Home Vestors Homebuying Franchise Calls Detroit One Of 10 'Riskiest' Markets For Investment

HomeVestors, a Dallas-based home-buying franchise, has named the 10 best real estate markets in which to invest, as well as the 10 riskiest, as part of its Local Market Monitor analysis. Detroit was called one of the 10 riskiest, joining Los Angeles, Gary, Providence, Buffalo, Toledo, Cleveland, Birmingham, Ala.; and New Haven, Conn.. as "speculative" markets.

"These markets continue to have weak population and job growth that makes them more risky investments," said David Hicks, HomeVestors co-president. "The last three markets of the bottom 10 are Birmingham, Detroit and New Haven � each of which continues to experience shrinking populations and job loss." HomeVestors is the largest professional home buying franchises in the country, having bought 55,000 properties since 1996. Its motto is "We Buy Ugly Houses." For its Local Market Monitor, job growth and solid employment figures were two key factors playing into whether or not the firm considered markets risky. Detroit suffers from both population loss and high employment.

However, in terms of value, the metro area's residential real estate market has been on a strong, nine-month rebound, According to Farmington Hills-based Realcomp, the Multiple Listing Service for southeast Michigan, the median selling price of metro Detroit homes jumped 41 percent year-over-year in November to $120,250, The median selling price in metro Detroit in November 2012 was $85,100.

Real estate tracking firm Zillow reports that home values were up 23 percent in metro Detroit year-over-year in November. That's according to its Home Value Index, which it calculates by taking the median estimated home value for a given geographic area on a given day, including all residential, single-family addresses.

Only three other markets tracked by Zillow had greater annual growth in November, with home values up 31 percent in Las Vegas, up 29 percent in Riverside, Calif, and up 25 percent in Sacramento.

Meanwhile, HomeVestors' top 10 markets for investing include Fort Worth, Dallas, Charlotte, Nashville, Houston, Atlanta, Oklahoma City, Orlando, Las Vegas and Boise City.

HomeVestors of America News and Press Releases

This article has been read 1257 times.

Would you like to own a HomeVestors of America Franchise?

For more information about becoming a HomeVestors of America Franchise owner, including a franchise overview, start-up costs, fees, training and more, please visit our HomeVestors of America Franchise Information page.