BUILDER DISCOUNTS + (SLIGHTLY) DECREASED COMPETITION
“Marry the house, date the rate” is a phrase we hear every time mortgage rates rise, and we don’t love it; it’s salesy, cheesy, and eye-roll inducing. However… for the sake of our October 2023 newsletter (and current market conditions), it might be somewhat accurate.
Hear us out.
Anyone looking for a home over the past 3+ years can tell you the environment has been insanely competitive, leading many people to settle on the home they needed, not the home they wanted.
Now, rates are higher. Granted, they are hovering near historical averages, but higher than they’ve been in the past 20 years. For that reason, many people have paused their searches, removing some of the competition from the market.
This has made finding the home you want, a little easier. Not easy, it’s still competitive for sure, but easier.
Conventional wisdom tells us that when rates do start to drop again, even just a little, the insanity will return and buyers will flood the market once again.
When that happens, thoughts and prayers.
So why wait? If you are in a position to do something now, do it, before the competition returns. Get the house you want, and when rates (hopefully) drop, refinance.
But wait, there’s more!
Builders aren’t thrilled about the interest rate situation any more than you are; higher rates are costing them more to build (or making less money available from investors), all while chasing away prospective buyers.
So now, they are offering incentives on existing inventory (see: spec homes) to lure prospects back into their sales offices; many of which, are tied to lower interest rates.
Toll Brothers has advertised 5.49% rates on spec homes, as has Pulte. Robertson has offered some sizable discounts, and Mondrian has offered an undisclosed rate buy-down amount on spec homes; FWIW Mondrian doesn’t even always offer prospects a brochure, let alone discounts, so…
Things are getting real for builders.
If you need to make a move and the only thing holding you back is market conditions, this might be your best chance to get the home you want.
Take advantage of the current climate + builder realness, by marrying a new construction house AND the rate; pretend like we’re in Utah, it’s fine.
Ready to see if any of the builders around Metro Detroit have an option that works for you? Let’s start your search today!
Pictured above: Toll Brothers current national incentive.
OUR NEW CONSTRUCTION COLLECTION
LOT #15 | WHISPERING RIDGE ESTATES
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 anticipate completion early next year.
Check out our latest video here, where we take a quick tour through the home.
Located near Benstein & Glengary in Commerce, Whispering Ridge Estates is in one of the few sections of the township that 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!
24191 TRAFALGAR | NOVI
Located near 10 Mile & Beck in the heart of Novi, and featuring award-winning/awe-inspiring/otherworldy/all-the-things Novi Schools, you can’t Novi any harder than this.
Built by Kensington Family Homes, this colonial features 5 bed/4 bath, over 3,400 sqft, and a 3-car side entry garage, along with all the luxury finishes you’ve come to expect from Kensington.
This home is nearing completion!
UPTOWN VILLAGE | MILFORD
Sure, there’s another notable development getting a lot of attention in the Milford area at the moment, but this quaint new development by Kensington Family Homes puts you a little closer to the heart of Milford.
Located on the north side of Downtown Milford in Uptown Village, these well-appointed 2-3 bed/2.5-3.5 bath townhomes are a short walk to one of Metro Detroit’s most coveted historical downtowns, with rows of shops and restaurants that are steeped in the authenticity that comes with nearly two centuries of cultivation.
OUR NOT NEW (BUT NEW TO YOU) COLLECTION
All of our current re-sale listings are under contract – YAY!
IN OTHER RESIDENTIAL CONSTRUCTION NEWS…
THE DOWNS | NORTHVILLE
The massive re-development of the Northville Downs racetrack, which has hit a number of roadblocks since first being announced in 2017, might actually break ground in 2024 (you can read our 2019 post about the development here). The City Council approved 5-agenda items related to the project, late last month; those items will now go back to the Planning Commission for final approval. The sprawling mixed-use development by Hunter Pasteur will cover 48-acres, just to the south of Downtown Northville. In addition to the 18,000 sqft of commercial and retail space, nearly 450 residential units will be constructed as well, including single family homes… [read more]
OLD WOODWARD | BIRMINGHAM
The next mid-rise, mixed-use development in Downtown Birmingham is underway. Located on the northeast corner of Old Woodward and Hazel Street (on the site of the former Mountain King restaurant), a new 5-story building will be constructed, featuring a restaurant, office space, and 22 residential units. The Alan Group Inc. is the general contractor and Bowers + Associates Inc. is the project architect… [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.
If you’re already working with a client and they have a house to sell, we can help with that as well – using our knowledge of the construction process, to help prevent any issues with timing, etc., when we list their home.
Get in touch to find out how we can sell your homes (and your client’s home), and save everyone money in the process.
Also… if you like what you’ve seen in our October 2023 newsletter, connect with us to find out how your homes can be featured in future newsletters!
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.
Btw, we have partnered with Homesite Mortgage on their RevUp Program, which assists Realtors® with getting their mortgage license and provides them the support system to add a side hustle in an adjacent industry.
Jeff was a test subject in the program and passed with flying colors, so we are confident you can too!
CLIENTS: WE LOVED WORKING WITH YOU!
…AND WE WOULD LOVE TO HELP YOUR FAMILY AND FRIENDS AS WELL.
(at least, the ones who are like you)
Our clients mean the world to us, and watching their dreams turn into reality is what keeps us going. We appreciate all of you, and would love the opportunity to help your friends, family, and co-workers as well.
If anyone you refer to us builds or buys a home with a New Home Experts agent from now until the end of 2024, we will send you a $100 Amazon gift card to show our appreciation.
Call, email, or just send them our way – we’ll take it from there.
And of course, if YOU decide to build or buy with us again, the same offer applies to you.
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 Carrie Oakie. We’ll never know it’s you…