With Gov. Gretchen Witmer’s stay home, stay safe executive order for non-essential workers, we face an unprecedented battle against a deadly virus, with people hoping for signs for it to slow down.
Due to Detroit being the leading city in Michigan for reported cases, it seems that this trend will continue because of the fact that it’s a densely populated city. In the real estate aspect, there are some changes that would be expected as well.
Wayne County won’t foreclose on any homes in 2020 due to tax delinquency. This gives a lot of time for delinquent homeowners to catch up on their debt. The $2 trillion stimulus bill will play a vital role in how the Detroit real estate market develops. This helps tenants adjust to their rent, especially those who recently experienced a job loss.
Also, with the stock market’s unpredictability during this pandemic, investors may opt to invest in property instead to further diversify their portfolio to somehow avoid any market fluctuation unlike traditional stock market investments.
A recent moratorium on evictions on Detroit for the benefit of landlords and tenants alike was released. Landlords must strategically adjust to financial expectations while being sensitive to their tenant’s needs amid the crisis.
It’s still uncertain whether this will truly have a huge blow on the housing market. Even though most rental property owners would sell their assets, investors would come swooping in and immediately resupply the inventory. Motor City still has investors who are highly competitive, so any additional supply in the inventory could still present investment opportunities, despite low prices.
Read more on The Detroit News’ article here: