Everyone in America knows that Detroit is a special and unique place. Yet not everyone can handle it. Whether you got a new job in the city or you’re a newcomer outside of state and looking to buy a house in Detroit.
In any case, learning more about the real estate market and how you can afford to finance the house would be an excellent place to start.
Unfortunately, Detroit has not deserved an offputting reputation as an industrial city. Yet there is still more to the city that keeps the folk in. If you’re planning your future in Detroit, you already know the downsides, like developing public transport system and educational facilities. Let’s focus on the positive prospects and how they affect the housing market.
Real estate outlook in the Motor City
One has to know what to expect on the market before starting house-shopping. Exploring the neighborhoods, price ranges, and types of Michigan property for sale is necessary to create your requirements list. Be sure to set your priorities straight, whether you decide to hire a real estate agent or want to navigate the process on your own. Here is what one needs to know about the Detroit real estate market:
-
Get yourself a lovely 1950 home.
Historically the local population grew extremely dependent on cars. That led to city borders expanding with more residential neighborhoods. Even though Detroit is one of the biggest megapolises in the US, finding a nice condo in the high-rise could be truly challenging. But if you’re eyeing a charming single-family house, you’re in luck. Detroit has some new construction coming up for modern house lovers. However, the market has plenty of choices if you can appreciate the unique designs and lovely brick houses architecture.
-
Attractive prices
Interestingly, rent prices rose to $2,000 for a two-bedroom place in the past years. Still, the housing market is one of the most affordable in the states. It would definitely be more beneficial to invest in your own house than keep paying month-to-month rent. Detroit offers an affordable price range for big family-friendly houses, giving you a good platform for investment.
-
The best market for house-flipping
Drastic consequences of the 2008 market crash left Detroit with thousands of abandoned houses. Even 14 years later, you can still find a bit weathered historic houses. The House flipping trend is getting popular, bringing a new life to the pre-loved homes. If you’re inspired to flip a house, Detroit has the best ones, with a great brick foundation, spacious room planning, and vintage windows. What is the best part? All of that houses are way beyond the market price! Whether you want a historic home for yourself or want to invest in a fixer-upper project, you knocked on the right door.
What makes Detroit a special place?
-
Culture
If you’re looking for a city that embraces black excellence and pride, stop looking. You already found it! Detroit has the largest community of people identifying as African American and black in the States. That brings appropriate ambiance to the city. It is famous for music, food, art, and murals. Come to Detroit during the festival season to fall in love with the city’s culture.
-
History
One can’t live in modern-day Detroit without knowing what the city was built on. Decades of racism and segregation made the Motor City the way we know it today. On the other hand, prior to the Great Depression, the city was blooming in wealth. Now, architectural and history lovers can enjoy the Art Deco high-rises, unique details in interior design in skyscrapers, and lovely 1950s brick houses.
-
Community
Due to historical and administrative issues, folk in Detroit have a strong sense of unity with their community. That’s why choosing a neighborhood where to live in is not only about the views and location but the new community family. The network of all communal associations is strong, assisting locals in administrative questions, patrols, festivals organization, and much more.
How to buy a house in Michigan: Financial side of the question
Figuring out the budgeting for your new purchase is a big headache for many first-time buyers. Yet it’s a necessary step that has to be performed before you start your house-hunting journey. Here are the ways one can afford to buy property.
1. Get a traditional mortgage.
Before you start house-shopping, you should get a pre-approved mortgage and have enough money set aside for a down payment. Traditional lenders need to research your credit history, personal debts, level of total income, and cash reserves before making their decisions.
2. Enroll in the Detriot Home Mortage program
To help first-time buyers and low-income families, the US government has special support programs to help out with financing. Explore your options with the Detroit Home Mortage program for better mortgage options and loans for the down payment.
3. Try your luck at an auction.
For years bidders can buy an abandoned property at the auction for cheap. The organization committee verifies that all the houses on auction are free from the residents. Many out-of-state investors use auctions to buy a bunch of properties for a lower price and use it for rent later or even speculate on the market. Consult with the local real estate agents to evaluate your chances in the auctions.
Wrapping up
Being a Northern state, Michigan is famous for harsh winters. Such a climate makes Detroit hard to handle for many fellow Americans. However, don’t judge the city too fast. Take your time to learn more about what makes it great. The culture, community, and current state of the real estate market make it a good place for investments. The first-time buyers would be pleasantly surprised by the price range. If you’re exploring options of settling down in the bigger city in Michigan, Detroit definitely has some excellent options for you worth checking out.
