Sell My Home Detroit
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Sell My Home Detroit
How to Sell My Home in Detroit
Some of the major concerns for selling your home in Detroit surround the unknown factor of demand. Will someone want to buy my home in Detroit? What is the demand to help me sell my home fast?
Demand involves the ability to keep existing homeowners and attract new residents. Homeownership in Detroit has fallen significantly, losing 37,000 units in 10 years: the homeownership rate was 55 percent in 2000 (185,000 owners of 336,500 occupied units) compared with 51 percent in 2010 (138,000 owners of 269,500 occupied units). This decline occurred for several reasons:
* Detroit continues to experience population loss. Since 1970, the city’s population has steadily declined. Detroit’s population loss has outpaced that of similar Rust Belt cities, including Flint, MI; Cleveland, OH; and Syracuse and Rochester, NY. Most notably, Detroit’s population between the ages of 25 and 44, the age group with the greatest transitions to homeownership, steadily decreased between 1990 and 2014.
* Unemployment rates and incomes for the residents who remained in Detroit have not kept pace with regional and national trends. Unemployment rates in Detroit continually exceed the national average: in April 2016, Detroit’s unemployment rate was 9.1 percent, 4.4 percentage points higher than the national unemployment rate of 4.7 percent. Additionally, the median household income in Wayne County (including Detroit) was more than $15,000 greater than that of Detroit ($26,095), according to the most recent US Census estimates. The national household median income exceeded that of Detroit by over$27,000. Poverty rates also remain high in the city, growing from 25.3 percent for white residents and 32.4 percent for black residents in 2005 to 39.6 and 40.1 percent, respectively, in 2015.
* Many other factors have contributed to the decline in Detroit’s homeownership rates, including conditions that encourage residents to move to the suburbs. These factors include high taxes, compared with regional and national rates, for low-quality government services; low-performing schools; high automotive and homeowners insurance premiums; and safety concerns. This shift is especially seen among African Americans,who are increasingly relocating to the now more accessible suburbs, such as areas in Oakland and Macomb Counties and the rest of Wayne County.
To find out if your home will sell quickly, contact us for a quick estimate: