Well I'm back to tell you about Metro Detroit home sales. I have been so busy these first four months that I have not had the time to write any blogs. I am going to talk about metro Detroit geographically. I am going to talk about the inner ring of suburbs. The inner ring of suburbs is the cities closest to Detroit. They are the cities that are closest to the city of Detroit.
The cities that I am talking about are cities like East Pointe, Warren, Hazel Park, Oak Park, Ferndale, Southfield, Warren, Melvindale, and Ecorse to name some of the cities. What has happened to the real estate market in these inner ring cities?
The home prices have not gone up in these cities. There still is an abundance of homes that are priced under $70,000. In some case you can get decent homes for as low as $25,000 in these cities. These inner ring cities now have become magnets for investors. investors that are buying them for rentals. There is not enough room for profit to buy a home and then flip it. So the majority of the investors are looking to be landlords.
Of course there is still competition to get the good homes when they are priced cheaply. But there is not an extreme demand that is driving prices up. So prices in many of these inner ring cities have remained flat or dropped.
If you are thinking of buying or selling in metro Detroit feel free to give me a call.