Tuesday, September 25, 2012

Why Invest in Detroit Metro Real Estate?

The Wayne County Tax Sale Re-offer  is rapidly approaching with thousands of residential, commercial and vacant land properties on the auction block and minimum bids at a fraction of the county assessed values.

Whether you’re an experienced investor or a real estate rookie, see why the media and analysts are raving about Detroit real estate. Check out the October tax sale re-offer on Bid4Assets and buy now while prices are at historic lows!

The Michigan economy is growing rapidly

  • The Michigan Economic Activity Index rose 2.0 points in June, to a 10-year high of 105.9 according to economists at Comerica Bank (CBS News)
  • Consumer sentiment increased unexpectedly in September to 79.2, up from 74.3 in August (Bloomberg)
  • Helped by the auto industry recovery, Detroit unemployment rates have dropped by 2.4 % over 12 months (CNN Money)
Home prices are on the rise and inventory is decreasing

  • The number of single family homes sold in July 2012 increased by 14 percent compared to July 2011, according to the Michigan Association of Realtors (CBS News)
  • Between the first quarter of 2011 and the first quarter of 2012, the median price went up by 8.6%, one of the largest increases in the country (24/7 Wall St.)
Rental rates have exploded in the metro area

  •  Average rental prices in the Detroit market have shot up 5% over past year, according to Rent Jungle (CNN Money)
  • Rents are projected to climb to $720/month and vacancies will decrease to 4.5%, which is on par with the national average for metropolitan areas (Wall Street Journal)

Still not convinced? Read why Forbes is calling Detroit the “Comeback Kid”

5 Wall Street Journal: Even Detroit Looks Good for Rentals