Welcome to Friday Open Threads, wherein we'll pass the mic to readers to speak up about topics of interest, distress, horror, and more. Have something you want discussed? Let us know. This week’s topic: the current state of buying a house in Detroit.
The real estate market in Detroit has been both predictable and unpredictable this year, as prices continue to rise in the Motor City. We’ve seen values in certain neighborhoods take off, while others continue to stagnate.
Have you tried to buy a house this year? We want to know about your experience. What challenges have you faced?
We know many who have tried to buy their first homes in the city, only to lose out to investors with cash. There is a big lack of move-in ready, affordable homes. Some houses may be available in certain neighborhoods, but if a young family has kids, they’re hesitant to move in.
Have you had trouble finding the right house in the right neighborhood? How has the mortgage process gone for you? Did you find something that might work, but it needed too much work itself? Or have you constantly been outbid on properties? Or did you happen to find your dream home?
Speak up in the comments below! We hope this opens up a conversation about issues currently facing those who want to invest in the city.