As the U.S. housing market continues it’s recovery and millions of Americans find themselves searching for a new home, it’s likely few people realize the effect their potential purchase will have on the overall economy. Earlier this year, Coldwell Banker Realtors noted via Twitter that for every two houses sold, 1 job is created.
For those considering building a new home, the impact is even greater. According the National Association of Home Builders, for every house that is built, 3 jobs are created.
In southeast Michigan, that statistic becomes more significant when you consider the local marketplace for new home construction. By building a new home in metro Detroit, you’re not only adding jobs and providing work for the various trades who will build your house; you’re also supporting a local company.
Unlike most markets around the U.S., where national builders dominate the landscape, almost every active builder in southeast Michigan is local. Some may have a national presence, but they’re headquartered here and build locally. The majority are either based in metro Detroit and build exclusively within the Detroit area; or are based in Michigan and build exclusively within the state. Few markets can say that.
Work with a local Realtor
Another component to the local theme, is working with an area Realtor when you build – just as you would if you were to buy a home on the resale market. A local agent who specializes in new home construction will ensure you’re seeing all the available options, since many builders don’t list their homes on the MLS. There are hundreds of builders in the area only building one or two homes at a time, relying on drive-by traffic for sales.
Not to mention, the builders sales representative works for the builder, not you. Make sure you have a real estate professional at your side to guide you through the process and look out for your best interest.
If you register with your Realtor on your first visit to a new neighborhood, the builder typically pays the commission – meaning representation at no cost to you. So, take advantage of our Michigan-based builders & Realtors and consider new home construction. It’s better than just buying American, it’s building Michigan…
Jeff Bortnick is a partner and co-founder of New Home Experts Realty in Northville, MI. He’s been in the real estate business for 15 years, or longer if you count selling his younger brother an “ideal” section of their parent’s back yard for $5 and a Kirk Gibson rookie card as kids.