Archive for Michigan Real Estate Predictions

2010 Trends for Home Building and Bloomfield Hills Real Estate

Posted in Bloomfield Hills Real Estate,Michigan Real Estate Predictions by Michigan Real Estate Expert on March 1st, 2010

Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball.  They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of national and Bloomfield Hills real estate buyers.

Here are some of the home building trends to expect in 2010.

Green is growing. 
A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products. 

Homes are getting smaller.
For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.
Because of the rise in homebuyers looking at Bloomfield Hills real estate who are 55 years of age and older, more single-story homes are being purchased.  According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.
In an attempt to respond to consumer demands for practicality, as well as hold the line on prices, home builders surveyed by NAHB are most likely to include these features as standard in their houses this year:

  • Walk-in closets in the master bedroom
  • Laundry rooms
  • Insulated front doors
  • Great rooms
  • Energy-efficient windows  
  • Linen closets
  • Programmable thermostats
  • Energy-efficient appliances and lighting
  • Separate shower and tub in master bathrooms
  • Nine-foot ceilings on the first floor

Here are the features builders said they are least likely to add to houses in 2010.  You’ll notice a lot of the items being eliminated are luxury features, as builders try to lower costs.  

  • Outdoor kitchens
  • Outdoor fireplaces
  • Sunrooms
  • Butler’s pantries
  • Media rooms
  • Desks in kitchens
  • Two-story foyers
  • Multiple shower heads in the master bath
  • Smaller kitchens

Thinking about buying one of the new homes in 2010?  If you’re ready to look at Bloomfield Hills real estate in Southeast Michigan, call me at 248-514-2640 or email today.

Lee Morof sells North Woodward Homes in Oakland County Michigan

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640


Michigan Real Estate Predictions for 2010 – Is this the Year for You to Buy?

Posted in Michigan Real Estate Predictions by Michigan Real Estate Expert on February 18th, 2010

Have you been wondering if the National and Michigan real estate predictions for 2010 are true?  Is it possible this is the year to buy Southeast Michigan real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:

  • Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.
  • Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.
  • The high number of foreclosures has been painful for many homeowners. However, if you listen to the Michigan real estate predictions for 2010, there are many great deals for those who want to buy Southeast Michigan real estate, but don’t want to spend their entire life savings at once.
  • The extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many home sales. The government has handed out a large amount of tax credits to many first-time buyers, and will be paying out more as the purchase date draws closer.

So, is it the year to buy a house? Only you know for sure. The economy is up and running once again, but the unemployment rate is still at 10%, and may go higher. The answer to “can I buy a home” depends on whether you have a stable job or not; look at your industry, company and job before answering. The good news is that, while unemployment may still rise, it’s expected to level off and start decreasing mid-year.

For those who can afford a home, want to buy one, but are waiting for the bottom of the market, don’t wait too long. Michigan real estate predictions for 2010 say the Southeast Michigan real estate around the corner with the “SOLD” sign might have been your dream home!

If this is a good year for YOU to buy a home, I can help. Call me at 248-514-2640 or email me at for more information.

Lee Morof sells North Woodward Homes in Oakland County Michigan

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640