Metro Detroit

NEWSLETTER: MARCH 2023

March 15, 2023

BACK TO NORMAL?

SHURG EMOJI [HERE]

March has arrived and as the masses prepare for a little spring real estating, the confusion is palpable; which is understandable.

The transition from “win at all costs” to “do nothing and wait” came at whiplash speeds, leaving potential buyers to question their next steps.

After 6 months of relative calm, the vibe still seems to be that people want to wait until some semblance of normalcy returns.

Well, maybe we’re there. Let’s dive into the stats (because facts, yay!) and see what they tell us.

Rates are up, but they are still below historical averages (see the chart below). If you currently have a sub-3% rate and you don’t need to move, should you? Probably not. But if your housing needs have changed and your current situation no longer works, rest assured that the rate you’ll likely end up with will be on the preferred side of average.

As for demand, the Dec/Jan stats (also, below) hint that buyers are starting to accept where the market is, and are moving forward – likely with a touch of enthusiasm thanks to the diminished competition.

Which brings us to prices, and yeah, they went up. A lot. But they went up everywhere, so compared to markets similar in size to us….

…Metro Detroit is currently ranked as the 14th largest MSA in the US; looking at the top 20 markets, ALL of them have higher median prices for residential new construction than we do. All of them.

Comparatively, we are still a bargain – in most cases, by a large margin.

The bottom line is if a new house makes sense, for whatever reason, don’t let rates and perceived market conditions scare you off; the market is more normal than you realize, and we’re here to help you navigate it!

CURRENT LISTINGS

OUR NEW CONSTRUCTION COLLECTION

LOT #15 | WHISPERING RIDGE ESTATES

The Progress continues, on this BRAND NEW/NEVER-BEEN-BUILT ranch floor plan by Strathdale Development. Featuring 3 bed/2.5 bath/2,450 sqft, a 3-car garage, and a ton of high-end finishes, we are excited to see this home take shape.

Located near Benstein & Glengary in Commerce, Whispering Ridge Estates is located in a particular section of the township that might be the only one which doesn’t require navigating 2-lane roads while winding around every lake in Oakland County, resulting in commute times that range from 30 min to the Donner Party. Yay! Connect with us for the details!

7533 GILMAN | WESTLAND

Westland is the BESTLAND and this beautiful new MOVE-IN READY ranch by Kensington Family Homes offers all of the luxuries and efficiencies of a new home, while still offering the charm and conveniences of an existing neighborhood.

Located a block from the Middle Rouge River and all the parks surrounding Hines Drive – including Middlebelt Hill Park! – you’ll also find yourself in close proximity to shopping, dining, and Garden City Hospital (though not necessarily in that order).

Featuring 3 bed/2 bath and nearly 1,330 sqft, it also offers an attached 2-car garage, plenty of high-end finishes, and desirable Livonia Schools!

Connect with Lou and Jeff (if you’re already working with us), or reach out to Julie or Kim directly for the details.

OUR NOT NEW (BUT NEW TO YOU) COLLECTION

7533 GILMAN | WESTLAND

Located on a coveted pond lot in the Knightsbridge Gate neighborhood, enjoy summer evenings on the deck taking in the view of the pond, fountain, and woods for a spectacular backdrop.

Built by Lombardo Homes in 2014 and featuring the Lakeland floor plan, this colonial-style home offers 4 bed/2.5bath/2,795 sqft and includes a loft, flex space in the front room, and a finished basement, providing the space you need and then some.

Connect with Jeff and Lou to learn more, or to schedule a showing.

CLICK FOR MLS DETAILS

IN OTHER REAL ESTATE NEWS…

BIDDLE AVE | WYANDOTTE

Just a block from the banks of the Detroit River in Downtown Wyandotte, 3131 Biddle is set to transform from a derelict eyesore to a soaring 4-story mixed-use development. The Michigan Strategic Fund recently approved tax increment financing and loan incentives for the nearly $10M project, which will feature commercial space, a restaurant, and 35 “workforce” rental units. The residential component, which is being reserved for those making as low as 80 percent of the area median income, addresses a need that housing advocates around the state have been pushing for… [read more]

CADILLAC SQUARE | DETROIT

After breaking ground in 2018 on what was originally to be called the Monroe Blocks and then having nothing to show other than an outdoor street level “midway” situation, plans have been revised and the project has been rebranded the Development at Cadillac Square. Paired down from the original plans, the updated version will still feature roughly half the office and residential space that was initially envisioned, while the retail/entertainment space was reduced by roughly 25%. Approximately 250-280 residential units are expected… [read more]

NEW HOME EXPERTS® | LAS VEGAS

Shout-out to Jennifer Graff, founder of the New Home Experts Las Vegas, for her new column in the Las Vegas Review-Journal! We know, when you think Las Vegas the first thing that comes to mind is obviously reading, but we couldn’t be more proud of her contributions to the local real estate community while representing the NHE brand across Nevada – no one has their finger to the pulse of the residential new construction market in LV as Jennifer does! [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.

AGENTS: BECOME AN EXPERT…

WE ARE THE HOME FOR NEW HOME SPECIALISTS!

Join us. We are growing our national network of New Home Experts® agents across the United States and beyond.

If you are a builders sales rep looking for something different, or an agent/broker with a masterful level of experience selling or building new construction homes in your local market, we want to talk.

Set your business apart from competitors by focusing on this lucrative real estate sector; one that most other agents are either afraid of, intimidated by, or both.

Interested? Let’s chat about the life of an “expert” and if it’s the right path for your career.

CONTACT US

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 Emma Rhoids. 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!