February’s housing market figures are out.
And it has been another good month for property in Metro Detroit.
The median sales price is up 12.52% year-on-year.
It now stands at US$ 163,000.
That is up from US$ 144,950 in February 2017.
And in Wayne County (where most of our properties are located) prices rose 19.00%.
From US$ 100,000 to US$ 119,000.
Sales were down by 7.25%.
There were 3,121 last month compared to 3,365 in February 2017.
Meanwhile, inventory continues to fall.
You see, last month there were just 8,685 properties on the market – compared to 12,615 in February 2017.
That’s a decrease of 3,930 properties or 31.15%.
And it means there is only 2.78 months of inventory available at February’s sales pace.
On top of that, property is selling faster than ever.
It now takes just 45 days to sell a property in Detroit, on average.
That is 3 days less than in February 2017.
What’s more, foreclosures are still tumbling.
In fact, over the past 12 months foreclosure sales have fallen by 29.17%.
There were just 187 last month – compared to 264 in February 2017.
To summarise for you…
- Median sales price up 12.52% in Metro Detroit
- Median sales price up 19.00% in Wayne County
- Sales down 7.25%
- Inventory down 31.15%
- Foreclosures down 29.17%
These are all good signs the Detroit property market is getting stronger and stronger.
CEO of Realcomp II, Karen Kage, tells you more…
“The 3 most prominent national market trends for residential real estate are the on-going lack of abundant inventory, the steadily upward movement of home prices and, most recently, year-over-year declines in home sales.
Sales declines are a natural result of there being fewer homes for sale, but higher prices generally indicate a higher level of demand leading to competitive bidding.
Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base.”
But although the median sales price in Wayne County is now US$ 119,000.
I can still offer you fully renovated, tenanted properties from just US$ 45,998.
And you will earn rental returns up to 16.46% net.
But the way the market is moving means your opportunity will soon be gone.
So if you would like to see what’s on offer – just reply to me.
Let’s have a quick look at a few that are available right now.
Warrendale is in southwest Detroit next to Rouge Park and downtown Dearborn Heights.
Properties in Warrendale are mainly owner occupied and well maintained.
And that means vacancy rates are very low – so you should never struggle to find tenants.
This property is only 150 meters (0.1 miles) to the shops, banks and restaurants on West Warren Avenue.
And a 10 minute walk to Carver Elementary School and 15 minute walk to Warrendale Charter Academy.
Henry Ford College is a 5 minute drive and it’s a 7 minute drive to the University of Michigan – Dearborn and Fairlane Town Center.
The house has 5 bedrooms, 2 bathrooms, a living room, a kitchen, a 700 sq. ft. basement and a 5,227 sq. ft. garden.
It is on offer for US$ 64,995.
Your monthly rent is US$ 1.100.
Your net yield is 16.93%.
That’s US$ 11,006 in your bank account every year.
Want full details?
Simply reply to me.
Fiskorn is a small neighbourhood in northwest Detroit bordering Grandale and Dearborn.
It is 14.3km from downtown Detroit or a 17 minute drive.
Many people living in Fiskorn work in Dearborn which is just a 5 minute drive from this property.
This is because property prices in Dearborn are much higher than in Fiskorn.
But it also means demand for housing is high.
And this is already starting to push up property prices and rents.
So you are likely to benefit from strong capital growth.
This property is only 1 km (0.7 miles) to the shops, banks and restaurants on Tireman Avenue and Greenfield Road.
This house has 3 bedrooms, 2 bathrooms, a living room, a kitchen, a 600 sq. ft. basement and a 7,522 sq. ft. garden.
It is on offer for US$ 59,995.
Your rent is US$ 800 per month.
Your rental yield is 13.12% net.
That’s US$ 7,873 in your pocket every year.
Want to know more?
Just reply to me.
Riverdale is in Northwest Detroit next to Old Redford and Rosedale Park.
The neighbourhood is popular with home owners and tenants because it has a very low crime rate.
This means demand for housing is high.
And property prices and rents are increasing fast.
So you are likely to benefit from strong capital growth.
This property is 1km (0.7 miles) from Meijer Supercenter.
And the shops, banks and restaurants on Grand River Avenue are a 5 minute walk.
Harding Elementary School and Old Redford Academy – Middle School are a 5 minute drive and Murphy Elementary-Middle School is a 7 minute drive.
This house has 3 bedrooms, 1 bathroom, a living room and a kitchen.
There’s also a 700 sq. ft. basement and a 5,227 sq. ft. garden.
This property is on sale for US$ 49,995.
Your rent is US$ 750 per month.
Your net return is 13.71% – after all expenses.
That’s US$ 6,855 in your hand every year.
If you’d like to know more – simply reply to me.
Remember all our USA investment properties are:
- Fully renovated – average cost of works US$ 20,000
- Freehold with full warranty deed
- Already tenanted with pre-screened tenants – you get paid from day one
- Professionally managed – your rent is paid on time into your own bank account
Plus, with our Detroit properties you get all this completely free:
- Free Title Insurance – value US$ 499
- Free 1 year Property Insurance – value US$ 495
- Free 12 month Home Warranty – value US$ 700
Total value = US$ 1,694.
I won’t offer you unrealistic guarantees which can’t be fulfilled, like some people I could mention.
But I do promise you…
- Your vacancy rates will be very low (last 3 years 3.58% average)
- You will always get paid what you are due
- I will stay right by your side for as long as you own your property
Because I know that if you get the returns you are expecting you’ll come back for more.
You might even refer your friends and family, if I’m really lucky.
And unlike many of my competitors I don’t charge you a finder’s fee, an enabling fee or an arrangement fee.
In fact I don’t charge you any fees at all.
So if you would like full details of what’s on offer in Detroit – just reply to me.
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