Michigan real estate is being affected by the changing automobile market, say local Realtors, giving rise to a buyer's market in certain Southeastern communities like Macomb County.
"Macomb County is a small community bordered between Marine City and New Baltimore to the north and south, and the St. Clair River on the east," explains Realtor Wynne Achatz. "In the Macomb County area the buyers are in control. Michigan is definitely being affected by the unsteady and ever changing auto market. Interest rates are still at record lows with most of the major mortgage lenders in the community offering zero point 30-year fixed rate mortgages at 6.25% to 6.75%."
Wynne chose New Baltimore as a city to compare and found that according to data obtained on July 29, 2002 from RealMatrix MLS, one of the major multiple listing services in the area, there were approximately 70 listings on the market that are averaging 62 days on the market with an average median list price of $209,900 and an average list price of $229,745, a high list price of $850,000 and a low list price of $104,900.
"The good news for New Baltimore area is that fact that there is a lot of growth and we starting to see the sellers price market their homes competitively," says Achatz. "Home sellers are finally starting to realize that the market has changed and are repositioning their homes in compliance with today's market. The home values in the Macomb County area have been lower than last year at this time. According to two of the local appraisers, there is little movement in the market which is heavily affected by the downsweep of the unsteady automotive market."
In Marine City, a fine rural community along the St. Clair River, residents have ferry access to Sombra Canada and waterfront restaurants have view of ships from many lands for your dining enjoyment, says Achatz.
"Marine City has about 56 homes for sale with an average marketing time of 93 days and a median price of $129,999," says Achatz, "however the median price is $158,056 with $749,000 being the high price and $59,900 the low end of the scale. The schools are progressive and the East China School District is considered to be excellent. This is a great time to look at investing in this area.
Says Realtor George Smale, "For buyers, there is still a large inventory of homes to choose from. For sellers, it is still a good time to sell, however homes need to be priced properly and have a comprehensive marketing plan and strategy to reach all potential buyers."
He adds, "Statistics in the first half of 2002 for all of Macomb County have shown an average market time for SOLD properties at 52 days with an average selling price of $165,837. The average market time for LISTED properties still on the market is 55 days with an average list price of $212,963.
Agrees Achatz, "According to the Multi Listing Service reports on the 29th of July, there is a good selection of homes for sale and sellers are ready to negotiate. In the county there are a total of 10,952 homes for sales with an average sale time of 73 days and an median price of $181,500 with the average price being $258,389 with $12,500,000 being high and 59,900 being low end."
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Published: July 30, 2002
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