Lee Morof, Associate Broker/Attorney/CDPE

If you've ever dreamed of owning Southeast Michigan real estate investment property, a vacation home or buying a home for a family member, this could be the year to check that off your bucket list. With record low interest rates and decreased prices, it is a buyer’s market, particularly in the second-home market.



Before you sign on the dotted line of another mortgage, be it a beach condo in Florida or Southeast Michigan real estate that you plan to rent, be sure to:

• Check your credit. The same rules apply for a getting a mortgage on a second home as on a first. Good credit means better loan terms.

• Save for a down payment. The more money you can put down, the lower you mortgage. If you put 20% down, you can save money by avoiding Private Mortgage Insurance (PMI) requirements

• Check your budget. It may be cheaper to rent that ski villa or palm tree paradise for a month than pay a mortgage year round. Consider what you really want in a second home, and what you are willing to pay for that.

• Check your time. Choose a second home carefully and make sure that you will really use it, or can rent it when you are not using it. There is no sense paying for a second home that remains shuttered and locked.

Once you consider the basics of your situation, you can begin looking for a second home with the confidence that you can afford the time and expense it requires. Your second home could be just around the next corner or the next palm tree.

If buying a Southeast Michigan real estate for a second home is on your bucket list, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

In honor of Valentine’s Day, sellers should take this month to highlight what they love best about their homes for sale. Instead of just focusing on the square footage, buyers will get the chance to see what makes your Bloomfield Hills real estate surprisingly special. The best way to project a loving image is to let Cupid take over and shoot up your home — with a camera, of course.



As a seller, you constantly hear tips about de-cluttering and depersonalizing a home that’s on the market. However, when you’re taking pictures to post online, be sure you capture the details you love most about your home, because buyers are likely to love them too. Below are a few photography tips to get you started:

• Capture the heart of your home. Ensure you get pictures of all the living spaces, from the kitchen and living room to the finished basement and backyard. Any place that a family will spend most of its time together should be highlighted.

• Make sure you have good lighting. Photograph on a day when there is a lot of natural light coming through the windows. Also be sure to turn on all inside lights and lamps — this gives your home that cheery, glowing feeling.

• Highlight your home’s best features. Do you love your wrap-around porch, built-in bookshelves, shaded backyard or beautiful stained glass windows? Be sure to showcase each of those unique features in the photos of your home. You might be surprised at what catches the eye of a potential buyer.

• Double-check your online upload. Take care to verify the online uploading of your photographs. Carefully read website parameters for picture size and captioning. This will probably be many potential buyers first impression of your home, so you definitely want to make it a good one!

Don’t just quickly snap pictures using your phone. Be sure to employ a little love and effort when capturing your Bloomfield Hills real estate. Then you’ll highlight its best features and pass on that heartwarming image to potential buyers.

If you’re looking for a Bloomfield Hills real estate agent in Oakland County, Michigan, who will photograph your home to show off its best features and market it extensively online and off, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Fannie Mae and Freddie Mac have been in the news quite a bit over the last year, so I thought it was a good time to do a refresher on who they are and what role they play in the Bloomfield Hills real estate industry.

Who are Fannie Mae and Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing.



Fannie and Freddie don’t sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages.

In 2008, due to mismanagement resulting in billions of dollar of losses, Fannie and Freddie were taken over by the government.

How do Fannie and Freddie impact Bloomfield Hills real estate?

• They contributed to the financial crisis and real estate downturn, by loosening underwriting standards, buying and guaranteeing riskier loans and increasing purchases of mortgage-backed securities.

• They are key players in the government’s Making Home Affordable foreclosure-prevention program. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates.

• They influence mortgage interest rates and the availability of home loans. Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level.

What’s going to happen to Fannie and Freddie?

Fannie and Freddie’s future is uncertain. The House Republicans and the Obama administration agree that Fannie and Freddie should be done away with. But this will not happen soon, if at all. Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced.

If you have questions about Bloomfield Hills real estate or how national or international events impact Bloomfield Hills real estate, please give me a call at 248-514-2640 or email me at info@NorthWoodwardHomes.com. I’m happy to help.

Here is a painless way to reduce your energy use and your heating bill: Set your thermostat to go down 5 to 10 degrees while you’re gone all day and while you sleep at night. This could reduce your heating bill by 15% without compromising comfort.

Programmable thermostats cost anywhere from $30 to $150, so they quickly pay for themselves. By programming your thermostat to return to your comfort level before you arrive home or get up in the morning, your Southeast Michigan home will be just as comfortable as what you’re used to, and you’ll reduce your carbon footprint.

Here is how easy it is to install a programmable thermostat:

• Turn off the circuit breaker for the thermostat. Since you will be handling wiring, you must cut off the electricity going to the thermostat first of all. If your Southeast Michigan home has electric baseboard heat, don’t do this update yourself--the wiring carries higher voltages and should only be worked on by a qualified electrician.

• Remove the old thermostat. Older thermostats contain mercury, so handle it carefully and do not throw it into the trash. Check with local recycling centers or waste handlers to learn how to safely dispose of mercury.

• Tape wires to the wall. You don’t want the wires to fall inside the wall. Note where they were attached to the old thermostat and label them accordingly.

• Mount new wall plate. Follow the instructions that came with the new unit to mount the plate over the area of the old base.

• Connect new thermostat to wiring. Again, follow the instructions included with your new unit.

• Mount the new thermostat onto the new base.

• Turn the circuit breaker back on.

• Program the thermostat following manufacturer’s instructions. Digital devices can be hard to program, so hang onto those instructions and keep them where you can find them.

Now your Southeast Michigan home can be greener, more economical and more comfortable.

Want to buy a home that’s green, energy-efficient and comfortable? I can help. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

As the new year starts, pursuing your dream of buying one of the Royal Oak Michigan homes for sale may be on your list of resolutions. Prices and interest rates are extremely low, which means 2012 could be the perfect year to buy a home. As exciting as that is, I bet it can also feel a little overwhelming.



One of the best ways to attack a big goal is to break it down into smaller goals. So here are four smaller goals you can tackle to accomplish your larger goal of buying a home:

1. Prepare for battle: Before you begin looking for a house, look at your financial situation. Do what you can to clean up any credit blemishes, pay off debt and save toward a down payment.
2. Check your qualifications: There's no sense looking for million dollar mansions if that's not in your budget. Talk to a mortgage professional, or preferably several, to get an idea of what loan amount is available to you. Get preapproved for your mortgage so that you're ready to make an offer when you locate your perfect Royal Oak Michigan home for sale.
3. Build your army: Finding a real estate agent that you click with can make all the difference in navigating the home buying process successfully. He or she can save you tons of time by pointing out the advantages and disadvantages of neighborhoods and homes so that you only look at places that truly fit your needs.
4. Define your perfect space: It's worth spending some time considering which characteristics of a home are most important to you. Think about the neighborhood, school system, and commute times, along with basics like number of bedrooms and square feet.

Once you have a clear understanding of your financial situation, what you're looking for, and have the help you need to find the perfect Royal Oak Michigan home for sale, you will be amazed at how much more prepared you feel to take on the next steps in the process.

If you want to discuss more details on the home buying process, contact me today at 248-514-2640 or email info@NorthWoodwardHomes.com.