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: searching for a house in Detroit.
To say that the real estate market in Detroit is complicated is a vast understatement. Like the city itself, there are layers upon layers of complexities that might not be so obvious to the average home-buyer.
Detroit has a very low percentage of homes bought with a mortgage, although that number seems to be on the rise as banks are starting to lend more. Often times, home buyers can be frustrated with cash offers that win out over more traditional buying methods in the home-buying process.
Have you bought a house in Detroit in the last few years? Or, have you tried to buy a house? What do you wish you knew before getting started?
Did you have trouble getting money for renovations? Did the appraisal process complicate a sale? Did you know about the high taxes or car insurance rates?
Or were you coming in from out of town and not aware of the city’s landscape—of the many stable neighborhoods bordering more blighted areas, or far away from convenient services?
And did you end up finding the right house? Or did you buy out in the suburbs?
We’d like this to be the start of a resource for those who are currently looking to buy property and live in Detroit. Share your thoughts and experiences in the comments or send us a note on the tip line.