Metro Detroit has been the home of America’s automobile legacy for centuries. With a population of around 3.6 million people, it has been the center of robust technological advancements in the past few decades. It boasts 11 Fortune 500 companies! New Homes for Sale in Greater Detroit
Over the years, it has been a hot site for real estate investments owing to the affordable housing rates, accessibility, and booming industries. The median market value for houses in Detroit was around $150,500 at the beginning of 2023. This is a nearly 8% fall in prices.
Detroit is one of the 4 US cities where you can buy a starter home. In September 2022, you would have paid somewhere around $48,000 for a typical starter home. The presence of tech giants like Google, LinkedIn, and Microsoft has attracted a lot of people from all over.
In this article, you will come across the essential parameters that you need to be aware of before buying your dream house. Moreover, you shall also come across a few exciting housing trends in Motor City that await you in 2023.
Factors You Need To Keep In Mind Before Making The Biggest Investment Of Your Life
As surreal as it sounds, buying a home is a difficult proposition when you take into account every little factor that requires your attention. From purchasing the property for the right price to getting the faucets fixed—every step is a reward that comes at a price.
There are a lot of parameters that you have to take care of before you put in your hard-earned money on a property.
Detroit Is A Buyer’s Market
What makes Detroit a buyer’s market is the fact that there are more homes for sale as compared to the buyers. This facilitates lower prices and more bargaining power if you are looking for.
You can skim through innumerable options for your dream abode from the 180 neighborhoods in Detroit! Homes in Detroit are being sold in roughly 54 days from their listing, as compared to 41 days last year. This increase in the number of days is a reflection of the fact that buyers are taking it slow in purchasing houses.
Who Is Your Guiding Angel When Making The Purchase?
The online world is an unending bank of resources that you can click, review, and work with. The digital world is replete with options, even for your dream house. A few searches online, and you can easily gauge the feasibility of purchasing a house in any area.
These points might tempt you to fix your deals online. But you need to address caution here. A professional online portal that safeguards your pre-purchase financial assessments gives you guided online or onsite home tours, and offers a legal framework for your purchases is what you need.
According to Century Communities, a homebuilder platform in Greater Detroit, it is very important for the homebuyer to get prepared and informed every step of the way. The site details the online experience of buying a house.
Carefully Factor In Other Added Costs
You need to be clear about the recurring payment patterns for expenses other than your mortgage principal and interest. Taxes, electricity, and maintenance bills are some of the common expenses that you need to factor in.
You may have to pay the Homeowners Association Fee if your house is in an area that levies this community fee. HOA fee covers expenses for the general maintenance of community amenities (like a common pool).
Finally, your mortgage type would decide on the closing amount you owe depending on the down payment you make upfront.
Your Home Needs Protection
It is imperative that you obtain home insurance that covers your home, the property, and your possessions. Research all the options about coverages in your area and make sure to avail them.
Trends In Housing Industry in 2023
Understanding the market trends would help you in getting the best deal for your dream home. So how will the housing market in Detroit be in 2023?
Pre-Covid Detroit was poised for a number of huge engineering projects. Now that the world is getting back on its feet, many of those projects have started again. This infrastructure development can be great news for the properties near them.
According to the Detroit Free Press, the government aims to revamp the existing landmarks into centers of culture, business, and community. Some of the new attractions set to be inaugurated this year include:
- The Book Tower
- The Lee Plaza
- The Enclave
Housing prices can see a change depending on the ZIP codes of their respective areas. Some areas, as predicted by Axios Detroit, can see an increase of around 3.5% this year.
There are reports that suggest that the housing inventory that was supposed to last for 6 months might now sustain for a month only.
Detroit offers an environment that facilitates a healthy balance of work, leisure, and community. The real estate market has always been subjected to fluctuations, but the current trends make Detroit a hot favorite for homebuyers.
With proper research and guidance, you can wade through the rough waters of housing investment and buy yourself your dream home!
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