Market Updates

Residential Real Estate Statistics for Selected
Cities in Oakland County Michigan

August 2009 Compared to August 2008
Information Source: August 2009 Metropolitan REALTOR®

Summary:
With some exceptions, the trend of increased sales volume, decreased median sale prices and listing decreases continue.  At some point, this once in a lifetime opportunity for buyers will end.  Interest rates remain low and homes that were previously unaffordable are now affordable.  Add to that, the $8,000 First-Time home buyer tax credit that expires on November 30, 2009, and you have the best time to buy in the last 50 years.

Don't miss out!  If you are considering buying, you can view the homes that I have listed or search the Multiple Listing Service, yourself, 24/7 on my website.

If you already own a home and have seen its value decline, call me for a free consultation at (248) 514-2640 regarding lowering your property taxes.

Learn how these Statistics Affect YOU!

BUYERS: 

• It's still a Buyer's Market
• Now is the Time to Buy
• Interest rates are low
• The Federal Reserve has lowered interest rates
• There are lots of homes to select from
• Sellers are more motivated to sell, which could mean more concessions for you

SELLERS:

• It's possible your home may be on the market longer
• Homes that are Priced Right will sell faster
• I'll help you net the Most Money from the sale of your home
• You need aggressive marketing to get the exposure for your home
• Utilize my 30-Day Marketing Plan...about 85% of the homes listed by me are sold through my 30-Day Marketing Plan

ACT NOW:
It's particularly important for you to hire the best REALTOR® to handle your Southeast Michigan real estate transaction. I'm not your typical REALTOR®...I'm unique. Besides being a REALTOR®, I'm also a real estate lawyer with over 20 years experience. Whether you're buying or selling, I'm highly qualified to guide you through any real estate transaction. Fill out the form below for more information about how these statistics personally affect you. I'm always happy to answer any questions.

Are you ready to buy or sell Southeast Michigan real estate in Oakland County?  If you want to talk or need more information, give me a call at (248) 514-2640 or contact me now!

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

Market Updates

Residential Real Estate Statistics for Selected
Cities in Oakland County Michigan

June 2009 Compared to June 2008
Information Source: June 2009 Metropolitan REALTOR®

Summary:
With some exceptions, the trend of increased sales volume, decreased median sale prices and listing decreases continue.  At some point, this once in a lifetime opportunity for buyers will end.  Interest rates remain low and homes that were previously unaffordable are now affordable.  Add to that, the $8,000 First-Time home buyer tax credit and you have the best time to buy in the last 50 years.

Don't miss out!  If you are considering buying, you can view the homes that I have listed or search the Multiple Listing Service, yourself, 24/7 on my website.

If you already own a home and have seen its value decline, call me for a free consultation at (248) 514-2640 regarding lowering your property taxes.

Learn how these Statistics Affect YOU!

BUYERS: 

• It's still a Buyer's Market
• Now is the Time to Buy
• Interest rates are low
• The Federal Reserve has lowered interest rates
• There are lots of homes to select from
• Sellers are more motivated to sell, which could mean more concessions for you

SELLERS:

• It's possible your home may be on the market longer
• Homes that are Priced Right will sell faster
• I'll help you net the Most Money from the sale of your home
• You need aggressive marketing to get the exposure for your home
• Utilize my 30-Day Marketing Plan...about 85% of the homes listed by me are sold through my 30-Day Marketing Plan

ACT NOW:
It's particularly important for you to hire the best REALTOR® to handle your Southeast Michigan real estate transaction. I'm not your typical REALTOR®...I'm unique. Besides being a REALTOR®, I'm also a real estate lawyer with over 20 years experience. Whether you're buying or selling, I'm highly qualified to guide you through any real estate transaction. Fill out the form below for more information about how these statistics personally affect you. I'm always happy to answer any questions.

Are you ready to buy or sell Southeast Michigan real estate in Oakland County?  If you want to talk or need more information, give me a call at (248) 514-2640 or contact me now!

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

Residential Real Estate Statistics for Selected
Cities in Oakland County Michigan

May 2008 Compared to May 2009
Information Source: July 2009 Metropolitan REALTOR®

Summary:
The May 2009 Sales figures reflect the continued trend of increased sales volume with decreased median sales prices.  The good news is that for Oakland County, listing inventory is down by 21%.  At some point supply and demand should stabilize.

These numbers also make it clear that buyers should buy now.  There has never been a better time to buy a home.  First-time home buyers should move even faster as the First-Time home buyer Tax Credit is set to expire on 12/01/2009.  Interest rates remain low and home prices have come way down from 5 years ago.

It is time to vent. I am a RE/MAX Associate Broker/Attorney representing home buyers and sellers in Oakland County Southeast Michigan. I have a short sale listing where the seller has already submitted the hardship package to the bank. We have recently had a flood of offers and I immediately submitted them to the bank. I then called three times during the week that followed and finally, after one week spoke to a "loss mitigator" who I could barely understand due to a heavy foreign accent. I suspect this bank is outsourcing this task to India. That said, they have ordered a broker price opinion after doing nothing for the first week.

I have also been working with a first time home buyer who has wanted to see some bank owned homes. They have all been disasters. Two had flooded basements and mold because the banks shut off the power and because of that the sump pumps did not do their job. In one instance, we were never able to see the house because Rinky Dink Realty does not answer its phone or have voice mail.

If the banks really want to mitigate their losses with regard to defaulting mortgage loans and bank owned properties, they need to overhaul how they are handling "loss mitigation". They need to hire more people who have experience in residential real estate to respond quicker to the short sale offers to avoid buyers walking away in frustration and list the properties with qualified realtors and maintain the properties so that their conditions don't detriorate further. Otherwise "loss mitigation" should be changed to "loss aggravation".

Dear Tyler,

My heart is heavy. I had to let you go. You just couldn't do it any more. I know you tried, but you just didn't have the strength any more. The cancer that we found almost a month ago, got the best of your almost 16 year old body. We hoped that it was just an infection but, because I loved you, I was not going to torture you with any radiation or chemotherapy. I opted for the antibiotics and antiinflammatories and hoped. The vet said you would let me know when it was time and you did. You picked a day that I was around and available to put you out of your pain. It was hard to say good bye to you. I loved you as much as any person could love a dog. It was easy to love you. You were a great dog. You had a zest for life and I know you loved me with all of your heart. When I rescued you from where you were 14 years ago, you knew to come with me without hesitation. You knew that a great life with me was ahead of you. I felt your love when you caught a frisbee like a top NFL receiver catches a football and brought it back for more. I felt it when I took you up to Northern Michigan and you swam out to fetch a water toy at the dog beach in Harbor Springs and brought it back for more. I felt it because you let me know that your favorite place was always next to me. You welcomed my wife, Teri into our pack and then our son. You showed both of them almost as much love as you did me. I know that you are now gone forever and I cannot bring you back. If I could, you know I would. So, over time, Tyler, when my crying stops, I will focus on the great times that we had together. I will always love and miss you.

Love, Lee

November 2008 home sales figures for Oakland County Michigan, as compared to November 2007, give cause for cautious optimism. For the county, sales are up 32% and listings are down by 18%. However, sale prices continue to drop. In Troy, Michigan median sale prices were down by 15% and in Royal Oak and Ferndale, prices tumbled by 21% and 41%, respectively. On the other hand, Birmingham and Bloomfield Hills saw inreases of 13% and 61%. So long as we don't see an increase in bank owned homes on the market we should start to see some stabilization of the housing market. If you are thinking about buying, NOW is the time. With recent interest rate decreases on 30 year mortgage loans, buyers can buy more of a home than could for the last ten years. If you need to sell, it can be done but you must be realistic about where the market is or don't try selling it. Home owners who plan on staying in their homes in Oakland County Michigan may want to protest the taxable value determined by their city assessor's office if it is significantly above 50% of the homes fair market value.

Every New Years Eve, our family attends Birmingham's First Night, an alcohal free event sponsored by The Cultural Council of Birmingham /Bloomfield. The evening features live entertainment and crafts geared toward families. This year's performances were well worthwhile. The magic by Jason Hudy featured a levitating illusion that wowed the crowd. Puppeteer Brad Lowe was first provided an explanation of how marionettes are made. He then performed a soundtracked show about a fisherman who caught a magic fish that he let go. When the fisherman's wife learned about this, she nagged the fisherman to return to the fish and ask to have her wishes granted which, once granted, only led to more wishes. This years, First night also included a Steel Band, face painting, a model train exhibit, and crown making. Of course, there are so many options that you cannot do everything. If you want to have a safe and fun New Years Eve with your family, be sure to attend next years First Night.

The National Association of Realtors (NAR) has recently published its 2008 Profile of Home Buyers and Sellers which is based on a survey of approximately 10,000 people who bought homes between July 2007 and July 2008. During this period of time, the average for sale by owner (FSBO) home seller did poorly. According to the data, FSBO sellers only had a 7% chance of selling to someone that they did not already know. To make matters worse, that FSBO home seller sold the home for 29% less than he or she would have had they used the services of a realtor to sell the home. The NAR Report gives some insight as to why the numbers are so bad for the FSBO home seller. The survey also asked how the home buyer actually found the home that he or she purchased. 34% found the home though a realtor and 32% through the internet. Most FSBO home sellers attempt to sell their home by placing a For Sale By Owner Sign on the front lawn of the home and do little else if anything. By doing so, they effectively eliminate 66% of all buyers who might be looking for a home such as theirs! If you're thinking about selling your home by yourself, think again. By hiring a realtor you increase your chance of success, most likey end up netting more money, and find the process a whole lot more easy and convenient as you would by trying to go at it alone without the help of a professional.

In the Spring of 2008, I learned that my elementary school age son was being picked on by a bully at his school. Almost immediately, I decided it was time for the both of us to learn self defense. I called a couple of Dojos in the area only to learn that my son and I would have to learn separately. I then contacted the Southfield Martial Arts Institute located at 29100 Southfield Rd., Southfield, Michigan, (248) 569-7030. www.southfieldmartialarts.com. Fortunately, this Dojo has family Karate classes three times per week. The experience has been amazing. The Dojo is run by Master Willie Adams, a 10th Degree Black Belt, and several other very talented and patient Senseis who teach Okinawan Isshinryu style Karate. Above is a photo taken at the Dojo's Beginner Junior Tournament on October 25, 2008 that featured sparring, Black Belt demonstations, awards, and a luncheon following the tournament. A great time was had by all especially the precious children who all had big smiles on their faces as they wore their award medals. This Dojo not only teaches self defense technique that could save your life, but also respect for yourself and others, focus, and provides a sense of accomplishment. I highly recommend it.

Today I began working with a new buyer who wants to start by looking at bank owned homes because, naturally, she wants to get a "good deal". We looked at three homes and they were complete disasters. One had terrible structural problems. The other two had water and mold problems. None of these homes are financeable due to their condition. In other words, unless the buyer is paying cash, she will not be able to get a mortgage loan. Now, some will say, "well, there is a program with the bank where I can get money for the repairs." O.K. then. Will somebody give me a real example of this happening recently where major repairs like mold remediation and structural problems exist? Every lender I have spoken with knows about the program but none of them have done it. They also tell me that the paperwork and red tape are huge. In my experience, it just makes more sense to purchase a home that is functional so you can get financing and then give the home your personal touches with paint, carpeting, etc.