For years, Detroit was known as one of the worst housing markets in the country. With high rates and low property value, houses sat on the market, vacant for decades. The little to no maintenance on abandoned homes has only cause all surrounding homes to be affected, creating a domino affect of decreasing value. After the 2008 recession, it seemed on the surface like Detroit was a lost cause.
Then the economy began a complete turnaround, and now Detroit is one of the best markets to buy a home, and here’s why. Flipping a property has become a huge trend in the industry, with the ability to obtain a huge profit from the resell value. Many businesses have began entrusting in the metro Detroit area again and been moving into the city, creating more jobs and a need for homes near work. More millennials looking to live and work in Detroit are also now able to afford many homes in the area, creating a generation of young homeowners, the first on the East side of Michigan.
Looking to invest in a Detroit property? Contact us today to see how we can help get you into your perfect home!