Detroit is a unique market that allows the investor to capture real estate opportunities at record low prices, and create tremendous cash flow. Historically low interest rates and the promise of rising home prices in the future are attracting more first time homeowners than ever.DETROIT (July 16, 2014) – In the beginning of this month, federal interest rates dipped once again, marking the lowest rate seen in 2014. Much of the focus on Detroit’s economic upturn has been on commercial property investments, like the recent acquisition of the Detroit Free Press building. But with the federal interest rates becoming more and more attractive for residential properties, a new batch of citizens are coming out of the woodwork in drives – first-time home buyers.
Previously, Detroit was certainly not seen as a city with growth potential. Residents simply left their homes abandoned, forced out by foreclosure and a dwindling economy. The recent overhaul of the city’s image as an investment goldmine has attracted many foreign investors who are snatching up prime commercial property for pennies on the dollar. Once the prospect of industry became a strong possibility, would-be residents started paying attention.
First-time homeowners face a particular set of challenges, with having to secure a loan, come up with a down payment, and setting a realistic budget that factors in taxes, insurance and maintenance. In a seller’s market, many first-time home buyers find themselves priced out of the homes they want, and they lack the capital to purchase a home at auction.
Detroit, luckily, is teeming with real estate opportunities that appeal to first-time home buyers, the main one being price. With the market already favoring buyers, the city’s Planning & Development Department is offering additional perks for potential first-time buyers, like the American Dream Down Payment Initiative (ADDI) which provides down payment assistance to first-time home buyers who want to make Detroit their primary residence.
Also, companies like Own It Detroit make it their sole purpose to connect buyers to affordable properties that are priced to sell. Using the services of a company that has been in the Detroit market for over 25 years, made up of professionals who are themselves investors in residential real estate, buyers can avoid common pitfalls of buying a home for the first time and be directed to opportunities that will allow good returns in the future.
Without having equity in another home that can be used as leverage to buy another one, Detroit’s current housing market is prime for people who haven’t yet been able to make the dream of owning a home a reality. Own It Detroit has an extensive list of Detroit properties currently for sale. They are all put through a vigorous 100-point inspection and cone with a one year maintenance warranty. The extra care taken with their Detroit properties for sale is especially attractive to new buyers who are about to purchase their first house.
For more information about the real estate opportunities in Detroit for first-time home buyers, please visit www.OwnItDetroit.com
Media Contact
Company Name: Own It Detroit
Contact Person: Mousa A. Ahmad
Email: Send Email
Phone: 313-324-4114
Address:19853 West Outer Drive Suite 300
City: Dearborn
State: MI
Country: United States
Website: http://ownitdetroit.com
Source: www.abnewswire.com
