Lee Morof's Real Estate Blog

You’re searching for Royal Oak Michigan homes for sale and come across a house that looks like just the right fit. However, when you go to the showing, the fourth bedroom ends up being a glorified closet and the “new” deck was built five years ago. While sellers might fool one buyer into falling in love with their property, these misleading facts will probably infuriate most buyers.

If sellers fudge the figures about their Royal Oak Michigan homes for sale, buyers wonder what other shenanigans they’ll try to pull when it comes time to close. So, as a seller, be honest about your property’s features, and you’ll sell it faster and with fewer hassles.

• Advertise with accurate images. Don’t mislead buyers with skewed photographs of your home or stretched shots. Making the kitchen look longer or the backyard wider just turns your property into a disappointment when house shoppers come to see it in person.
• Mention the bad along with the good. If your house has any major issues, don’t try to hide them. You’ll just be setting yourself up for failure.
• Leave the buyer alone. Don’t feel that you have to give a personal tour to buyers so that you can highlight all the positive features; that’s why the real estate agent is there. Also, refrain from stalking them around the house during a showing. They want to be able to talk amongst themselves about what they like and what they want to rip out.

Be honest and give buyers room to make their own decisions. When looking at Royal Oak Michigan homes for sale, a buyer is more likely to find the right fit and place an offer if all the cards are on the table.

If you are thinking about selling and want to market your real estate right, 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  
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com

If you’re getting ready to put your Royal Oak Michigan home up for sale, it’s time to make all those repairs that have been simmering on the back burner.  When buyers come looking, they want things in tip-top shape, otherwise they think you have not been taking care of the property.

Here are your ten must-do repairs before putting your Royal Oak Michigan home up for sale:

1. Repair the roof.  Maintaining a sound roof literally tops the list of crucial home repairs. Replace missing shingles and fix damaged shingles.
2. Clean, clear and caulk gutters.  When the weather is dry, get on a ladder and clean out all the leaves and debris from the gutters.  Check their condition, repair any loose sections and caulk around the end caps.
3. Fix sagging screen doors and other front-of-the-home problems.  This is what a buyer sees first, therefore, these are must-do repairs.  Approach your home as a potential buyer and see it from his or her eyes. Fix everything that looks shabby.
4. Patch nail holes.  Walk through all the rooms, and fill in all nail holes with lightweight putty.  Wait for it to dry, and then paint the walls.
5. Eliminate odors.  The last things buyers want to smell are mold, a cat box and smoke in the house.  Using scented candles and plug-in room fresheners just smells of cover-up.  Deep clean bathrooms with bleach.  Wash walls with ammonia-type cleaners.  Paint with a Kilz primer to seal cigarette smoke in and on walls.  Then cover with a fresh coat of paint.
6. Repair or replace damaged flooring.  If you have vinyl flooring, check for holes, tears and discoloring.  Get a professional to replace flooring, if necessary.
7. Reseal the toilet.  If the toilet rocks when you sit down on it, the seal needs to be replaced.  You do not have to call in a professional to do this; just make sure you have a friend handy who can help you lift it.
8. Stop faucet drips.  Dripping faucets are easy to repair.  Turn off the water under the sink. (While under there, look for any moisture problems.)  Dismantle the hot and cold handles, take them to the hardware store and buy new parts.  Reassemble at home and turn the water back on.
9. Renew dinged baseboards.  Clean them to remove scrapes and smudges from pets and children’s toys.  Fill in dents, sand smooth and repaint.
10. Fill in cabinet scratches.  Old English scratch cover or a scratch stick work wonders here.

If you’re ready to put your Royal Oak Michigan home up for sale, I can help. 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
www.NorthWoodwardHomes.com

Halloween is a fun and exciting time, especially for children. To ensure youngsters and your Royal Oak Michigan home for sale make it safely through the festivities this year, follow these Halloween safety tips:

1. Eliminate trip hazards. Remove bikes, toys and garden hoses from your Royal Oak Michigan home for sale front yard and porch. Sweep and rake leaves.
2. Replace burned out lights. Trick-or-treaters have a hard enough time seeing through their masks; don’t increase the danger by keeping them in the dark.
3. Restrain pets. You don’t want your pet to jump on a trick-or-treater, or even worse, bite someone.
4. Use a flashlight or glow stick to illuminate your carved pumpkin. Lit candles are dangerous, especially around small children or crowds of people.
5. Practice candle safety in your Royal Oak Michigan home for sale. Keep indoor jack-o-lanterns with lit candles, and any decorations with open flames, away from curtains and other furnishings that can easily ignite.
6. Apply makeup as a mask. A loose-fitting mask might restrict breathing or make it difficult to see. Instead, draw on a mask using makeup. If a mask is used, make sure it fits securely and has large eyeholes so the child can see.
7. Choose flame-resistant costumes. Many Royal Oak Michigan homes use lit candles as part of their exterior Halloween decorations. A child’s costume could accidentally brush against the flame. Purchase costumes with flame-resistant labels. If a costume is homemade, spray it with a non-toxic fire retardant.
8. Add a few strips of reflective tape to costumes and treat bags. This helps drivers see the children. It’s also helps to have trick-or-treaters carry flashlights – both to see and be seen.
9. Limit where children go. They should only knock on the doors of homes with a porch light on. Instruct them to never enter a home or a car for a treat. Teach them to stick to well-lit streets, stay on sidewalks and never cut across yards, use alleys or dash between parked cars.

Wishing you and your loved ones a fun and safe Halloween!

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

You know it’s a buyer’s market.  But you really need to sell your home now.  Here are 6 tips to get Royal Oak Michigan homes for sale sold, even in today’s real estate market:

1. Price your home competitively from the start.  Ask your agent to find out what similar homes in your neighborhood sold for in the last 6 months.  Don’t bother looking at pricing prior to that.  And don’t base your decision on listing prices.  A lot of homeowners price their Royal Oak Michigan homes for sale high to start with, but end up drastically reducing the price in order to get them sold.

2. Offer incentives.  There are a lot of similar properties on the market, so in addition to competitively pricing your home, you should consider including incentives.  You could offer a home warranty, to pay part of the closing costs or to leave the big screen television that fits perfectly over your fireplace.

3. Pick the right agent. Look for local agents who are listing, marketing, and selling in your neighborhood even though the market is slow. Interview several of them and ask what price they recommend and how they’ll market your property.

4. Get your home in tip-top shape.  You cannot afford to let anything slip through the cracks… literally.  If you have cracks in your driveway, walls or foundation, get them fixed before you put your home up for sale.  Make your home shine.

5. Be flexible on the deposit.  In a slow market, you may need to settle for a smaller deposit than you’d typically require.  If the buyer is pre-approved for a loan and no other offers are on the table, reducing the deposit may convince the buyer to make an offer.

6. Negotiate.  Buyers can and will be demanding in today’s real estate market.  Prepare yourself for some tough negotiating.  Make sure you’re working with an agent who excels at negotiating, and then let her do her job.

Want to work with a local agent who is an expert negotiator and knows how to get Royal Oak Michigan homes for sale sold in this buyer’s market?  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 dealing with a purchase contract for your Royal Oak Michigan home for sale, you need to look in the actual print for a few things before you sign on the dotted line. Your real estate agent and/or lawyer will be able to point out glaring deficiencies, inconsistencies or other things not in your best interest. However, the more you know about the purchase contract yourself, the better chances you have of getting a good deal on your Royal Oak Michigan home for sale.

Here are four points to ponder in your purchase contract:

Closing Date
Sometimes a buyer may want to wait a month or two before taking over the title. You want to check the closing date against your own schedule and make sure it’s acceptable. Don’t be inflexible.  In this highly competitive real estate market, be willing to negotiate on the closing date – unless, of course, you don’t have a choice.

Remaining Property
Contracts range in terms of what fixtures and personal property will remain with the home. In a few cases, the contract entitles the buyer to everything on the property. In other cases, the contract entitles them to nothing more than attached (ceiling) light fixtures and electrical socket covers. Carefully read over what the buyer expects to remain with the home and make sure you agree.

Contingencies
The factors a buyer may want in place before the contract is finalized may be more than you’re willing to deal with. For example, the buyer may want an inspection before signing, or they may want to sell their own home. They may want the contract reviewed by their lawyer or they may still be waiting for their mortgage to be approved. 

The problem with contingencies is they can drag on much longer than you expect them to. To be safe – even if you’re okay with the contingencies – set a time limit for them to be accomplished. This way, your sale won’t drag on forever without ever closing.

Expiration Date
Finally, pay attention to the expiration date of the contract. You may have eight hours or eight days to accept, reject or counter the contract. Pay attention to how long you have to consider the offer for your Royal Oak Michigan home for sale.

If you’re trying to sell your home and need a knowledge agent on your side, I can help. 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

It’s time for some tough love, here. Your home doesn’t fit in with other Royal Oak Michigan homes for sale. It doesn’t play well with others. When you put it on the market, you priced it more than 8% higher than the other Royal Oak Michigan homes for sale. Frankly, it’s a market bully.

Look, I understand that you want to make the most out of your investment. Maybe you’ve done some serious remodeling that you feel warrants the price hike. I’m not putting any of that down, but I’d be doing you a disservice if I let you ignore the facts.

• There is no longer a federal tax credit to entice buyers and get them interested.
• Your house is competing with several foreclosures – many of which are priced as low as the lender can handle.
• The longer your house sits on the market, waiting for a buyer, the harder it will be to actually attract a buyer.
• There is a very little incentive for buyers to go out and buy now, especially higher priced homes.
• Mortgage rates are low, but lender qualifications are much tighter now.

Any seller hitting the market in today’s economy has two choices: wait or cut your losses. They aren’t pretty choices, but life is seldom convenient, no matter what commercials say.

If selling your home isn’t an absolute necessity, consider the fact that it might serve you better to hang in there. If you don’t have a compelling reason to put it on the chopping block, don’t.

If you must sell your house, don’t let it be a market bully. Price it according to the local market, not the price of a home across the country.  In this case, you want your house to be part of the “in” crowd.  Listen to your real estate agent’s advice and use the data he or she provides in the Comparative Market Analysis to set the best price.

With the way the economy is now, you can bet that owners of competing Royal Oak Michigan homes for sale are serious about selling.  The competition is tough, so, when pricing, be kind to your home and price it low enough to sell.

If you’re ready to sell your home, I can help get it sold. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for information.

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

If you’re a homeowner who is unable to refinance to a lower interest rate because your Royal Oak Michigan home’s value has decreased, there’s hope.

A program called the Home Affordable Refinance Program (HARP) has been extended for another year.  This program, intended to help borrowers whose homes have fallen in value, was due to expire as of June, 2010.  Fortunately, HARP has been extended and will now stay in effect through June 30, 2011.

How does HARP help?

The program allows qualified borrowers who owe more than their homes are worth to refinance at lower interest rates.  It’s projected to help 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac.

If you’re a Royal Oak Michigan home owner whose mortgage interest rate is significantly higher than the current market rate, you could see an immediate reduction in your payments.  However, some homeowners may not see their interest payments go down if they refinance to a fixed rate and payment.  Those include homeowners who are:

• paying interest only
• have a low introductory rate that will increase in the future
• face a balloon payment

If you are one of these homeowners, you should still consider refinancing because it could save you a great deal of money by reducing the amount of interest you pay over the life of your mortgage. 

Who qualifies for HARP?

You may qualify if:

• You own and live in your home.
• The loan on your home is owned or guaranteed by Fannie Mae or Freddie Mac.
• When you apply, you are current on your mortgage payments.
• The amount you owe on your mortgage does not exceed 125% of the current market value of your property.
• You’re able to pay the new mortgage payments.
• The refinance improves your ability to pay your mortgage long term.

If you have questions about HARP or any other questions about Royal Oak Michigan homes for sale, please 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

New Years is just around the corner, and for many with Royal Oak Michigan homes for sale, it’s the perfect time to make some resolutions. Let’s be expansive, though, shall we? Don’t say, “I will sell my house by April.” We can be more specific than that. Here’s a short list of resolutions that might help you take that home off the sales shelf:

1. Resolve to look over the competition. Not just one or two of the Royal Oak Michigan homes for sale, but ten or eleven. Look at them with the buyer’s mindset. What selling points do they have? What negative points do they have? Your goal should be to outshine the competition. You can’t do that if you don’t know what the competition is.

2. Resolve to do a little home improvement. These don’t have to be big projects. Your project could be as simple as adding a few bushes for better curb appeal. You don’t have to spend a lot of money or a huge amount of time for the home improvement to count. What you do have to do, however, is make the improvement count. In other words, don’t forget to walk buyers past whatever you’ve decided to do, or tell your real estate agent about it.

3. Resolve to check with your agent about the state of your home. Not when they think it will sell, but what you can do to up the value. Remember, “value” is a relative term. Upping the value for buyers may be as simple as cutting $5,000 off your price.

4. Resolve to be calm if a buyer suggests a lower price than you want. Consider the options fully – don’t just snap his or her nose off. Can you afford to let the house go at the offered price? If you can and still want to say no, think about it… how long did it take to get this potential buyer? Can you afford to wait longer?

If you have one of the Royal Oak Michigan homes for sale, keep in mind that it’s just one of the homes for sale. You have an amazing amount of competition; not just here, but around the nation. Take a chance to do something a little different. Your New Years may turn out to be even happier than you expected!

If you’re looking for unique ways 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

Oh, the dreaded/happy DOM question. “How long has this house been up for sale?” If it’s your Royal Oak Michigan home for sale we’re talking about, you’re probably wondering about the split “dreaded/happy” bit. For that matter, whether you’re a buyer or a seller, you’re probably asking, “what the heck is ‘DOM’?”

Days On Market
“DOM” is the shortened industry term for Days on Market, used by the multiple listing services (MLS). It’s exactly what it sounds like: the number of days your Royal Oak Michigan home for sale has been on the market. This metric covers the time it actually goes on sale to the time the deal is closed.

Why Is DOM Important?
Remember the “dreaded/happy” part at the beginning of this article? As a buyer’s agent, I might gleefully answer, “Fifty days.” I say “gleefully”, because a house that has sat on the market for a long time is a good thing for my client. The seller is probably more eager to sell than a month before, and is most likely willing to work a deal. An eager seller makes a happy buyer in most cases.

On the other hand, as a seller’s agent, I might not be so happy about it, and for the same reason. My seller is now an eager seller. I want to get the best deal for my client, but I know the buyer has the upper hand. It is then up to me to help my client get the home sold without giving away the barn, the pool, the tool shed and the tools.

Already, you may be beginning to understand how the Days on Market metric can affect the sale of your home.

The problem with the DOM metric is that it causes buyers and agents to build false assumptions. If a home has been on the market for an above-average length of time, we start to wonder, “What’s the matter with that listing?” Even though I know there are other reasons for a home to go static and not sell, many people automatically think there’s something wrong.

Although you can’t force a house to sell, you do have control over some of the reasons for an extended DOM metric:

• The home may be overpriced – Nothing is wrong with the property itself; it’s just priced too high.
• Testing the market – Although it’s a big mistake and agents will tell you so, some sellers test the market by throwing a high price on a home they don’t care if they sell – just to see if somebody is foolish enough to take it.
• Sticking to your guns – Often, sellers get fixed on a price and won’t budge, come hell or high water. They figure they can wait around until the market can meet their price, not the other way around.
• Renovations – Sometimes, a home will go on the market in the middle of renovations. The sellers aren’t ready to let the home be seen, so it just sits there.
• Availability – A growing problem is the lack of access to Royal Michigan homes for sale.  Sadly, agents and FSBOs alike seem to be unavailable when a buyer wants to view the home. Obviously, no viewing means no sale.

Don’t let your DOM get high because of simple mistakes. If you’re serious about selling your home, remember the five reasons above and make sure you aren’t doing them.

If you’re ready to sell your home with a professional who understands how to keep the DOM to a minimum, 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

What is home staging and how will it help you sell your home?  Staging Royal Oak Michigan homes for sale is, quite literally, setting the stage for buyers.  You want the home to look good, you want it to have the right atmosphere to attract buyers, and you want the first impression to blow them away.

Staging a home can mean sprucing up the paint job, eliminating clutter, moving furniture around – practically anything that makes your home look better to the buyer is staging.  Whether you decide to do it yourself or hire a home staging professional, it can, and will, help you sell your home. 

Here are a few pointers on how to stage your home and how each suggestion can help sell your home faster or for more money:

1)  Style – Although the decorating styles of Royal Oak Michigan homes for sale range widely, you want to make sure your home doesn’t have too much of a good thing.  Too much decorating style overwhelms the potential buyers’ senses and doesn’t allow them to imagine adding their own personality to the home.  Try to look at your home from a buyer’s point of view and design it to sell.  

How it helps: Furnished homes with just a hint of style help buyers see possibilities they can bring to the home such as a different wall color, new curtains or hardwood floors versus carpeting.  The easier you make it for the buyers to see themselves living in the home, the better chance it has of selling.

2)  Clutter – In real estate terms, “clutter” is any personal touch that makes it obviously yours.  Remember, you’re trying to sell your home, not show people what a great decorator you are.  Before you start with open houses, pack up all your personal pictures, knick-knacks and bric-a-brac.

How it helps:  Removing your personal clutter lets potential buyers see it as their own.  No matter how much you love the items, leaving personal touches is, invariably, a turnoff to the buyer.  It makes it darn near impossible to see the house as anything but yours. 

3)  Cook – Before an open house, start baking chocolate chip cookies or an apple pie – something that smells good to most people.

How it helps:  Royal Oak Michigan homes for sale should feel, well, homey.  Anything they can see, smell, touch or feel should be set up for maximum selling affect.  Baking smells are an excellent touch. 

Home staging will help get your home ready to sell, and set you well on your way.  If you need help staging and selling your home, I’ll send you a FREE book, “Staging Tips to Prepare Your Home for Market.” If you want more information about how I can market your home to sell for top dollar, contact me at 248-514-2640 today.

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