me give you a free analysis of your home’s value in today’s market.  Just click to: Find Out How You Can Sell Your Home for the MAX.  

Have questions or are ready to sell your home?  I can help!  Give me a call at 248-514-2640 or email info@NorthWoodwardHomes.com now.

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

The biggest barriers to selling your Troy Michigan real estate are often those you create yourself such as:

1. Wanting a quick sale.
2. Not knowing how to price your home correctly.
3. Not knowing how to present your house to its best advantage.

When you first begin to think about selling your home it seems easy. Put a sign on the lawn and list it. Once the shine wears off of the desire to do it all yourself, you might need some tips to help sell your home: 

Clean It Up

That’s the first and foremost advice. Nothing deters a Troy Michigan real estate sale faster than a messy house. Living in your home while trying to sell it makes it difficult to keep it clean, but if you’re serious about wanting to sell your home, it’s worth the extra effort.  You may want to learn how to clean your home fast for those times when a buyer calls and wants to see your home in 15 minutes or less.

Take Good Pictures

Where do you think people search first for homes for sale?  Online!  Newspapers used to be the first place people looked for homes.  But now, approximately 80% of all home buyers look online before searching anywhere else. 

Due to cost and space limitations, newspapers usually display only one photo of the front view of the home.  On the internet, where space is abundant, buyers expect to see lots of exterior and interior pictures, in fact, the more the better. If you aren’t experienced at getting good room photos that show off your Troy Michigan real estate home to its best advantage, hire a photographer or a real estate agent who can do it for you.

Hold an Open House

Or several. Selling your home takes time. If you are busy and can’t fit opening your home up to viewers into your schedule, you may want to list your home with one of the Troy Michigan real estate agents who can do it for you. It’s better to leave your home in the hands of a professional real estate agent so you aren’t tempted to hover over buyers as they walk through. Hanging around discourages buyers from talking to each other about the qualities of your home and from taking the time to view and consider the true potential of your home.

Want to learn more about how to stage your home for a successful sale?  I’m prepared to send your FREE book, “Staging Tips to Prepare Your Home for Market.” There are absolutely no strings attached!

There are pitfalls you can get tripped up on when selling your Troy Michigan real estate. If you’d like to work with one of the Troy Michigan real estate agents who can help you maneuver around those pitfalls, send me an email now at info@NorthWoodwardHomes.com or give me a call today at 248-514-2640.

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

I am a RE/MAX Associate Broker/Attorney selling homes in the North Woodward Area of Oakland County in Southeast Michigan. Unfortunatley, our market has been declining over the last several years. Approximately nine months ago, I had a listing appointment with a couple in Troy, Michigan who needed to sell their home due to a relocation. I provided them with the then current comparable sales and listing data which they found disappointing as most sellers do in a declining market. I did not agree to list their home at the top of the market as they insisted and they found another Realtor who did. I have kept track of the status of the home on the Multiple Listing Service and now, nine months later, it has still not sold. In fact, it is now listed at a price below that which I think I could have sold the home nine months ago. I have learned that in a declining market, what few buyers there are look at and buy homes between the bottom and middle of the market because, understandably, they want the best deal.  So, when the top of the market seller decides to lower his or her price downward they find themselves CHASING the top of a declining market. Unfortunately for them, they end up losing more money in the long run. In the case of the Troy Michigan real estate sellers, I felt that they needed to price their home at $359.000. The high bidding Realtor listed them at $375,000. In the nine months that have followed, they have adjusted the price to $364,900, $359,000 and now it is priced at $350,000. Of course, they have continued to pay for utilities, taxes, insurance and to maintain the home. By my calculations, I could have saved them about $20,000 had they listened.

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