October’s housing market figures are out.
And it has been another good month for property in Metro Detroit.
The median sales price is up 7.01% year-on-year.
It now stands at US$ 175,500.
That is up from US$ 164,000 in October 2016.
And in Wayne County (where most of our properties are located) prices rose 13.04%.
From US$ 115,000 to US$ 130,000.
Sales were up by 4.35%.
There were 5,446 last month compared to 5,219 in October 2016.
Meanwhile, inventory continues to fall.
You see, last month there were just 12,566 properties on the market – compared to 17,584 in October 2016.
That’s a decrease of 5,018 properties or 28.54%.
And it means there is only 2.31 months of inventory available at October’s sales pace.
On top of that, property is selling faster than ever.
It now takes just 31 days to sell a property in Detroit, on average.
That is 9 days less than in October 2016.
President of the Greater Metropolitan Association of Realtors, Karen Greenwood tells you more…
“When infrastructure improves, people are going to want to move back to the city. Now that demand is higher, you see the sales price go higher, and this is what Detroit has needed for a long time. As a major city, it’s still affordable, though I do not know how much longer that is going to last.
Don’t be patient — go shopping now. Sellers who put their house on the market in the last or first quarter want to sell their house. Competition increases in the spring.”
What’s more, foreclosures are still tumbling.
In fact, over the past 12 months foreclosure sales have fallen by 26.21%.
There were just 183 last month – compared to 248 in October 2016.
To summarise for you…
- Median sales price up 7.01% in Metro Detroit
- Median sales price up 13.04% in Wayne County
- Sales up 4.35%
- Inventory down 28.54%
- Foreclosures down 26.21%
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$ 130,000.
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.
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 August 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 2.2km (1.3 miles) to Denby High School and Skinner Park.
The shops, banks and restaurants on Morang Avenue are just a 5 minute walk.
This house has 3 bedrooms, 1 bathroom, a living room, a kitchen, a 750 sq. ft. basement and a 5,358 sq. ft. garden.
It is on offer for US$ 42,995.
Your monthly rent is US$ 750.
Your net yield is 16.15%.
That’s US$ 6,942 in your bank account every year.
Want full details?
Simply reply to me.
Castle Rouge is an established neighborhood in Northwest Detroit.
It is on the border of the upmarket neighborhoods of Redford and Dearborn Heights where prices have risen by over 50% in the last few years.
As a result there is high demand for property in Castle Rouge.
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 1km (0.6 miles) to the shops, banks and restaurants on Schoolcraft Avenue.
Rouge Park Golf Course is a 5 minute drive.
The house has 3 bedrooms, 1 bathroom, a guest toilet, a living room, a kitchen, an 825 sq. ft. basement and a 5,227 sq. ft. garden.
It is on offer for US$ 48,995.
Your rent is US$ 850 per month.
Your rental yield is 15.46% net.
That’s US$ 7,576 in your pocket every year.
Want to know more?
Just reply to me.
Greenfield is in Northwest Detroit next to Old Redford and North 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 550 meters (0.3 miles) to the shops, banks and restaurants on Grand River Avenue.
And the shops, banks and restaurants on Schoolcraft Avenue are a 2 minute walk away.
This house has 3 bedrooms, 2 bathrooms, a living room and a kitchen.
There is also a 624 sq. ft. basement and a 4,356 sq. ft. garden.
This property is on sale for US$ 48,398.
Your rent is US$ 825 per month.
Your net return is 16.02% – after all expenses.
That’s US$ 7,751 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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