“ Detroit Moving up the Rankings “
The city of Detroit has come through some tough years but the struggling city is really coming back strong with news that it is now one off the hottest housing markets in the US. According to the popular Real Estate Website realtor.com the Metro Detroit area came in as the 4th hottest housing market in the United States moving from 10th only last month.
This news will give current and future investors motivation to get involved now rather than later with prices expected to rise even further and supply of good tenanted houses to drop as investors snap up the best deals available.
According to the chief economist of Realtor.com Danielle Hale, Detroit is still operating at approximately 20% lower than its national competitors, even with the recent increase in housing prices.
In the last two years Detroit has seen the highest capital growth than any other city in the US.
Also in addition to low housing prices, Detroit’s current median income is now on par with the national average making the rental market even stronger. Again another big plus for overseas and local investors.
In recent months properties in Detroit have seen almost double the amount of viewings than other areas across the US.
Global Investments Incorporated is one of the biggest sellers of Detroit Investments to the overseas markets having sold close to 5000 homes in the past five years.
We asked CEO Mike Moodie his thoughts on what is going on in Detroit with the supply and demand, “ Well the stats don’t lie and yes although we are seeing an incredible amount of enquiries for Detroit homes, the issue for our buyers is the available listings. These homes are in such huge demand right now that as soon we get any house that is well located, in good condition and with a solid tenant it would normally sell within 24-48 hours.
Even in some cases where the Seller maybe asking more than the market value they still sell quick as they are well below the national average. All of these factors are making Detroit a very tempting market for our overseas investors.”
For further information on the “ Detroit Come Back “ or to see some available listings please email Mike or any of his team at email@example.com