Mentor Ohio Real Estate Market Study

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The graph above gives us some perspective into the real estate market in Mentor over the last 6 years (going back to the 'good old days'. The trend line shows that the average sale price has dropped from the high set in the 3rd Quarter of 2007 but has stabilized. We don't have a crystal ball but it looks like were at or very near

to the bottom with no where to go but up.

Note also that the number of sales have trended downward with the most dramatic drop in the 4th Quarter of 2010. That's the bad news but we can deal with it. We're working our way out of it.

The good news for buyers (and, therefore sellers) is that interest rates are still at historic lows hovering just below the 5% level. Buyer should not wait to buy. Now is the time. All the stars are lined up. Rates can and are starting to rise and the pricing is at the bottom.

As a seller, it's important to sell now if moving is in your plans. Remember the '1%/10% Rule'. If interest rates rise 1% (ie. from 5% to 6%) the cost (monthly payment) to a buyer to own your home will increase by about 10%, all other conditions being equal.

If you're thinking of making a move, call The Crockett Team at (440) 974-7444 . . .and reserve our moving truck.

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