Detroit, MI – January 22, 2015 – According to multiple sources, Detroit is on track to become a business destination, good investment and area of consistent growth, a major feat in the wake of bankruptcy. Reports indicate outsiders are booking conventions, moving businesses downtown, buying bonds as an investment in a city whose projected growth outpaces the rest of America. Not even a year ago, Detroit represented a beleaguered metropolis in decline for the better part of a half-century. Now, predictions are being made for the city’s future in real estate investment while movers and shakers look back on home prices and sales performance in 2014.
As of July 2013, Detroit held a debt estimated to be between $18 to $20 billion, essentially crippling the housing sector and sending ripples throughout nearly every area of commerce. Reeling from depressed property values, abandoned neighborhoods, deserted buildings and dilapidated schools, the city, in just one year, has removed itself from the doldrums of the recession, with sources such as Zillow predicting a 3.4-percent increase in home prices over the next year.
Investors looking for foreclosed Detroit homes will have plenty to choose from in 2015, as the city finally has the means to tackle large numbers of homes that are more than three years behind on taxes – which is the standard for foreclosures in Wayne County. According to OwnItDetroit.com, a local real estate investment and property management group, “Nearly 75,000 homeowners have already been notified that they are behind on their taxes, and nearly 80% of those homes are located in the center of the city.” Although the county ultimately would prefer to help homeowners avoid auction and stay in their homes, a large number of these homes are still anticipated to reach auction this year.
In the near term, the region’s housing inventory is expected to stay “tight” while continuing to lift prices up from their post-crash lows. Homeowners are holding out for the market to improve even further, keeping the supply lower than the demand.
However, with the abundance of companies relocating to Detroit, the construction business starting up strongly once again, and the number of homeowners ready to take advantage of the positive market now, it is a great time to put real estate investment in Detroit on the front burner for 2015.
About:
Own It Detroit is comprised of seasoned Detroit real estate investors and property owners who are looking to help others invest in the city. All properties they sell must pass a vigorous 110-point inspection and carry a one year warranty. Own It Detroit also offers attractive financing options for buyers.
For more information, please visit www.OwnItDetroit.com
Media Contact
Company Name: Own It Detroit
Contact Person: Mousa A. Ahmad
Email: Send Email
Phone: 313-324-4114
Address:19853 West Outer Drive Suite 300
City: Dearborn
State: MI
Country: United States
Website: http://ownitdetroit.com
Source: www.abnewswire.com