Rising home values bring increased buyer opportunity through new program

Now is the time to buy in Detroit, according to real estate experts.

“It’s best to get into the market before property values reach market highs,” says realtor Austin Black, founder and principal of City Living Detroit.

Rising property values also signal increases in area rental rates.

While rent across the metro area is on the rise, Detroit has seen the biggest increase, with prices going up nearly six percent in 2016. In 2015 a standard apartment might have cost an average of $886 a month, but in 2016 the same space demanded $937 monthly, according to Dallas-based Axiometrics.

*Tiffany S. Douglas, senior vice president and market manager, Bank of America*

“Many renters will be surprised to discover that monthly home mortgage payments often are far less than what they are currently paying in rental rates,” says Tiffany S. Douglas, senior vice president and market manager at Bank of America.

Detroiters considering home ownership are encouraged to contact home buying experts at Southwest Solutions. Southwest Solutions and Bank of America have created a homebuyer assistance program that provides up to $30,000 in down payment assistance and $2,500 in closing costs for those who qualify.

A free homebuyer event, including refreshments and featuring program experts, will be held from 10:30 a.m. to 1:30 p.m. Saturday, July 22 at Michigan State University’s Detroit Center, 3408 Woodward Ave. in Detroit.

Visit https://bit.ly/RSVPHomebuyerWorkshop to RSVP.

Lead image: Charisma Robinson at home with her children, Jacob and Abigail, and their friends, bought this home with the support of Southwest Detroit Solutions.