Our previous post talks about Real Estate Hot Zip Codes Across Metro Detroit, we are adding to the list our hot buyer market with the best ROI for buyers.
It is highly recommended to invest in an area that has room to grow – especially in value. Although, there is no definite guarantee, but one tip that you can’t go wrong – look for properties that are adjacent to hotspots.
Madison Heights & Oak Park: Oak Park is benefiting from the growth of Ferndale. Additionally, Oak Park has been investing in additional bike lanes and increasing walkability. Investment in a downtown is another predictor of potential real estate value growth.
Warren & Center Line: Additional city hall or civic center in South Warren makes a lot of difference, pushing it to one of the hot places to invest in.
Wyandotte: Investments in downtown and the consistent economic growth, Wyandotte has seen steady increase in property values and is getting more attention for the variety of unique local businesses and services available. It is a HOT market for buyers right now, but still affordable. Home-buyers and investors, if you are contemplating on making an investment deal in Michigan, why don’t you check out Wyandotte?
Commerce Township & Milford: Commerce and Milford townships are among Oakland County’s fastest growing communities. Commerce announced a $100 million retail and entertainment complex they are hoping will be the foundation for a thriving downtown.
Livonia & Westland: Adjacent to Northville and Plymouth, Livonia and Westland are getting spillover! Buyers are showing a lot of interest in Livonia and Westland right now and homes are still affordable for the budget buyer. This place seems like another good place to invest in! While the properties are still affordable, investors should not waste time in taking into consideration Livona & Westland properties to invest in.
THE DIFFERENCE MAKER
A piece of advice, no one wants a fixer-upper this year. Most home-buyers especially first time home-buyers prefer to move in to a property where they could get going and not have to worry about the house. Or prefer very minimal work.
This is becoming a trend lately – house has to be turn-key ready. Nobody wants to paint and do anything especially doing major fixes on a house before fully moving in. It costs a lot of time and money.
Put this is mind, if the house is not fully updated, especially when it is in a hot zip code, then it won’t sell at all. However, if it does sell, the buyer may want compensation for the update and the hassle because they want to be rewarded financially. Who would want to go through all the hassles of fixing a home you just purchased? It’s like shopping for new clothes, you would not want to wear one that have missing buttons or ripped, are you?
Remember, there are still hot market locations that have affordable properties. Investors or home-buyers, why don’t you strike the rod while it’s still hot?