The economic downturn has hit the United States pretty hard and most cities are just starting to recover. While the housing bubble had a disastrous impact on the real estate market, it also affected the economy in general. However, some cities are starting to improve their fortunes and one of these cities is Detroit. The fact that GM has decided to manufacture the GM Volt in Detroit has helped to improve the city’s fortunes. Other factories have come to or reopened in Detroit and jobs are not as hard to find as they once were. In fact, 5% of all new manufacturing jobs in the United States came from Detroit. The University of Michigan predicts that 20,000 jobs will be added to the state’s labour market 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 we buy houses Detroit market is still down and out. In fact, the overall value of property in Detroit is still going down. This provides a perfect opportunity for a person who is looking for a home to buy. Detroit not only offers numerous job prospects but also cheap housing.
Everyone wants to live in a nice home. However, either most people cannot afford to buy the home of their dreams or they find that the home of their dreams is located in a city with few to no job prospects. 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 is looking for a cheap place to live in Detroit would do well to look in Wayne, Tuscola or the City of Detroit itself. The city of Detroit has extremely low cost housing; however, this is the only part of Detroit where the value of housing is going up instead of down, so a person interested in Detroit investment 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 is one of the best cities to buy real estate in. A person should take advantage of the fact that the United States, as a whole, has not come out of the economic downturn. The Federal Reserve is keeping mortgage interest rates at rock bottom rates until the economy makes a full recovery. Many analysts are predicting an economic recovery in late 2011; once the economy is on the upswing, interest rates on mortgage loans will go up again. A person that is looking for affordable housing in a prosperous city should not pass up the Detroit property market and especially the potential that Detroit foreclosed homes have to offer.