Sunday, July 12, 2015

Detroit Housing Prices

dfp detroit real est (10)

The Detroit Free Press took a thorough look today at Detroit home prices. Yes, they are going up. Yes, some of them were so low it did not take much to get them to go up. Yes, certain neighborhoods held up well during the drop in 2008-09 and are still holding up well. Yes, out of state investors need to be careful. In short, nothing that we did not already know, but they have lots of pictures.

Readers of this blog have been keeping track of prices in Detroit all along. That's particularly because of our philosophy that Detroit is a great place to buy a house if you can buy the right one in the right neighborhood. That's why you need to know the neighborhood. Sometimes crossing the street can make a difference in prices.

Investors from out of state are vulnerable to being taken advantage of. The news story includes one such person, who bought a house and used a property management company, but did not make any money. As she observed, it is hard to make money on Detroit from afar.