Detroit is the most populous city in the U.S. state of Michigan, the largest city on the United States–Canada border, and the seat of Wayne County. The municipality of Detroit had a 2016 estimated population of 672,795, making it the 23rd-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after Chicago.
Detroit is a major port on the Detroit River, one of the four major straits that connect the Great Lakes system to the Saint Lawrence Seaway. The Detroit Metropolitan Airport is among the most important hubs in the United States. The City of Detroit anchors the third-largest economic region in the Midwest, behind Chicago and Minneapolis-St. Paul, and the 14th-largest in the United States. Detroit and its neighboring Canadian city Windsor are connected through a tunnel and the Ambassador Bridge, the busiest international crossing in North America. Detroit is best known as the center of the U.S. automobile industry, and the "Big Three" auto manufacturers General Motors, Ford, and Chrysler are all headquartered in Metro Detroit.
Detroit was founded on July 24, 1701 by the French explorer and adventurer Antoine de la Mothe Cadillac and a party of settlers. During the 19th century, it became an important industrial hub at the center of the Great Lakes region. With expansion of the auto industry in the early 20th century, the city and its suburbs experienced rapid growth, and by the 1940s, the city had become the fourth-largest in the country. However, due to industrial restructuring, the loss of jobs in the auto industry, and rapid suburbanization, Detroit lost considerable population from the late 20th century to the present. Since reaching a peak of 1.85 million at the 1950 census, Detroit's population has declined by more than 60 percent. In 2013, Detroit became the largest U.S. city to file for bankruptcy, which it successfully exited in December 2014, when the city government regained control of Detroit's finances.
Detroit's diverse culture has had both local and international influence, particularly in music, with the city giving rise to the genres of Motown and techno, and playing an important role in the development of jazz, hip-hop, rock, and punk music. The erstwhile rapid growth of Detroit left a globally unique stock of architectural monuments and historic places of the first half of the 20th century, and since the 2000s conservation efforts managed to save many architectural pieces and allowed several large-scale revitalisations, including the restoration of several historic theatres and entertainment venues, highrise renovations, new sports stadiums, and a riverfront revitalization project. More recently, the population of Downtown Detroit, Midtown Detroit, and various other neighborhoods has increased. In 2015, Detroit was named a "City of Design" by UNESCO, the first U.S. city to receive that designation.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Detroit-Warren-Dearborn, Michigan. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Detroit, Warren, Dearborn, Michigan you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Midwest rose 6.6%, to $204,000, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Michigan, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Michigan.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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In the 2010 United States Census, the city had 713,777 residents, ranking it the 18th most populous city in the United States.
Of the large shrinking cities of the United States, Detroit has had the most dramatic decline in population of the past 60 years (down 1,135,791) and the second largest percentage decline (down 61.4%, second only to St. Louis, Missouri's 62.7%). While the drop in Detroit's population has been ongoing since 1950, the most dramatic period was the significant 25% decline between the 2000 and 2010 Census.
The population collapse has resulted in large numbers of abandoned homes and commercial buildings, and areas of the city hit hard by urban decay.
Detroit's 713,777 residents represent 269,445 households, and 162,924 families residing in the city. The population density was 5,144.3 people per square mile (1,895/km²). There were 349,170 housing units at an average density of 2,516.5 units per square mile (971.6/km²). Housing density has declined. The city has demolished thousands of Detroit's abandoned houses, planting some areas and in others allowing the growth of urban prairie.
Of the 269,445 households, 34.4% had children under the age of 18 living with them, 21.5% were married couples living together, 31.4% had a female householder with no husband present, 39.5% were non-families, 34.0% were made up of individuals, and 3.9% had someone living alone who is 65 years of age or older. Average household size was 2.59, and average family size was 3.36.
There is a wide distribution of age in the city, with 31.1% under the age of 18, 9.7% from 18 to 24, 29.5% from 25 to 44, 19.3% from 45 to 64, and 10.4% 65 years of age or older. The median age was 31 years. For every 100 females there were 89.1 males. For every 100 females age 18 and over, there were 83.5 males.
According to a 2014 study, 67% of the population of the city identified themselves as Christians, with 49% professing attendance Protestant churches, and 16% professing Roman Catholic beliefs, while 24% claim no religious affiliation. Other religions collectively make up about 8% of the population.
Several major corporations are based in the city, including three Fortune 500 companies. The most heavily represented sectors are manufacturing (particularly automotive), finance, technology, and health care. The most significant companies based in Detroit include: General Motors, Quicken Loans, Ally Financial, Compuware, Shinola, American Axle, Little Caesars, DTE Energy, Lowe Campbell Ewald, Blue Cross Blue Shield of Michigan, and Rossetti Architects.
About 80,500 people work in downtown Detroit, comprising one-fifth of the city's employment base. Aside from the numerous Detroit-based companies listed above, downtown contains large offices for Comerica, Chrysler, HP Enterprise, Deloitte, PricewaterhouseCoopers, KPMG, and Ernst & Young. Ford Motor Company is located in the adjacent city of Dearborn.
Thousands more employees work in Midtown, north of the central business district. Midtown's anchors are the city's largest single employer Detroit Medical Center, Wayne State University, and the Henry Ford Health System in New Center. Midtown is also home to watchmaker Shinola and an array of small and startup companies. New Center bases TechTown, a research and business incubator hub that is part of the WSU system. Like downtown and Corktown, Midtown also has a fast-growing retailing and restaurant scene.
A number of the city's downtown employers are relatively new, as there has been a marked trend of companies moving from satellite suburbs around Metropolitan Detroit into the downtown core. Compuware completed its world headquarters in downtown in 2003. OnStar, Blue Cross Blue Shield, and HP Enterprise Services are located at the Renaissance Center. PricewaterhouseCoopers Plaza offices are adjacent to Ford Field, and Ernst & Young completed its office building at One Kennedy Square in 2006. Perhaps most prominently, in 2010, Quicken Loans, one of the largest mortgage lenders, relocated its world headquarters and 4,000 employees to downtown Detroit, consolidating its suburban offices. In July 2012, the U.S. Patent and Trademark Office opened its Elijah J. McCoy Satellite Office in the Rivertown/Warehouse District as its first location outside Washington, D.C.'s metropolitan area.
In April 2014, the Department of Labor reported the city's unemployment rate at 14.5%.
The city of Detroit and other private-public partnerships have attempted to catalyze the region's growth by facilitating the building and historical rehabilitation of residential high-rises in the downtown, creating a zone that offers many business tax incentives, creating recreational spaces such as the Detroit RiverWalk, Campus Martius Park, Dequindre Cut Greenway, and Green Alleys in Midtown. The city itself has cleared sections of land while retaining a number of historically significant vacant buildings in order to spur redevelopment; though it has struggled with finances, the city issued bonds in 2008 to provide funding for ongoing work to demolish blighted properties. Two years earlier, downtown reported $1.3 billion in restorations and new developments which increased the number of construction jobs in the city. In the decade prior to 2006, downtown gained more than $15 billion in new investment from private and public sectors.
Despite the city's recent financial issues, many developers remain unfazed by Detroit's problems. Midtown is one of the most successful areas within Detroit to have a residential occupancy rate of 96%. Numerous developments have been recently completely or are in various stages of construction. These include the $82 million reconstruction of downtown's David Whitney Building (now an Aloft Hotel and luxury residences), the Woodward Garden Block Development in Midtown, the residential conversion of the David Broderick Tower in downtown, the rehabilitation of the Book Cadillac Hotel (now a Westin and luxury condos) and Fort Shelby Hotel (now Doubletree) also in downtown, and various smaller projects.
Downtown's population of young professionals is growing and retail is expanding. A study in 2007 found out that Downtown's new residents are predominantly young professionals (57% are ages 25 to 34, 45% have bachelor's degrees, and 34% have a master's or professional degree), a trend which has hastened over the last decade. John Varvatos is set to open a downtown store in 2015, and Restoration Hardware is rumored to be opening a store nearby.
On July 25, 2013, Meijer, a midwestern retail chain, opened its first supercenter store in Detroit, this was a 20 million dollar, 190,000-square-foot store in the northern portion of the city and it also is the centerpiece of a new 72 million dollar shopping center named Gateway Marketplace. On June 11, 2015, Meijer opened its second supercenter store in the city.
On May 21, 2014, JPMorgan Chase announced that it was injecting $100 million over five years into Detroit's economy, providing development funding for a variety of projects that would increase employment. It is the largest commitment made to any one city by the nation's biggest bank. Of the $100 million, $50 million will go toward development projects, $25 million will go toward city blight removal, $12.5 million will go for job training, $7 million will go for small businesses in the city, and $5.5 million will go toward the M-1 light rail project (Qline). On May 19, 2015, JPMorgan Chase announced that it has invested $32 million for two redevelopment projects in the city's Capitol Park district, the Capitol Park Lofts (the former Capitol Park Building) and the Detroit Savings Bank building at 1212 Griswold. Those investments are separate from Chase's five-year, $100-million commitment. On May 10, 2017, J.P. Morgan Chase & Co. announced a $50 million increase in the $100 million investment the firm committed to economic development and neighborhood stabilization in Detroit by 2019. Half of the $150 million will be grants and the other half is going to toward a variety of loan funds for small business growth, mixed-use real estate development and residential housing projects.