Michigan Market Conditions
Is it just me, eastside of Detroit, Harper Woods, or are properties still not moving?
I've seen a lot of homes under mkt value and not being sold. I have one house around the corner offering on a yellow sign, hand written stating, "536 down and 795 a month." Nice house, good condtion, but it's been like that for at least 3 months.
Is there a way to see the selling trends?
Thanks
Michael
Hi Michael, yea it's kind of hard because you know how the East side is. The East side is funny though, you can have a street of beautiful houses in the middle of three streets of lousy houses. Not only that, people think there is a huge living difference between Eastsiders and Westsiders. Unless, they're East siders, people don't usually want to move there. I lived closer to Belle Isle and would never consider living deeper East. But, some people would, it's just a matter of finding those people.
I have a property on the Eastside that I'll be trying to fill as soon as it's finished being re-habbed. We'll see how it goes.
quinn
I feel your pain, I have several properties in MI and the market seems to go up an down and in some of my locations I can not even get property insurance but that's ok overall MI has been good to me.
Try this link for market conditions http://realtytimes.com/rtmcrstate/Michigan
[addsig]
I also have properties in Michigan, I have pretty good values on the west side. west of telegraph, I look for areas that are on the upswing, look in the papers for developers that are going to invest in certain areas. look for cities that are getting goverment grants to fix the city.
I've been investing for 4 years now. I also go to the city buildings in each city i'm looking at for info..
Subprime- Do you invest in new construction also?
Also, when you advertise your properties, do you get a good response?
thanx
quinn
Thanks for taking the time to write!