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Like a Macy’s dress on sale, Flint, Michigan is hanging on the proverbial, real estate clearance rack. While the town endures a serious water crisis, the fact is, many investors are buying up Flint like a new pair of Pradas on Black Friday. It may be shocking, but the Flint real estate market is making a comeback, and realtor.com reports that investors are buying homes for an average price of just under $23,000.
I know what you’re thinking. It’s true that Flint has not had the best press for a few decades. They’ve been under tremendous duress since General Motors left a mass of its residents unemployed in the ’80s. Not to mention the less than stalwart city officials that created the water crisis by allowing a change in drinking water source from the Detroit Water and Sewerage Department to the Flint River, leading to thousands of residents being exposed to lead contamination. But Flint is on the rise, and for good reason.
Jonathan Smoke, chief economist of realtor.com, affirms that before the current state of emergency was announced, property values in Flint were on the rise. The market vitality seen in home price appreciation is mirrored in home sales, which have remained unaffected during this crisis. This confirms the vigor of Flint real estate and demonstrates that despite the city’s shortcomings, Flint holds value for real estate professionals and hopeful buyers.
The majority of buyers taking advantage of Flint deals are retirees and young families. Because the costs of homes are so inexpensive, many buyers can afford to install state-of-the-art water filtration systems. It’s an opportunity that people are finding difficult to pass up.
Of course buying property should never be as impulsive as the Jimmy Choos you’re still paying off. Investing is about seeking out information, following trends and learning from the experts. It just so happens that currently, the sale rack of real estate is Flint, Michigan.