Detroit Property Market and Real Estate Guide

(Detroit, Michigan - MI, USA)

Photo of Detroit CityThe city of Detroit is one of Michigan state's most popular tourist destinations and busiest cities, with lovely parks, top attractions such as the Charles H. Wright Museum of African American History and a diverse nightlife scene. Although in decline in recent years as the motor industry shifts, Detroit remains a key Lakes Region city.

Those who have always dreamed about buying a home in Detroit will find that now is a good time, as housing prices have plummeted more than elsewhere in the US, meaning that there are plenty of affordable houses and apartments located all over the city.

Known for its numerous restaurants, Greektown is a popular place to stay, while Mexicantown is Detroit's fastest growing neighborhood. Those who want to stay close to the riverfront can also opt for the neighborhoods of Sandwich and Brighton Beach.

Skyline view of Detroit photograph

Renting Serviced Apartments

Serviced apartments can be found all over Detroit, especially in the downtown district and business district. Although quite costly - the average price is about double that of a standard apartment - these luxurious pads are ideal for those who plan to stay in Detroit for just a few weeks or months and are used to the finer things in life.

The great thing about serviced apartments is that they are fully furnished to modern tastes and include a wide range of amenities, fully equipped kitchens and en suite bathrooms. Many also come with shared facilities such as swimming pools and large gardens.

The motor industry tends to attract contractors or new staff from out of town and keeps a steady turnover of demand for serviced apartments, while workers stay temporarily or settle in to the city. The result is a comfortable selection.

Buying Apartments and Houses

The property market in Detroit is extensive and there are no special rules or restrictions places upon foreign buyers. After an offer has been accepted, a sales agreement will be drawn up, which is legally binding. In addition to the cost of the property, the purchaser will has to pay fees of up to five percent of the total property value. This fee covers a range of costs, including inspection fees, title insurance, mortgage insurance and stamp duty.

Real Estate Agents

Detroit is a big city with extensive property industry and there is a large number of professional real estate agents to choose from, most of which offer a wide range of property services. However, most of these agents are goal driven and it is important to find one that knows exactly what you are looking for and will help you achieve this. Before committing to a particular agent, take the time to read through their portfolio, checking out various websites and tracking down reviews from previous clients if possible.

Here are just a few of Detroit's leading real estate agents:

Steve Hatfield Realtor
Address: Century 21 Curran and Christie, 25636 Ford Road, Dearborn Heights, Michigan (MI), 48127, USA
Tel: +1 313 274 7200
Covering the whole of Michigan, these professional real estate agents offer a wide range of property for sale and rent in all parts of Detroit and the surrounding area.

Mecca Property Management LLC
Address: 14404 Artesian Street, Detroit, Michigan (MI), 48223, USA
Tel: +1 313 838 5570
Offering more than 30 years of experience and expertise in the Detroit property market, clients can be sure of a professional and hands-on approach when they opt for Mecca Property Management LLC.

Remax Infinity-infinity Homes
Address: 17819 West 7 Mile Road, Detroit, Michigan (MI), 48235, USA
Tel: +1 313 362 5500
A branch of one of the USA's leading real estate agents, this professional company is located in the heart of the city and offers an excellent selection of property for sale and rent.