For the hottest real estate markets around Metro Detroit, inventory issues are still very much a thing in 2023.
In Birmingham, Bloomfield Hills, Novi, Troy, etc., higher interest rates are having an effect on inventory, but not in the way you’d think; they haven’t prevented buyers from buying, instead, they’ve steered sellers away from selling.
For someone who purchased or refinanced while rates were at historic lows, it’s hard to imagine walking away from a sub 3% rate.
However, families grow, jobs relocate, and life happens – so moving is often a necessity, not a luxury.
With rents at record highs, sellers realize they can convert their existing home and interest rate into a healthy dose of income generation by renting it out; which continues the downward trend for inventory levels.
If you’re on the buyer side of this market and feeling the frustration of the resale market, we have a solution for you – build!
Don’t let inventory issues allow you to settle for one of the few houses that do become available, and overpay for someone else’s taste; build the home you want and make it YOURS!
Yes, the costs to build are slightly higher, but bidding wars on resale homes drive prices through the roof; then once you’ve overpaid for the home, you often need to spend even more money on updates.
When everything is said and done, the costs come out fairly similar, and by building you aren’t living through a 12-month (or longer) remodel.
Connect with us to bypass the resale market and discuss your NEW home search.
Jeff Bortnick & Lou Bitove, owners of The New Home Experts®, have nearly 40 years of combined experience in real estate, much of that with builders like Pulte & Toll Brothers. They also provide market research for area builders, developers, and national firms. If you’re considering a new home, remember: the builders’ rep represents the builder, not you. Work with the only local agents in Metro Detroit to specialize in new homes, and save money in the process – ask us how!