The Advantages Of Investing In Detroit Property Now


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The Advantages Of Investing In Detroit Property Now

  1. 1. The Advantages Of Investing In Detroit Property NowThe economic downturn has hit the United States pretty hard and most cities are just starting torecover. While the housing bubble had a disastrous impact on the real estate market, it also affectedthe economy in general. However, some cities are starting to improve their fortunes and one of thesecities is Detroit. The fact that GM has decided to manufacture the GM Volt in Detroit has helped toimprove the citys fortunes. Other factories have come to or reopened in Detroit and jobs are not ashard to find as they once were. In fact, 5% of all new manufacturing jobs in the United States camefrom Detroit. The University of Michigan predicts that 20,000 jobs will be added to the states labourmarket in 2011 and that a further 26,000 jobs will be added in the service sector.While job prospects in Detroit are definitely improving, the Detroit property market is still down andout. In fact, the overall value of property in Detroit is still going down. This provides a perfectopportunity for a person who is looking for a home to buy. Detroit not only offers numerous jobprospects but also cheap housing.Everyone wants to live in a nice home. However, either most people cannot afford to buy the home oftheir dreams or they find that the home of their dreams is located in a city with few to no jobprospects. Detroit is unique in that it has a booming job market coupled with very low cost housing.There are many condos and houses in Detroit that are selling for well under $60,000. A person that islooking for a cheap place to live in Detroit would do well to look in Wayne, Tuscola or the City ofDetroit itself. The city of Detroit has extremely low cost housing; however, this is the only part ofDetroit where the value of housing is going up instead of down, so a person interested in Detroitinvestment property should make a move sooner rather than later.Whether a person wants to invest in real estate or simply buy a home for his or her family, Detroit isone of the best cities to buy real estate in. A person should take advantage of the fact that the UnitedStates, as a whole, has not come out of the economic downturn. The Federal Reserve is keepingmortgage interest rates at rock bottom rates until the economy makes a full recovery. Many analystsare predicting an economic recovery in late 2011; once the economy is on the upswing, interest rateson mortgage loans will go up again. A person that is looking for affordable housing in a prosperouscity should not pass up the Detroit property market and especially the potential that Detroit foreclosedhomes have to offer.Sherman oaks real estate