GUESS WHO’S BACK?
BACK AGAIN. AND AGAIN. AND AGAIN.
Realtors®, that’s who! And also incentives! Hooray! Until we aren’t. And they aren’t. Again.
It’s fine, we’re used to it. This isn’t our first rodeo, so we’ve seen the market flip from THESE HOMES SELL THEMSELVES to PLEASE HELP NEED BUYERS many times. However, all of us were a little shocked by how quickly it transitioned this time around.
It started about 2 months ago with our Vegas and Florida offices and is now moving northward to us.
In Vegas, they went from zero inventory + wait lists, to builders offering 3%-6% in discounts; a combination of incentives, interest rate buydowns, and actual price reductions.
In Florida, builders went from having wait lists in the THOUSANDS, to offering incentives upwards of $40K or more.
We aren’t quite seeing that in Michigan yet, but builders have started discounting specs homes (also BUILDERS ACTUALLY HAVE SPEC HOMES AGAIN), not to mention paying full commissions (or more) to Realtors after slashing them last year, because deteriorating market conditions suddenly reminded them that they value Realtor relationships, as deteriorating market conditions tend to do. It is likely this trend will continue because rumors of interest rates rising further remain on the horizon.
Oh, and about those rates… yes, the rate of ascent for rates has been infuriating, however this delightful chart complied by Realtor.com puts rates into historical context, because Realtors®! Listen, we aren’t going to pretend that this is the best time to buy, but it might be your best chance to build since 2020.
For several months now (or in some cases, years), many of you have moved to the sidelines, not wanting to get into bidding wars for lots, or unable to design algorithms to beat builder web-based lottery situations. We get it.
Now, the dust has settled a bit. Aside from a few super popular neighborhoods, this might be the time to re-activate your search; before rates potentially rise further, but while most builders are still operating at full speed.
Many builders have in-house/affiliated lenders offering mortgage-related incentives, which might be worth exploring if it means access to the lot or neighborhood you like is finally available.
If you’re thinking about revisiting a home or neighborhood that seemed out of reach in the spring, let’s chat about current conditions, and if this is the right time for you to jump back into the market. Or don’t jump, why risk injury – just walk back in; your knees will thank you.
(pictured above: incentive emails are back too…)
OUR NEW CONSTRUCTION COLLECTION
LOT #15 | WHISPERING RIDGE ESTATES
The foundation is in, and progress is being made 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!
760 BOGIE LAKE | WHITE LAKE
If you’ve ever wanted to live on a peninsula within a peninsula (because Michigan) then this is the homesite for you.
With CONSTRUCTION NEARLY COMPLETE, Kensington Family Homes offers this new ranch floor plan featuring 3 bed/2.5 bath and nearly 2,000 sqft, with an attached 3-car garage. High-end finishes abound, as well as plenty of spectacular wooded and water views.
The lot is even big enough that there’s enough space for an outbuilding by the water!
14086 TUPPER LAKE | FENTON
From our friends at Bristol Homes, this stunning 4 bed/2.5 bath craftsman colonial, features almost 2,500 sqft, and is nearing completion.
The oversized kitchen features stainless steel appliances, a large 8′ eat-at island, and custom-painted cabinets. The entire first floor features 3/4″ hardwood floors! Enjoy summer nights from your covered 16×9 covered deck overlooking the private pond. The second floor features four bedrooms and 2 bathrooms. The primary suite has a private full bath, and oversized walk-in closet with access directly to the laundry room. The staircase is open to the first floor and to the walk-out basement.
This home is located near Tubble Lake/Lake Ponemah/Squa Lake with public lake access.
OUR NOT NEW BUT NEW TO YOU COLLECTION
1845 TYLER | BERKLEY
Located just steps from Oak Park’s burgeoning pub scene along 11 Mile, this tastefully updated Berkley bungalow provides turn-key luxury.
Featuring 3 bed/2 bath and a 2-car garage, recent updates include: refinished hardwood floors in the kitchen and living room; extensive trim in the kitchen and nook; quartz countertops + ceramic backsplash, with stainless steel appliances, and shiplap accent wall in the kitchen; renovated bathrooms with contemporary finishes/fixtures; stylish barn door in owners suite; newer carpet throughout; newer windows + siding; partially finished basement, and more!
Connect with Lou and Jeff to learn more, or to schedule a showing!
IN OTHER REAL ESTATE NEWS…
LINCOLN TRIANGLE | ROYAL OAK
Local developer Dennis Griffen is looking to build a 16-unit multi-family development on a half-acre parcel near Lincoln and Main Street, along what is roughly considered the southern border of Downtown Royal Oak. Located on the north side of Lincoln, across the railroad tracks from the Shell gas station, plans call for 4 buildings, 3-storys each, that would feature 300-900 sqft for-rent apartments. In recent years, the parcel was used for storage by a local car dealership… [read more]
CODA DETROIT | BRUSH PARK
Located on the northwest corner of Alfred & John R in Brush Park, the CODA Detroit Luxury Development passed another milestone last month when it was granted $1.2M in reimbursement for brownfield activities, via the Michigan Strategic Fund. The project will see 5-story mixed-use development rise from an existing single-story building that is set to be rehabilitated. The project is expected to include a ground-level restaurant and bar, a second-story office, and three stories of for-sale condominiums + integrated parking; units not already under contract are priced from the $590s to north of $1.5M… [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 Maya Normousbutt. 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!