Lee Morof's Real Estate Blog

Who knows your home and your neighborhood better than you do? No one! So help your Bloomfield Hills real estate agent market your property by providing him or her detailed information about your home and your neighborhood. Give your agent:

• A schedule of your home’s maintenance – Provide a list of your home’s maintenance schedule including when you did landscaping, pest control, window washing and furnace inspections. This helps potential buyers feel good about the upkeep and maintenance of the property.
• A history of renovations and upgrades – Buyers want to know what is original to the home and what you’ve added on. Put together a folder that contains the renovations you’ve made, why you chose to do them, any building permits you obtained and the contractors you used.
• A map of the area marked with schools, parks and points of interest – Think about the different lifestyles of the people who might purchase your home and try to appeal to multiple types.
• A list of great local establishments – When you’re new to a neighborhood, you never know where to go for good food or affordable dry cleaning. Make buyers feel immediately at home by putting together a list of your favorite local vendors and restaurants.
• A description of the neighborhood — and make it positive – Highlight how often HOA meetings are held, what cul-de-sac the children play in and which neighbors usually host the annual block party. Reading positive information on the neighborhood will help a buyer build an affinity for your home.

By providing these documents, you’ll help your Bloomfield Hills real estate agent create an identity for your home that will hopefully have an emotional effect on buyers and quickly make them feel at home.

If you’re looking for one of the best Bloomfield Hills real estate agents to market and sell your home, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I’ll show you my proven 30-Day Marketing Plan that gets homes sold fast.

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

Fall may not always be the most ideal time to put your Bloomfield Hills real estate on the market, but that doesn’t mean that your sale has to suffer. Instead, use the season to your advantage when marketing your house for sale by keeping it looking its best. Here are a few tips for selling your property this fall.

1. Spruce up your curb appeal with fall colors and themes. You want your house to appear festive and inviting without adding excess clutter or anything overly personal. For instance, this may not be the year to break out the over-the-top Halloween decorations — maybe limit it to just one or two porch pumpkins.
2. Maintain the exterior. As grass starts to require less frequent mowing, don’t forget about other outdoor maintenance. Power wash siding, repaint the mailbox and keep up with the yard work, such as raking all of those fall leaves.
3. Keep in mind fall buyers may be looking for bargains. Many buyers assume that fall and winter sellers are distressed or in a hurry to unload their Bloomfield Hills real estate. Don’t be offended if you get a few lowball offers. Make a counter offer that you think is reasonable and see how the deal plays out.
4. Replace online photos to reflect the season. Buyers are able to calculate how long your home has been on the market, if all of the photos show your property in early spring when it’s now autumn. Have your agent update the listing to keep it looking current.
5. Update your house now. Many contractors offer seasonal discounts as the traditional construction season winds down. It may be the perfect time to redo the siding, update the air conditioner or replace the roof.
6. Bake something seasonal. Nothing helps a buyer cozy up to a house like the smell of fresh baked cinnamon cookies or an apple pie. Don’t just take advantage of the look of the season, play up its smells too!

If you would like more seasonal tips to help sell your Bloomfield Hills real estate, 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

There are many ominous superstitions associated with Friday the 13th. From black cats to broken mirrors, bad luck can stem from almost anywhere and many sellers like to blame it for their Bloomfield Hills real estate sitting on the market for too many months.

Without casting a single spell, you can banish bad luck this month and sell your Bloomfield Hills real estate fast by ensuring you’ve fixed all the pesky problems that inspectors focus on. Below is a list of problems to address to help you turn your bad luck to good.

• Electric shock – Faulty wiring, which is especially common in older houses, might spook some inspectors into suggesting that the entire electrical system needs to be replaced. Have your wiring checked and update what you can before putting your house on the market.
• Structural damage – While damage can be minor and not of immediate concern, you can be sure the inspector will point out potential long-term issues. Repair problems early, so that prospective buyers will feel at ease knowing you’ve taken the necessary precautions.
• Water and air infiltration – This is probably the easiest and most inexpensive way to avoid scaring off a buyer. Just replace the caulking around windows and doors.
• Hazards to health – If you live in an older house that contains asbestos or lead-based paint, before you put your house on the market, determine if these are a direct health hazard. If so, check with your insurance provider to see if any of the renovation costs will be covered.

Be proactive and banish bad sales luck this Friday the 13th. Fix the little issues that spook Bloomfield Hills real estate property inspectors. You’ll sell your house quickly and take good luck with you to your new Bloomfield Hills home. If you could use more information on problems inspectors love to hate, please call 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 www.NorthWoodwardHomes.com

Should you be marketing to first-time home buyers in order to sell your Bloomfield Hills real estate? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has a wealth of information on first-time home buyers and will help you figure out if you should market to this large and important group of buyers.

Here are the stats (courtesy of AgBeat.com) you need to know about first-time home buyers before selling your Bloomfield Hills real estate:

• Long-term survey averages show that 4 out of 10 buyers are typically first-time buyers. This segment is critical to a housing recovery because they help existing home owners sell and make a trade.
• The median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study.
• The typical first-time buyer purchased a 1,570 square foot home costing $155,000.
• First-time buyers who financed their purchase used a variety of resources for the down payment: 79 percent tapped into savings; 26 percent received a gift from a friend or relative, typically from their parents; and 7 percent received a loan from a relative or friend. Nine percent sold stocks or bonds and 8 percent tapped into a 401(k) fund.

Ninety-four percent of entry-level buyers chose a fixed-rate mortgage. Fifty-four percent of first-time buyers financed with a low-down payment FHA mortgage, and 6 percent used the VA loan program which requires no down payment.

What this Information Means to You

If you’re selling an existing, entry-level home, you’ll most likely be selling to a first-time home buyer with a median age of 31 and a median income of $62,400. First-time home buyers are most likely to get a fixed-rate, FHA mortgage. Gear your marketing toward that buyer to have more success.

If you’re ready to sell your Bloomfield Hills real estate, whether it appeals to first-time buyers or other types of buyers, I’ll market it to get it sold as quickly and for as much as possible. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

Sellers are quick to blame their Bloomfield Hills real estate agents if their homes are slow to sell, but that can be an unfair assumption.  Here are four reasons for a slow sale that have nothing to do with your Bloomfield Hills real estate agent:

Reason #1:  Your neighborhood has seen better days.
There are many signs that a neighborhood is in decline. Examine yours to determine if this could be one of the reasons why your home isn’t selling. Here are a few signs to look out for: local businesses going out of business, schools deteriorating, major traffic jams or a multitude of foreclosures or short sales. What can you do to get your home sold if your neighborhood is in decline? Work with your Bloomfield Hills real estate agent to set the price of your home based on the neighborhood’s current market value.

Reason #2:  Your home is located in an area of high unemployment.
When businesses close or down-size, it impacts more than those who have lost their jobs; it effects the value of homes in the area as well.  It also makes it difficult to attract buyers to the area because most people want to live where there are more employment opportunities.

Reason #3:  You have an unrealistic idea of what your home is worth.
Regardless of what you might think, a Bloomfield Hills real estate agent is not going to price your home at bottom dollar just to get a sale.  This type of strategy doesn’t help anyone including your agent.   Do your homework on what comparable homes in your neighborhood are selling for, and listen to your agent’s pricing advice – you’re paying for his or her expertise!

Reason #4:  We are in a recession and banks are less willing to lend.
Banks have much tighter lending requirements and people have less money to spend.  That means buyers must have higher credit scores and larger down payments to qualify for a home loan.

The fact is that in the current market homes take longer to sell.  So, before you decide to replace your agent, be fair in assessing their job performance. And, don’t blame your Bloomfield Hills real estate agent for the slow market.

Thinking of selling your Bloomfield Hills home? I’d be happy to do a free comparative analysis of the current value of your home. Give me a call today at 248-514-2640 or send me an 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

Here are five tips to help you identify the best Bloomfield Hills real estate agent to get your home sold as fast as possible and for the most money.

1. Hire a full-time Bloomfield Hills real estate agent.  Part-time agents typically have less experience and fewer sold properties under their belts than full-time agents.  Because part-time agents usually have another job, they don’t have as much time to take care of your needs and market and show your home to potential buyers.  Full-time agents have bigger networks they can enlist to help find a buyer for your home.
2. Find a skilled negotiator.  A seasoned Bloomfield Hills real estate agent understands the psychological nature of selling a home.  They advise you during the contract negotiations to ensure you get the best deal while alleviating your stress.
3. Pick an aggressive marketer.  Without a well-implemented, far-reaching marketing program, your house will sit on the market these days.  You want an agent who promotes your home both online and offline, in order to reach the greatest number of potential buyers.  Simply having your home listed on Realtor.com is no longer enough of an online presence.  You want your home showcased on multiple websites with a lot of professional photos and, ideally, a video tour.
4. Choose an agent who knows your neighborhood.  Each neighborhood has different pros and cons which must be promoted or overcome by the agent.  An effective agent knows how to price your property because they know the local competition, which homes that have closed recently are similar to yours and how much they’ve sold for.
5. Ask for home staging services.  Home staging is no longer a “nice to have;” it’s now a “must have,” if you want to sell your home for the most money in the least amount of time.  Many Bloomfield Hills real estate agents are now professional stagers or have a home stager on their teams.

Choosing a powerful listing agent is your first step toward a successful home sale.

If you’d like to work with an agent who is a skilled negotiator, an aggressive marketer and works full time, 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

As houses continue to sit on the market without the slightest sign of interested buyers, sellers are lowering prices and pouring more money into upgrades and remodels. While these updates might help increase sales, you could achieve the same results with your Bloomfield Hills home by spending less cash and adding more green.

With the growing demand for green features, buyers like the idea of purchasing a house that already contains a few eco-conscious elements. From environmentally sound materials to energy efficient windows and doors, just adding one green upgrade could be the ticket to spark interest and sell your Bloomfield Hills home.

6 eco-features buyers love:

1. Water-saving appliances – Install low-flow toilets and aerators on showers to reduce your water usage and see a surprising reduction in your bills.
2. High-efficiency filters and air purifiers – Remove even the smallest dust particles and kill bacteria that could be floating throughout your house.
3. Paving stones – Use paving stones for your driveway in place of concrete. It looks quaint and allows rainwater to seep into the ground, instead of flooding the storm water system.
4. A sealed garage – Properly seal your garage to ensure poisonous fumes and outdoor contaminates don’t accidentally seep into your living areas.
5. Solar power – Decrease your energy bill by incorporating these sun soakers into your grid. Just make sure they’re positioned discretely, so they don’t become an eyesore.
6. Efficient windows – Help regulate your home’s temperature by limiting air leakage.

If you don’t have the cash to turn your house completely green, just update one or two features and be sure to highlight them when marketing your home. By providing your potential buyer with energy savings, you may also save yourself time and money when your home sells faster and for more money.

Don’t endure another day of waiting for someone to buy your Bloomfield Hills home. With the right updates and my 30-Day Marketing Plan, I can help you turn your house green and cash in on your pot of gold.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

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

There was a time when Bloomfield Hills real estate was ruled by the phrase “buyer beware.” This meant the seller did not have to share any information about defects in the home. Today, however, more than two-thirds of all states in the U.S. require some form of seller disclosure. This means that sellers are required to share certain information with potential buyers. What do you have to share when selling your Bloomfield Hills real estate?

1) Lead-based paint. For all homes built before 1978, a disclosure is required. This gives the buyer 10 days to have the home inspected for lead-based paint. Some real estate brokers require this disclosure for all homes because lead-based paint is still sold in some places.

2) Material facts. Material facts are items which may affect a buyer’s decision to purchase a property. What material facts are required varies from state to state, so talk to your Bloomfield Hills real estate agent about the laws for your state. Material facts can include any of the following:

• Death in the home. Some states require sellers to disclose if anyone died in the home. Buyers may be uncomfortable buying a home in which someone has died.
• External issues. You may need to disclose issues that could affect the property, like earthquakes, zoning changes, flood zones and pollution.
• Foundation problems. Damaged slabs and accompanying moisture problems may need to be shared with the buyers.
• Repairs. You don’t have to disclose every repair you’ve made to your home, especially since a repair means the problem has been taken care of. However, you can let buyers know when you had a new roof put on or the air conditioner replaced.

Don’t go through the process of selling your home on your own. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information about what you have to disclose when selling your home.

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

Trying to sell your Bloomfield Hills real estate in a slow market can be frustrating. You may find that it takes longer to sell and you can’t get as much money as you could during a booming market. However, you can’t believe all the hype about a sluggish real estate market. Do your research and separate the facts from the fiction. 

Here are 3 myths and the facts behind the fiction:

1. You won’t get a decent price. Your Bloomfield Hills real estate will sell for whatever a buyer is willing to pay. A comparative market analysis shows you what other buyers spent on property like yours. Of course, if you bought your home when values were up, you may not get the return on your investment you’d hoped for. However, most sellers get a fair price and even make a profit in a slow market.

2. Your Bloomfield Hills real estate will stay on the market too long. While it’s true that real estate tends to take longer to sell during a slow market, it’s not impossible to sell. People still buy in slower markets. If your home is priced right, prepared for sale and marketed professionally, it will sell.

3. Buyers only want foreclosures and short sales. The truth is that buyers want good deals, and this can be in the form of money or time. The price of a foreclosure or short sale  may certainly be attractive, but they can take a considerable amount of time to close while the banks negotiate their terms. Paying slightly more for a traditional sale is sometimes well worth the time they can save.

Using my proven marketing plan, I can help you sell your home whether it’s a slow market or a booming market. Call me 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

It happens to everyone at some point. You walk away from the closing table wondering if you made the biggest mistake of your life. Did you sell your Bloomfield Hills home for less than it was worth? Will you be able to create new memories in your new home? This is called seller’s remorse. 

Here are some tips to prepare for it and survive it:

• Seller’s remorse is a fear, and you should deal with it just like you would any other fear.  Talk about it with your friends, family, and real estate agent. They can listen to you and reassure you that you made the right decision.
• Remind yourself of the facts. Facts are the opposite of fear, and they will help take your focus off your fears. If you are moving because of a job relocation, you had to sell your home. If you had to sell your home because you couldn’t afford it, whatever you got for the home is better than ruining your credit.
• Find out what other Bloomfield Hills homes are selling for. Look through the classifieds. Drive around town. Ask your real estate agent.  When you see what other homes have sold for, you can rest assured that you got a good price. Remember to look at the sale price instead of the asking price.
• Treasure your memories. The memories go with you when you leave; they are not confined to four walls and a roof.
• Look to the future.  Now, it’s time to start a new chapter in your life and make fresh memories in your new home.  Enjoy this new turn your life is taking.  Look back fondly, but embrace your new path.

Let me help you get top dollar for your Bloomfield Hills home so you can avoid seller’s remorse. Call me 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