For the better part of the past decade, finding a new home in southeast Michigan was a fairly easy task. A massive inventory of available homes coupled with dramatically reduced pricing, provided buyers with plenty of options. Unfortunately, a brutal recession prevented many potential buyers from securing mortgages. With sellers substantially outnumbering those who could actively participate in the market, buyers had the upper hand.
In the time since inventory peaked near 60,000 over the summer of 2007, recovery has been slow but steady; home prices have remained low while demand has increased. By the end of last year, only 15,000 homes remained for sale in metro Detroit. With demand still on the rise, it is the sellers who now control the market. However, for those considering new home construction, some truly incredible opportunities still exist. The trick is knowing where to look.
Online searches feature hundreds of new houses, but often produce expired listings that sold months ago and were never updated. It can take days or weeks before your inquiries even receive a response. A resale agent can provide you with MLS access, but many homes being built are selling so quickly that builders don’t bother listing them. Some builders will list, but not until the home is half complete.
To have an edge over other potential new home buyers, it is essential that you work with a real estate office specializing in new home construction – Realtors proficient in who’s building what and where, in metro Detroit. They’re on site, talking to builders and driving new communities to find out what’s being built before everyone else does. The real secret of navigating a sellers market? Letting the New Home Experts navigate it for you…