Real estate agent: Renters avoiding city over water crisis - WNEM TV 5

Real estate agent: Renters avoiding city over water crisis

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FLINT, MI (WNEM) -

Grant Hamady is a long time Flint resident. He owns Weichert Realtors Agency in Flint where he's gotten an inside look at property values in Flint both before and after the water crisis in the city he's called home for decades.

Surprisingly, Hamady said residential home values have held up well since the news that lead was contaminating the city's drinking water.

“It’s an interesting thing that they buyers don’t seem to be very concerned about the water issues,” Hamady said. “The rental market has been more affected adversely.”

Hamady said prospective tenants, at least from what he's seen, those tenants are steering clear of Flint because of the ongoing water issues.

“Many prospective tenants say, because of the water, I would like to locate anywhere but Flint. So it definitely has slowed down people renting or leasing homes in Flint,” Hamady said.

According to the real estate site Trulia.com, home values in Flint have stayed relatively constant.

But the number of sales took a sharp dip at the end of last year, dropping by nearly half.

The holiday season is considered a slower time for the real estate industry, but compared with cities like Saginaw, the drop in the number of listings in Flint is significant.

Moving forward Hamady believes there will be a fix to Flint's drinking water problem and he does expect the market to recover.

“I believe they will find a way to replace the pipes and then we’ll be a city with all safe drinking water,” Hamady said.

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