Sell My Home Fast Detroit
Sell My Home FAST Detroit
How to Sell My Home Fast in Detroit
Why is now a good time to sell my home fast in Detroit? Because the overall supply of Detroit homes is shrinking, making buyers anxious for more and better properties.
Detroit’s total housing supply continues to shrink: more than 45,000 units were lost between 1990 and 2013. More strikingly, the number of occupied units in Detroit decreased precipitously by 228,303 units, or 46 percent, between 1970 and 2010. Despite decreases in supply, demand is still falling at a
faster rate, leaving much of the housing supply vacant and, eventually, abandoned. Additional factors have contributed to the decline of Detroit’s livable, or move-in-ready, housing supply:
- Low home values create little incentive for owners to improve their homes. The mean sale price of units in Detroit is well below the national average and lower than the rest of Wayne County. However, select areas of the city, particularly downtown Detroit, have high mean sale prices.
- Old housing stock means that homes may need significant repairs and may not meet the housing preferences of current homebuyers. Eighty percent of Detroit’s housing supply was built before 1960. Moreover, the city’s housing supply is 67 percent single-family units, but many interviewees noted that many residents prefer multifamily structures for both rental and ownership. Overall neighborhood deterioration and abandonment of commercial strips and retail also inhibit investments and market demand.
- Low rents and high property taxes prevent landlords from investing in improvements, leaving many rental units inadequately maintained.
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