Out of state and even out of country real estate investors have made their presence felt in the troubled Detroit area housing market. Estimates are that up to 80% of houses sold in Detroit are being bought by investors. A growing percentage of sales are in bulk where bundles of houses are sold together.
The Detroit Free Press reports that “Sales were up dramatically in Detroit in February, rising 49% from a year before.” A large percentage of houses currently on the market in Detroit are owned by banks that foreclosed on the previous owner. In a witch’s brew of high unemployment, rising inflation and falling home values, it becomes increasingly difficult for those selling houses to get their asking price.
On the other side of the equation, buyers are experiencing previously unheard of low prices for houses. Want something for under $10,000? Realtors can show you thousands of properties in the area that fit the bill. Looking for fixer-uppers that are ready to rent after cosmetic repairs? Likewise, Detroit is where you want to be.
To avoid the sometimes significant downside of investing in low end properties, investors would do well to establish relationships with real estate brokers that specialize in bank owned foreclosed properties. Two helpful websites that deal with real estate specifically are www.realtor.com and www.activerain.com. Do your homework online beforehand and the chances of a profitable real estate experience increase exponentially.
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Bond Realty is a full service real estate brokerage firm specializing in bank owned foreclosures in the Metropolitan Detroit MI area since 2001. Jan W. Bond is the owner and Associate Broker. Mr. Bond has degrees from Wayne State University and Michigan State University and has been a real estate broker since 1987.(313)510-