Lee Morof, Associate Broker/Attorney

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