September’s housing market figures are out.
And it has been another good month for property in Metro Detroit.
The median sales price is up 3.22% year-on-year.
It now stands at US$ 173,000.
That is up from US$ 167,600 in September 2016.
And in Wayne County (where most of our properties are located) prices rose 8.14%.
From US$ 118,000 to US$ 127,600.
Sales were up by 3.99%.
There were 5,493 last month compared to 5,282 in September 2016.
Meanwhile, inventory continues to fall.
You see, last month there were just 13,315 properties on the market – compared to 18,657 in September 2016.
That’s a decrease of 5,342 properties or 28.63%.
And it means there is only 2.42 months of inventory available at September’s sales pace.
On top of that, property is selling faster than ever.
It now takes just 22 days to sell a property in Detroit, on average.
That is 10 days less than in September 2016.
Treasurer of Realcomp, David Elya, tells you more…
“It’s a seller’s market and likely will be that way for a while.
I don’t see the market going down; overall, there is no bubble that is ready to burst. It feels like people are more confident. A lot of sellers are able to sell now because equity has returned to levels before the recession.
What that means for buyers is less to choose from and higher prices, but the strong market also protects their investment.”
What’s more, foreclosures are still tumbling.
In fact, over the past 12 months foreclosure sales have fallen by 24.26%.
There were just 178 last month – compared to 235 in September 2016.
To summarise for you…
- Median sales price up 3.22% in Metro Detroit
- Median sales price up 8.14% in Wayne County
- Sales up 3.99%
- Inventory down 28.63%
- Foreclosures down 24.26%
These are all good signs the Detroit property market is getting stronger and stronger.
But although the median sales price in Wayne County is now US$ 127,600.
I can still offer you fully renovated, tenanted properties from just US$ 39,998.
And you will earn rental returns up to 17.46% 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.
Fitzgerald is in West Detroit next to upmarket Bagley and the University District.
It is a great place to invest because the neighborhood is undergoing a US$ 30,000,000 revitalization project.
That means there is plenty of demand from home owners and tenants.
So property prices and rents are on the rise.
This property is only 1.5km (0.9 miles) from Marygrove College and a 5 minute drive to University of Detroit Mercy.
And just a 10 minute drive to Detroit Golf Club and Palmer Park.
The house has 3 bedrooms, 2 bathrooms, a living room, a kitchen, an 847 sq. ft. basement and a 3,920 sq. ft. garden.
It is on offer for US$ 52,998.
Your monthly rent is US$ 825.
Your net yield is 14.64%.
That’s US$ 7,757 in your bank account every year.
Want full details?
Simply reply to me.
Osborn is an established neighborhood in Northeast Detroit.
It is 15km (9.3 miles) from Downtown Detroit or a 19 minute drive.
Many people who live in Osborn work in Warren which is just a 10 minute drive.
This is because properties in Warren are at least 3 times the price of property in Osborn.
That means there is high demand for houses in Osborn and prices are rising fast.
This property is only 750 meters (0.5 miles) from high ranking Brenda Scott Academy, Turning Point Academy and Fleming Elementary School.
The shops, banks and restaurants on East McNichols Road are a 5 minute walk.
The house has 3 bedrooms, 1 bathroom, a living room, a kitchen, a 677 sq. ft. basement and a 4,312 sq. ft. garden.
It is on offer for US$ 43,995.
Your rent is US$ 750 per month.
Your rental yield is 16.29% net.
That’s US$ 7,165 in your pocket every year.
Want to know more?
Just reply to me.
Denby is in East Detroit next to affluent Grosse Pointe and Harper Woods.
A lot of money has been spent regenerating this neighborhood over the last few years.
Skinner Park was renovated at a cost of US$ 1,400,000 in September 2016.
It now has 2 basketball courts, a volleyball court, pickleball court and a mixed-use football and soccer field.
As a result it is popular with parents and children.
So there is high demand for rental property in this area and property prices are rising fast.
This property is 200 meters (0.1 miles) to Denby High School and Skinner Park.
The shops, banks and restaurants on Kelly Road are just a 5 minute walk.
This house has 3 bedrooms, 1 bathroom, a living room and a kitchen.
There is also a 650 sq. ft. basement and a 4,356 sq. ft. garden.
This property is on sale for US$ 44,998.
Your rent is US$ 800 per month.
Your net return is 16.45% – after all expenses.
That’s US$ 7,400 in your hand every year.
If you would 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
It doesn’t matter if it’s 3 months or 30 years – if you have a problem I’ll be here to help.
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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