NAVIGATING THE UNKNOWN
BECAUSE FLYING BLIND IS KINDA OUR JAM TBH…
Being prepared to be unprepared is nothing new to us, so as we work through month number 16 of uncertain/unprecedented/unknowing times, we are here and ready to figure things out on the fly with you.
Material costs remain high and continue to climb, meaning base prices are increasing far quicker than normal, as is option pricing.
Some builders are heading to the sidelines, as they wait to see if their costs level off, which is adding to an already significant inventory shortage.
Recently, a popular trend has been to release lots at a snail’s pace, manufacturing even more demand; our Nevada & Florida offices are even seeing builders with sizable wait lists force people to bid against each other, in order to secure top dollar for homesite premiums (spoiler alert: this is HIGHLY unpopular and leading people to either find a different builder or abandon building altogether).
Meanwhile… EVERYTHING KEEPS SELLING! So, it probably makes sense just to wait, right?
For those who don’t have the burden of urgency, sure, they can wait and feel things out.
But for those in need of something soon/immediately/yesterday, we aren’t so sure waiting any longer is the best strategy; even if things level off a bit and/or material costs drop slightly, there is no evidence those savings are going to be passed on to the consumer.
A client of ours on the fence last spring, ultimately decided to move forward in July after a $10K price increase persuaded him not risk additional increases. Turns out it was a smart move; just the base price of his home alone (forget land, options, etc) has gone up $100K in the 11 months since.
What seems high today, could look like a bargain in a year.
The bottom line is Metro Detroit has always been a reasonably priced market; while there is no question we’re experiencing a legit mental adjustment to these new prices, people in similarly sized markets look at our prices and laugh – to them, we’re a value. Unless something catastrophic causes a flood of inventory into the market (because anything more than a slight increase in interest rates isn’t really going to change much), this might just be the “new normal” or whatever other cliché term the adults are using.
It’s a lot to digest, we know, so don’t try to figure it out on your own; let’s chat about your needs and figure out the best route forward for you and your family…
FYI – Pictured above is Waldon Meadows by Clearview Homes, featuring a popular image… a sold sign.
OUR NEW CONSTRUCTION COLLECTION
2371 STANFORD | BERKLEY
The foundation(s) are in (see below)! 2381 Stanford is sold, but 2371 Stanford is available and ready for you to make it yours.
Our new listing in Berkley offers all the things we love: a commute-friendly location, excellent schools, and Mark Adler.
Featuring 4 bed/2.5 bath and over 2,400 sqft, some of the highlights of this brand-new floor plan by Mark Adler Homes include an open loft space upstairs, a 2nd floor laundry, a mudroom with a bench/drop zone + USB connectivity, a spectacular front-porch that wraps around the den, and a generous deck/landscaping/irrigation package.
And of course, the superior construction, high-quality finishes, and energy-efficiency Mark is known for.
LOT 63 | STONEGATE SOUTH
We are less than 60 days out on OUR FINAL HOME in Stonegate South; meaning this is also your last chance to own a home in Stonegate South where the toilets have never been used and come on that alone should be enough.
This 4 bed/2.5 bath/2,760+ sqft colonial by Strathdale Development (near the commute-friendly intersection of Dutton & Squirrel), features a partial daylight basement (which is great if you’re partial to daylight), and is loaded with design enhancements like quartz countertops, upgraded cabinets, hardwood floors, extensive trim, and more! Connect with us for the details; this home should be completed within the next two months!
24847 DINSER | NOVI
Construction is set to commence on what will eventually look like the gorgeous home pictured above, in an established neighborhood adjacent to the Island Lake subdivision near 10 Mile & Wixom.
Built by Kensington Family Homes, this Augusta floor plan was recently increased in size to include a 5th bedroom and a 4th bathroom, meaning even houses seem to be susceptible to the “covid 15.”
This home also features one of our favorite features, the deck-eliminating (or at least, deck-delaying) built-in rear porch. Fancy!
And of course, you get award-winning/award-accepting Novi Schools.
OUR NOT NEW BUT NEW TO YOU COLLECTION
All of our current re-sale listings are under contract – YAY!
FYI (ICYMI)… FOMO
Some of our friends with Roberston Brothers Homes reached out recently to let us know about developments that are selling quicker than expected:
Brewster Village, which just opened in late October, is already down to their final 10 lots – and that was a couple weeks ago, so assume less now.
Over on the west side, Lakeview in Novi opened their model about 10 minutes ago, and they’re already halfway sold out – or half the neighborhood is available, depending on how you view your glass. We are proud to say our clients were the first sale and first closing in this neighborhood and they are amazing people so if the homes and location weren’t motivation enough (and Novi Schools), having them as neighbors should seal the deal.
If you’re interested in either of these developments let’s set up some time to chat with Dominic & Pam before they’re sold out.
Also… sales friends/professionals: if you have a neighborhood that is nearing closeout and you’d like to give prospects a heads up so they don’t miss out, let us know! This is a new feature that we may keep on the regular, or re-visit occasionally idk, we’re winging it here – did you not read the opening section?
IN OTHER REAL ESTATE NEWS…
Corktown | Detroit
A development partnership that includes local builder Hunter Pasteur Homes is proposing a residential complex in Corktown, which is expected to include apartments and townhomes across several parcels in the area of Michigan Avenue and Church Street. Located across the street from the former site of Tiger Stadium, plans call for a 7-story apartment building, 7 townhomes, and a 3-story parking structure. Activity in Corktown had been on a steady upward trajectory over the past decade, but attention/activity has increased considerably since Ford committed to an $800M redevelopment of the former Michigan Central Station a couple blocks south… [read more]
City Council | Ann Arbor
Some considerable zoning changes in Ann Arbor could see an increase in density, to designated areas outside of the downtown core. The City Council voted 10-0 last week for a plan that would be a step towards eliminating strip malls (and similar developments surrounded by a sea of parking spots); several corridors – mostly connecting to area freeways – would see relaxed requirements on parking space minimums, building height maximums, front setbacks, and more. Hopefully, the focus on increased density in already developed areas, would lead to fewer dense developments in the more rural areas. Personally, we are all for whatever does away with strip malls, though we regret Arcade Fire will now have to look elsewhere for inspiration… [read more]
BUILDERS: DON’T JUST LIST YOUR HOMES…
GET THEM IN FRONT OF THE RIGHT BUYERS!
Our website caters exclusively to new-home-specific buyers, so in addition to the usual audiences found on the MLS, Zillow, etc., we also bring you local buyers searching specifically for new homes, by creating original, organic content, and pairing it with a social media strategy that guides prospects directly to your listing; and we do it for less than what resale agents charge.
Get in touch to find out how we can sell your homes AND save you money in the process.
Questions about your new home search? Call or email us today – we look forward to hearing from you! Not ready for that kind of commitment? Check out our new-home-specific-search and email us incognito. Use a name like Jim Nasium. We’ll never know it’s you…
Lou Bitove & Jeff Bortnick, owners of The New Home Experts®, have more than 35 years 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!