Categorized | Residential

Detroit Real Estate Expected to Grow with Regeneration Efforts

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With the announcement that the United States federal government intends to finance the regeneration of Detroit, analysts believe that the property market in the city will begin to see fairly strong growth.

After holding the title of being of the worst housing markets in the United States for years following the real estate crash, it looks as though the residential real estate market is finally on the upswing. The housing market began to show improvement during the last half of 2011, as investors began to take notice of the potential financial opportunities that come with home ownership in the city.

Residential real estate prices are currently seventy percent below their typical level, making the market an absolute bargain for investors and families looking to buy a new home. In addition, property ownership in the city currently carries a phenomenal seventeen percent net yield.

With regeneration efforts now planned for the city, home prices and sales are expected to continue to experience strong improvement. Groups are identifying foreclosed and uninhabitable properties, and rather them leaving them in a state of disarray, they are refurbishing them to make them not only affordable, but quite attractive as well.

Prices are predicted to grow at least five percent each year for the next five years, making the property market a profitable investment for those looking to buy a home. Currently, a standard three-bedroom house can be purchased for as long as thirty-two thousand dollars in Detroit. Those kind of prices, though, will only last for a limited amount of time, as the government’s regeneration efforts will be instrumental in guaranteeing the five percent increase in sales and price expected to take place over the next five years.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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