Move Fast – Detroit and Buffalo Housing Shortages
Over the past 5 years investors have been snapping up homes in the US, with two of the main hot spots being Detroit and Buffalo NY. Well the window of opportunity may just be closing as both of these cities are declaring housing shortages, so the clock maybe ticking for overseas investors wanting to get there hands on some of these high income producing investments. For the past 36 months, the housing market has been defined not just by demand, which remains sky-high in many parts of the nation but also by the shrinking number of available homes for sale. Starting with Buffalo NY – Buffalo’s waterfront used to be an industrial wasteland, but now it’s a lively community where a luxury apartment building is going up, amid craft breweries and a massive new ice skating rink. “The inner harbour has been completely redeveloped in the past five years. “ It’s going through a regeneration and the city is thriving like never before ” says Mike Moodie, CEO of Global Investments incorporated. “People are moving back to Buffalo. And yes, there are more buyers than there are houses.” The supply shortage has triggered multiple offers and bidding wars. The city’s large population of 45 to 64 year olds who are the least likely to buy or sell, is also limiting the supply. Nearly 40% of heads of households in Buffalo fall into this age range. Until more of those homeowners start making retirement decisions and listing their homes, there won’t be much relief in home supply. Global investments incorporated have been selling homes in Detroit and Buffalo for five years now and owner Mike Moodie has very recently been quoted in saying that the the housing market in Detroit is getting stronger and stronger over the past few years and that prices are increasing and stock is getting harder too acquire. Left for dead for decades now, Detroit’s housing market is truly, finally turning around. Last year the city saw housing price spikes of 11%. In Downtown neighbourhoods, it’s not uncommon to see $300,000 condos and an occasional 1 million dollar loft conversion. “ Detroit gets a really bad rap sometimes but the city is going to surprise a lot of people in the coming months and years with more investment from the Federal Government and investment from overseas flooding into the city like never before. “ quotes Mike. From 2015 to 2016, for-sale homes have dropped by a hefty 25.7% and with the house prices rising like Mike and his company Global Investments Incorporated had predicted, it seems that if you are looking at investing in either Buffalo NY or Detroit you better be sure to make your move soon. Global Investments Incorporated have the best most exclusive investments in both Buffalo and Detroit. If you would like any further information on any of these investments or current available stock please email mike direct on mike@globalinvestmentsincorporated.com