ResalesKalamazoo, Michigan: The Plant Growing Capital Grows Home Sales
Kalamazoo, Michigan is a mid-sized city with surrounding farmland known as the plant growing capital of the U.S., where a lousy stock market and low interest rates has more people investing in homes, say local Realtors.
"Pfitzer Pharmacutical is the largest employer," says Realtor Sue Jackson, "followed by Stryker, Bronson & Borgess Hospitals, Western Michigan University, National City Bank, Paper Mills just to mention a few."
"Market conditions as I see them are picking up," explains Jackson. "January and February were good listing and selling months in spite of the weather and economic conditions and the threat of war. Rates are great - averaging about 5.75 percent and holding, plenty of inventory available for buyers to choose from. A great market also for people moving up or downsizing for that matter to take advantage of the rates."
She advises, "With the stock market being so poor in the last 2-3 years, people are investing in real estate....especially the "Baby Boomers." Second homes and lake properties are showing interest to more people wanting to invest or can now feel justified by doing so because of the rates.
Only a month ago, the market was more neutral, says Realtor Jeff Cobb. "The market Continues to be a neutral market," says Cobb. "Both new listings and Sales were down 15 percent in December. This is mainly due to the Holiday season. The low interest rates and the poorly performing stock market has people moving their money into their homes. The first three weeks of January showed a rise in sales volume. The rise in volume is generally because, people looking for homes put off their search until after the Holidays.
Suggests Cobb, "The number of home sales was down slightly (11293 to 9845) in 2002 While prices for 2002 were up slightly $133,717 to $135,657, but listed to sales price was down .28 percent.
"Buyers should consider getting into the market ASAP instead of waiting," says Cobb. "The home market is generally strong with interest rates near record lows. We are starting to see some price appreciation at this time."
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