OVG Invest

06/12/2017

October's housing market figures are out.

And it has been another good month for property in Metro Detroit.

The median sales price is up 7.01% year-on-year.

It now stands at US$ 175,500.

That is up from US$ 164,000 in October 2016.

And in Wayne County (where most of our properties are located) prices rose 13.04%.

From US$ 115,000 to US$ 130,000.

Take a look for yourself...

Median sales prices Metro Detroit October 2017

Sales were up by 4.35%.

There were 5,446 last month compared to 5,219 in October 2016.

Meanwhile, inventory continues to fall.

You see, last month there were just 12,566 properties on the market - compared to 17,584 in October 2016.

That's a decrease of 5,018 properties or 28.54%.

And it means there is only 2.31 months of inventory available at October's sales pace.

On top of that, property is selling faster than ever.

It now takes just 31 days to sell a property in Detroit, on average.

That is 9 days less than in October 2016.

President of the Greater Metropolitan Association of Realtors, Karen Greenwood tells you more…

"When infrastructure improves, people are going to want to move back to the city. Now that demand is higher, you see the sales price go higher, and this is what Detroit has needed for a long time. As a major city, it's still affordable, though I do not know how much longer that is going to last.

Don't be patient — go shopping now. Sellers who put their house on the market in the last or first quarter want to sell their house. Competition increases in the spring."

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 26.21%.

There were just 183 last month – compared to 248 in October 2016.

To summarise for you...

Median sales price up 7.01% in Metro Detroit

Median sales price up 13.04% in Wayne County

Sales up 4.35%

Inventory down 28.54%

Foreclosures down 26.21%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 130,000.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you would d like to see what's on offer - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Nottingham Road in Denby...

https://www.ovginvest.com/property-investment-news/your-new-property-market-report-october/ -road

13/11/2017

September's housing market figures are out.

And it has been another good month for property in Metro Detroit.

The median sales price is up 3.22% year-on-year.

It now stands at US$ 173,000.

That is up from US$ 167,600 in September 2016.

And in Wayne County (where most of our properties are located) prices rose 8.14%.

From US$ 118,000 to US$ 127,600.

Take a look for yourself...

https://www.ovginvest.com/property-investment-news/september-new-detroit-property-market-report/ -prices

Sales were up by 3.99%.

There were 5,493 last month compared to 5,282 in September 2016.

Meanwhile, inventory continues to fall.

You see, last month there were just 13,315 properties on the market - compared to 18,657 in September 2016.

That's a decrease of 5,342 properties or 28.63%.

And it means there is only 2.42 months of inventory available at September's sales pace.

On top of that, property is selling faster than ever.

It now takes just 22 days to sell a property in Detroit, on average.

That is 10 days less than in September 2016.

Treasurer of Realcomp, David Elya, tells you more…

"It's a seller's market and likely will be that way for a while.

I don't see the market going down; overall, there is no bubble that is ready to burst. It feels like people are more confident. A lot of sellers are able to sell now because equity has returned to levels before the recession.

What that means for buyers is less to choose from and higher prices, but the strong market also protects their investment."

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 24.26%.

There were just 178 last month – compared to 235 in September 2016.

To summarise for you...

Median sales price up 3.22% in Metro Detroit

Median sales price up 8.14% in Wayne County

Sales up 3.99%

Inventory down 28.63%

Foreclosures down 24.26%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 127,600.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you'd like to see what's on offer - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Ohio Street in Fitzgerald...

10/10/2017

America's fastest moving housing markets

Before you invest anywhere, it is important you look at how quickly property in the area is selling.

Because if it is selling fast it usually means demand is high.

So property prices are likely to rise.

The good news is, all the hard work has been done for you.

You see, America's 20 Hottest Real Estate Markets report was published last week.

It ranks the 300 largest metro areas in the USA by the average number of days it takes to sell a property.
(Source: Realtor.com ®)

Detroit came 4th out of 300.

That's 5 places higher than last year.

And it is the first time Detroit has made the top 5 since 2013.

In fact, now it takes just 29 days to sell a property in Detroit on average.

Back in 2013 it took 91.
(Source: Realcomp II)

Why is property selling so much faster?

It is a simple case of supply and demand.

Inventory is in short supply.

And that's causing prices to rise in the face of increasing demand.

You see, in August 2017 there were 21,140 properties on the market - compared to 29,239 in August 2016.

That's a decrease of 8,099 properties or 27.70%.

And at the rate houses are selling, that means there are only 3.41 months of inventory available.

The median sales price has been rising strongly for the last 5 years.

It's now US$ 176,000 compared to just US$ 58,000 in February 2012.

But house prices are still well below their peak.

So property is still very affordable.

But I think the real reason property is selling so fast is a result of what is happening in Detroit.

You see, more than US$ 10 billion has been invested in Detroit by private companies over the last 5 years.

But it's not just about the money…

More than 250,000 private sector jobs have been created in Metro Detroit since 2010.

On top of that, low interest mortgages have recently become available for locals.

So many more people can afford to buy their own homes.

That is why properties are selling faster than ever.

And it's pushing prices higher and higher.

My advice is - don't get too comfortable with the current low prices.

Because there is going to be a lot more competition for the best properties now the banks are lending again.

But don't take my word for it…

Chief economist for Realtor.com, Danielle Hale, tells you more…

"Homes are still priced about 20% lower than the national average, making them more tempting for house hunters.

The median income in Metro Detroit is nearly identical to the national average, which, coupled with lower home prices, means that shoppers have more home buying power in Metro Detroit than in other parts of the country.

What's more, Metro Detroit homes for sale are seeing twice the amount of page views than the country on average.

Lots of buyers are looking at properties on the market. It's a sign of buyer optimism about the future in Detroit."

Chief economist for the National Association of Realtors, Lawrence Yun, says…

"Home prices are still rising above incomes. Some house hunters are upset by how quickly home prices are rising on a small selection of homes that would fit a buyer's budget and wish list."

And associate broker for Keller Williams ,Tim Gilson, added…

"The city's resurgence is the main driver - combined with the lack of good housing stock."

Coldwell Banker's, Jeff Bollenberg, tells you even more…

"It's a hot seller's market. It's not a hot buyer's market. If a house is priced right - or maybe even overpriced by $10,000 or $20,000 – it will get multiple offers if the home is in good shape.

You're fighting for that house. There's one, two, three, four, five offers."

It is good news if you already own property in Detroit.

But if you don't, the good news is I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn net rental yields as high as 17.12%.

But you need to act now before this opportunity passes you by.

So if you would like to see what's on offer - just reply to me.

Let's have a quick look at a few that are available right now.

This one is on Nottingham Road in Denby...

https://www.ovginvest.com/property-investment-news/america-fastest-moving-housing-markets/ -road

28/09/2017

August's housing market figures are out.

And it has been another good month for property in Metro Detroit.

The median sales price is up 3.68% year-on-year.

It now stands at US$ 176,000.

That is up from US$ 169,750 in August 2016.

And in Wayne County (where most of our properties are located) prices rose 8.33%.

From US$ 120,000 to US$ 130,000.

Take a look for yourself...

https://www.ovginvest.com/property-investment-news/your-august-detroit-property-market-report/ -prices

Sales were up by 3.18%.

There were 6,191 last month compared to 6,000 in August 2016.

Meanwhile, inventory continues to fall.

You see, last month there were just 21,140 properties on the market - compared to 29,239 in August 2016.

That's a decrease of 8,099 properties or 27.70%.

And it means there is only 3.41 months of inventory available at August's sales pace.

On top of that, property is selling faster than ever.

It now takes just 29 days to sell a property in Detroit, on average.

That is 7 days less than in August 2016.

President of Realcomp's board of governors, Frank Tarala, tells you more…

"The average sale price of homes in the city is rising at a far greater rate than the rest of Metro Detroit because of lasting effects from the recession.

It remains a seller's market when it comes to metro Detroit housing, as declining inventory drives up prices."

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 32.61%.

There were just 186 last month – compared to 276 in August 2016.

To summarise for you...

Median sales price up 3.68% in Metro Detroit

Median sales price up 8.33% in Wayne County

Sales up 3.18%

Inventory down 27.70%

Foreclosures down 32.61%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 130,000.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you'd like to see what's on offer - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Nottingham Road in Denby...

https://www.ovginvest.com/property-investment-news/your-august-detroit-property-market-report/ -road

11/09/2017

July's housing market figures are out.

And it has been another good month for property in Metro Detroit.

The median sales price is up 5.71% year-on-year.

It now stands at US$ 185,000.

That is up from US$ 175,000 in July 2016.

And in Wayne County (where most of our properties are located) prices rose 7.37%.

From US$ 127,500 to US$ 136,900.

Take a look for yourself...

https://www.ovginvest.com/property-investment-news/your-new-detroit-property-market-report-july/ -prices

Sales were down slightly by 1.59%.

There were 5,542 last month compared to 5,630 in July 2016.

Meanwhile, inventory continues to fall.

You see, last month there were just 12,695 properties on the market - compared to 19,220 in July 2016.

That's a decrease of 6,525 properties or 33.95%.

And it means there is only 2.29 months of inventory available at July's sales pace.

On top of that, property is selling faster than ever.

It now takes just 27 days to sell a property in Detroit, on average.

That is 9 days less than in July 2016.

Vice president of RE/MAX Southeastern Michigan, Jeanette Schneider, tells you more…

"Median sales prices continued their way upward. This is a result of buyer demand outpacing available inventory. While the market is favoring sellers at the moment and they are seeing their home value rise, buyers can still take advantage of favorable interest rates when they find the right home."

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 31.94%.

There were just 196 last month – compared to 288 in July 2016.

To summarise for you...

Median sales price up 5.71% in Metro Detroit

Median sales price up 7.37% in Wayne County

Sales down 1.59%

Inventory down 33.95%

Foreclosures down 31.94%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 136,900.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you'd like to see what's on offer - just send me an email.

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Strathmoor Street in Fiskorn...

https://www.ovginvest.com/property-investment-news/your-new-detroit-property-market-report-july/ -street

21/08/2017

June's housing market figures are out.

And it has been another good month for property in Metro Detroit.

The median sales price is up 6.73% year-on-year.

It now stands at US$ 176,000.

That's up from US$ 164,900 in June 2016.

And in Wayne County (where most of our properties are located) prices rose 5.65%.

From US$ 124,000 to US$ 131,000.

Take a look for yourself...

https://www.ovginvest.com/property-investment-news/your-property-market-report-june/

Sales were down slightly by 0.75%.

There were 6,181 last month compared to 6,228 in June 2016.

Meanwhile, inventory continues to fall.

You see, last month there were just 11,881 properties on the market - compared to 18,919 in June 2016.

That's a decrease of 7,038 properties or 37.20%.

And it means there is only 1.92 months of inventory available at June's sales pace.

On top of that, property is selling faster than ever.

It now takes just 27 days to sell a property in Detroit, on average.

That is 10 days less than in June 2016.

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 27.81%.

There were just 218 last month – compared to 302 in June 2016.

To summarise for you...

Median sales price up 6.73% in Metro Detroit

Median sales price up 5.65% in Wayne County

Sales down 0.75%

Inventory down 37.20%

Foreclosures down 27.81%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 131,000.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you'd like to see what's on offer - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Terry Street in Fiskorn...

https://www.ovginvest.com/property-investment-news/your-property-market-report-june/ -street

24/07/2017

Now is the time to take action

If you read what I send to you, you'll know Detroit is well on the way to recovery.

But the best thing is Detroit's unemployment rate is falling fast.

You see, in April it was 8.4%.

Then it dropped to 7.5% in May (the latest figure available).

And that is the lowest it has been since December 2000 when it was 6.1%. (Source: US Bureau of Labor Statistics)

The main sectors that are creating these jobs are health care, information technology, manufacturing, skilled trades, hospitality, retail and restaurants.

Executive director of workforce development for the City of Detroit, Jeff Donofrio, tells you more…

"That really reflects what people are seeing in the city. Lots of construction happening … new restaurants in the city, new retail in the city.

What we're seeing is Detroit outpacing the state, outpacing the nation in the amount of residents getting jobs. It's good progress."

And it is good news for investors who are seeing house prices rise in many areas of the city.

But if you still haven't got yourself a piece of it, now is the time to take action.

Because time is running out for you to pick up the best deals.

So if you would like a full list of investment properties in Detroit - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Woodingham Drive in Fitzgerald...

https://www.ovginvest.com/property-investment-news/now-time-take-action/ -drive

21/06/2017

May's housing market figures are out.

And it's been another good month for property in Metro Detroit.

The median sales price is up 6.73% year-on-year.

It now stands at US$ 176,000.

That's up from US$ 164,900 in May 2016.

And in Wayne County (where most of our properties are located) prices rose 5.08%.

From US$ 118,000 to US$ 124,000.

Take a look for yourself...

https://www.ovginvest.com/property-investment-news/new-property-market-report-april/ -prices

Sales rose 3.41%.

There were 5,556 last month compared to 5,373 in May 2016.

Meanwhile, inventory continues to fall.

You see, last month there were just 10,628 properties on the market - compared to 18,193 in May 2016.

That's a decrease of 7,565 properties or 41.58%.

And it means there is only 1.91 months of inventory available at May's sales pace.

On top of that, property is selling faster than ever.

It now takes just 33 days to sell a property in Detroit, on average.

That is 8 days less than in May 2016.

Realcomp CEO, Karen Kage, gives you her opinion…

"I hope people are seeing that the market is strong and are willing to put their home on the market.

But then the issue is, where do you go? You can't buy anything until people start putting their houses on the market."

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 52.06%.

There were just 209 last month – compared to 436 in May 2016.

To summarise for you...

Median sales price up 6.73% in Metro Detroit

Median sales price up 5.08% in Wayne County

Sales up 3.41%

Inventory down 41.58%

Foreclosures down 52.06%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 124,000.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you'd like to see what's on offer - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Terry Street in Fiskorn...

https://www.ovginvest.com/property-investment-news/new-property-market-report-april/ -street

05/06/2017

You asked for it

Over the years there is one question I have been asked more than any other…

"Can I get finance on your Detroit properties?"

And now the answer is – YES you can.

Banks are still not lending to overseas buyers.

So bank finance is not an option.

But we can now offer land contracts on our fully renovated and tenanted properties.

Interested? Simply reply to me and I'll send you all the details.

A land contract is a private legal agreement between the buyer and the seller.

Every month you make a fixed payment towards the land contract.

Your property deed is held securely in escrow.

Once you have paid the land contract in full you receive your property deed.

Here are the basic terms:

Land contract for 50% of the purchase price

Repayment over a maximum of 3 years

US$ 1,500 set up fee

Fixed monthly repayments

No penalty for early settlement

On a US$ 40,000 property it works out like this:

50% down payment = $ 20,000
Set up fee = $ 1,500
Closing costs approx. = $ 1,500
Monthly payment over 3 years = $ 645 per month

Want to know more? Just reply to me now.

The good news is, because this is a private agreement no credit checks or background checks are required.

So if this is what you have been waiting for – send me an email today.

Because we are only offering this on a limited number of houses.

Let's have a quick look at a few that are available right now.

This one is on Wisconsin Street in Fitzgerald...

https://www.ovginvest.com/property-investment-news/you-asked-for-it/ -street

30/05/2017

This is vital for your successs

Good infrastructure is crucial in any city.

And it is important to property investors too.

You see, studies show that good infrastructure increases property values.

That's because well maintained neighborhoods are usually in most demand.

Why am I telling you this?

Because the city of Detroit announced it is spending US$ 63,000,000 on road resurfacing.

It will resurface 57 miles (91.7km) of residential streets and 43 miles (69.2km) of major roads.

This is on top of the US$ 126,500,000 the City spent on roads over the last 3 years.

You may think it doesn't sound very exciting.

But if it increases property values it has to be a good thing.

And roads are not the only thing the City is improving.

In fact, more than US$ 330,000,000 has been spent modernizing Detroit's street lights.

And that makes the city a much safer place to live.

CEO of the new Public Lighting Authority of Detroit, Odis Jones, tells you more...

"Today, we've got more streetlights in the city of Detroit on and working than there has been in over 20 years.

When we're done, we will have more streetlights per mile, per capita, than anywhere in southeast Michigan. Our lighting will be on par with Dallas, Seattle, L.A. and so many other international cities."

These are just two of the many things that are making Detroit a more desirable place to live and a very attractive place to do business.

And that encourages people to move to the city.

Which increases demand for housing and pushes up prices and rents.

So don't let this opportunity pass you by.

Because I can still offer you fully renovated, tenanted properties from only US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you would like to see what's on offer - just send me an email...

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Wormer Street in The Eye...

https://www.ovginvest.com/property-investment-news/this-vital-for-your-success/ -street

Good infrastructure is crucial in any city. And it is important to property investors too. You see, studies show that good infrastructure increases property values. That’s because well maintained neighborhoods are usually in most demand. Why am I telling you this? Because the city of Detroit announc...

22/05/2017

April's housing market figures are out.

And it's been another good month for property in Metro Detroit.

The median sales price is up 9.56% year-on-year.

It now stands at US$ 169,000.

That's up from US$ 154,250 in April 2016.

And in Wayne County (where most of our properties are located) prices rose even more.

The median sales price increased by 13.86%.

From US$ 101,000 to US$ 115,000.

Take a look for yourself...

https://www.ovginvest.com/property-investment-news/your-new-property-market-report-april/ -prices

Sales fell slightly.

There were 4,615 last month compared to 4,791 in April 2016.

But I think the main reason for that is falling inventory.

You see, last month there were just 9,755 properties on the market - compared to 17,615 in April 2016.

That's a decrease of 7,860 properties or 44.62%.

And it means there is only 2.11 months of inventory available at April's sales pace.

On top of that, property is selling faster than ever.

It now takes just 38 days to sell a property in Detroit, on average.

That is 10 days less than in April 2016.

Realcomp CEO, Karen Kage, gives you her opinion…

"The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process.

Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

Although there is a mounting amount of buyer competition, buyer demand has not abated, nor is it expected to in the immediate future.

And prices will continue to rise amidst strong demand."

What's more, foreclosures are still tumbling.

In fact, over the past 12 months foreclosure sales have fallen by 52.72%.

There were just 217 last month – compared to 459 in April 2016.

To summarise for you...

Median sales price up 9.56% in Metro Detroit

Median sales price up 13.86% in Wayne County

Sales down 3.67%

Inventory down 44.62%

Foreclosures down 52.72%

These are all good signs the Detroit property market is getting stronger and stronger.

But although the median sales price in Wayne County is now US$ 115,000.

I can still offer you fully renovated, tenanted properties from just US$ 39,998.

And you will earn rental returns up to 17.46% net.

But the way the market is moving means your opportunity will soon be gone.

So if you'd like to see what's on offer - just send e an email.

[email protected]

Let's have a quick look at a few that are available right now.

This one is on Laing Street in Denby...

https://www.ovginvest.com/property-investment-news/your-new-property-market-report-april/ -street

17/05/2017

Does it pay to stay single?

Susan wrote to me the other day…

"Hi Rebecca, I've been reading all your emails about buying property in the USA. The yields seem better on multi-family homes. But are they a better investment than single-family homes? I don't want to make a mistake and buy the wrong thing."

As the name suggests, multi-family homes are properties you can rent to more than one family.

Usually they are 2-storey properties split into two apartments - each with a separate entrance.

They may also be larger blocks with multiple apartments.

Obviously single-family homes are standard detached properties or town houses.

But which make the better investment?

To be honest there are pros and cons to both.

So here are a few things to help you make your own mind up…

Rental income

I sold a multi-family property recently in Detroit.

It has 2 tenants who both pay US$ 550 per month.

The total income is 2 x US$ 550 = US$ 1,100 per month.

A similar single-family home in Detroit would rent for US$ 950.

Let's assume the houses cost the same.

You pay the same tax, the same insurance and the same 10% management fees.

Your management fees on the multi-family property would be US$ 15 more.

So Susan is right.

You would be US$ 135 better off every month with the multi-family home.

But there are some other factors you need to think about…

1. Tenants prefer single-family homes

If there is a choice between a single-family home and a multi-family home most tenants will pick the single.

Why?

Because they have more space and privacy.

And they don't have to put up with noisy neighbours living above or below.

2. Management fees are usually higher for multi-family homes

Obviously it is easier to deal with one set of tenants rather than two or more.

And it is a fact that tenants stay longer in single-family homes.

Remember, if your tenant leaves you will have to pay your management company 1 months' rent every time they find you a new tenant.

If you have to do this regularly it can have a big impact on your profits.

So ideally you want your tenants to stay as long as possible.

With single-family homes you will usually have fewer complaints, lower tenant turnover and less vacant periods.

These things often outweigh the increased rent.

Which means more income for you in the end.

3. Single-family homes increase in value faster than multi-family homes

Single-family homes tend to be in the best areas where land values rise fastest.

They are always freehold and appeal to a broader range of clients; families, couples, single people etc.

That means when you sell you are likely to have more buyers interested in your property.

4. Maintenance costs

Maintenance costs are usually lower on a single-family home.

This is simply because there are less people living there, so there is less wear and tear.

And remember, you only have one kitchen rather than two or more.

That means fewer appliances and less things to go wrong.

Going back to Susan's question...

In my opinion, single-family homes make better investments.

You may get slightly more rental income on a multi-family home.

But this will be eroded by higher maintenance costs and fees for finding new tenants.

You are also likely to see lower capital growth.

But If you are serious about investing in the USA now is
the time to take advantage.

So if you would like to see what is on offer - just reply to me.

Let's have a quick look at a few that are available right now.

This one is on Woodingham Drive in Fitzgerald...

https://www.ovginvest.com/property-investment-news/pay-stay-single/ -drive