Mentor, Ohio is an eastern suburb of Cleveland in the Midwest that is enjoying good employment numbers relative to the rest of the country.  The unemployment rate for Mentor declined to 5.8% in September and then further to 5.3% in October.  That is the lowest unemployment rate of any Ohio community with a population of over 50,000.  Seven of the 20 communities in that category have unemployment rates over 10 percent.  This is also the lowest unemployment rate for Mentor since December 2008.

Mentor has a population of about 50,000 with a median income of $60,218.  It is the largest city in Lake County which is the smallest county in Ohio.  Mentor is suburbia with a fairly stable economy and a good mix of city services and amenities.

  (Search For Homes in Mentor)  (Search for Condos in Mentor)           (ClevelandHomeFinder Home Buyer Search Site)

The graph of the top left shows the number of single family homes "For Sale" (light green) relative to the number of "Homes Sold" (dark green) since January 2010.  Inventory of single family homes has dropped 19.5% for the third quarter of 2011 relative to the same time period in 2010 while the number of "Sold" homes has increased by 40.7%.  "Pendings" (homes under contract buy not yet closed) have increased  22.6% which is a very good indicator for 2012.  Condominium inventory has decreased by 11.5% with "Solds" and "Pendings" off 22.2% and 16.7% respectively.  Lower home prices and very low interest rates have shifted the advantage to single family homes.

The graph on the right shows the average "Asking Price" (green) relative to th average "Sale Price" (red) for single family homes.  It appears that we've bottomed out and even if we are not showing a strong increase, at least we've stabilized.  Condomium sales are shfowing the same trend albeit with much slower sales activity.

The last graph on the lower left indicates "Months of Inventory" which essentially shows the number of months it would take to sell the current inventory of homes if we never listed another one.  There's some really good news here.  The "Months of Inventory" for single family homes in Mentor is down 42.8% in the third quarter of 2011 relative to the same time period in 2010.  Condominium "Months of Inventory", however, have increased by 13.7% during the same time period once again a reflection of a shift in buyer value preferences.

Short sales and foreclosures continue to have a negative effect on the overall market which is a condition that will continue for the next three to four years until we work our way through that distressed inventory. Interest rates below 4% for a fixed, 30 year loan certainly add to the affordability of home ownership although buyers face slightly stricter guidelines in obtaining a mortgage.

For more information, please contact The Crockett Team.

The Crockett Team of Howard Hanna has finally moved to its new location at 8376 Mentor Ave, in Mentor at the southwest corner of Mentor Ave. and Center Street, just a mile west of our previous office which served us well for over 16 years.  Not needing much of an excuse to have a party, we had our "Grand Opening Celebration" on Wednesday at our new office (while is was still clean).

Pictured are David Crockett, Ron Traub (Director of Economic & Community Development for the City of Mentor), Judie Crockett and Todd Crockett.

The move was part of a master plan by Howard Hanna to consolidate and update the Mentor operations.  "The redesign and workflow pattern for the new office will really help to increase our efficiency" said David Crockett.  "In addition, we've upgraded our computer systems as part of our effort to enhance our Internet marketing efforts".

The Crockett Team was honored as being the Number 1 Realtor in the State of Ohio by the Ohio Association of Realtors.

Concord Township sits at the crossroads of two major highways -- Interstate 90 and State Route 44. This intersection is a natural for economic development and offers some of the best regional development opportunities within the tri-county area of Lake, Geauga and Ashtabula counties.  Concord is basically the suburbs of Mentor, Lake County's largest city, and boasts many fine residential communities nestled among the low rolling hills south and east of Mentor proper.

 (Search for Homes in Concord)   (Search for Condos in Concord)     (ClevelandHomeFinder)  

The graph on the top left shows the number of single family homes "For Sale" (light green) relative to the number of "Homes Sold" (dark green) since January 2010.  Inventory of single family homes has dropped 13.9% for the third quarter of 2011 relative to the same period in 2010 while the number of "Sold" single family homes has increased by 8.3%.  "Pendings" (homes under contract but not yet closed) have increased by 8.3% which is a good positive indicator for 2012.  Condominium sales have been fairly stagnat without much difference between 2010 and 2011.  The graph shows a fairly stable situation with activity turning upward gradually.

The graph at the right shows the average "Asking Price" (green) relative to the average "Sale Price" (red) for single family homes.  The current average "Asking Price" is $328,000 for single family homes, down 6.3% from the same quarter in 2010.  The average "Sold Price" is $276,000, down 4.2% from last year.  The wild fluctuation of the red "Sold" line is more of an indication of the relatively few number of sales skewing the average than it is the volatility of the market.  Condominium sales and list prices have shown a slight uptick although still fairly slow.

The last graph on the lower left indicates the "Months of Inventory" which essentially shows the number of months it would take to sell the current single family homes that are on the market at the current sales rate if we never listed another one.  Currently we have an 8.9 month inventory of single family homes for sale which is a 20.5% reduction from the same quarter in 2010.  Taking a larger view of the total graph shows that we appear to be improving overall and should continue to do so throughout 2012.

Short sales and foreclosures continue to have a downward pressure on pricing which is a condition that will be with us for the next three to four years as we work through the distressed inventory.  It's a great time to buy not only because it appears we have bottomed in price levels but also because we enjoy unbelievable low interest rates at under 4% for a 30 year, fixed mortgage.  Qualifications for home loans have tightened but banks have money to lend.

For more information, contact The Crockett Team.

In accepting this award, Judie Crockett stated that "In difficult times economically it's critical that we redouble our efforts, which we have, to provide the very best in real estate service.  The economy is suffering, times are tough and people are hurting.  We take our commitments seriously and work hard to provide the best real estate service possible."

The Crockett Team is nationally recognized for its proactive marketing systems and its service-oriented approach to the real estate business.

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.

• Who is eligible?  . .  . . . .All members of military serving outside of the U. S. for at least 90 days during December 31, 2008 - May 1, 2010.
• Amount of credit? . . . .  Up to $8,000
• Income Limits? . . . . . . $125,000 for individuals and $225,000 for couples
• Eligible home price? . . Up to $800,000
• Time Frame? . . . . . . . .  Now through April 30, 2011 (60 day extension if binding contract is in place by April 30, 2011)

Veterans!  Call The Crockett Team at (440) 974-7444 to take advantage of this great benefit you've earned and deserve!

1. Instant Search access through ClevelandHomeFinder for both homes and condos giving visitors a quick on-ramp to check out properties "For Sale".
2. General community information to give a flavor and history of the area.
3. Links to places of interest within the community as well as for Chambers of Commerce, Schools, Local Newspapers, etc.

We will continue to build and develop our websites so that they will provide the most useful and comprehensive information you need to better help with your real estate decisions.

Check out our Community Pages and let us know what you think and please offer any suggestions you feel will help improve our sites. 

Howard Hanna was well represented by The Crockett Team at the 23rd CRS (Certified Residential Specialists) Annual Educational Conference on February 18 -20, 2011 in Orlando, Florida.  Certified Residential Specialists represent the 'Best of the Best' in real estate having earned advanced designations through educational studies in real estate business and marketing.

Todd Crockett presented in the opening session which was a very well received and lively presentation about communication skills and effective dialogue.  As a senior instructor at Star Power University, a nationally recognized real estate education company, Todd has developed a reputation as being one of the finest presenters in the country in the area of effective communication.  This session entitled "I object" got the conference off to a roaring start.

Judie Crockett presented on a panel discussion with three of the top Realtors in the country in a packed session on "Marketing in a Tough Real Estate Market".  The current economic climate requires a great deal of expertise in order to get homes sold.  Judie's effective marketing strategies and common sense approach to all of the aspects of marketing in tough markets had the attendees writing notes as fast as they could. . . obviously her message was well received and appreciated.  Judie is highly recognized as one of the top Realtors in the country and has presented at many local, state and national conventions over the years.

The Crockett Team was recognized by the Ohio Association of Realtors as being the "Number 1 Real Estate Team" in the State of Ohio.  Judie preaches that "increasing the level of service and effectively marketing homes can only happen if we continually educate ourselves to stay on top of the business."  The CRS Sell-a-bration in just one of the many educational events that the team members of The Crockett Team attend.  It's working!

The Harlem Legends traveled to Mentor High School last week to play the Lake County All Stars in a charity game to benefit the Society for Rehabilitation and Lake County United Way.  The Crockett Team helped sponsor the event with the condition that Todd Crockett (co-chairperson of the 2011 Lake County United Way Campaign along with his sister Melissa Crockett Willis) would actually play and not be stuck on the bench.

Todd demonstrated a high level of confidence before the game posing with his son, Christian, and even recreated the Lebron James (ugh) ritual with the talcum power before the game.  That was pretty much the whole highlight film as far as the All Stars is concerned.  The Legends still have a lot of gas in the tank and the outcome was pretty much decided at tipoff.

A good time was had by all.  The United Way campaign is going well but we can always do better.  If you haven't done so yet, please do your part and contribute.  Donations to Lake County United Way stay in Lake County.  Thank you.

A quick review of new preforeclusures in Cleveland and Lake County, Ohio shows that we are not at the 'beginning of the end' of the mortgage crisis but at the 'end of the beginning'.  Legally a homeowner (actually borrower is the better term) is in default on the mortgage when the first payment is missed.  This legally can start the road to foreclosure.  Usually lenders start getting really serious with legal communication, not just late notices, after the third month's payment is missed.  Late notices, collection calls and certified letters start to flow. The foreclosure clock has started and the borrower is categorized as being in the 'preforeclosure' status. 

Mortgage website services like RealtyTrac are a resource bank used to monitor defaulting mortgages.  A review of the 'preforeclosures' reveal that amazingly 7 out of 10 homeowners lose their homes to foreclosure without even seeking professional help by selling their homes through a short sale.  Foreclosure is BAD; Short sale is GOOD.  As a Certified Distressed Property Expert (CDPE) my job is to help people protect their futures by marketing their homes and negotiating short sales thereby avoiding foreclosure. 

Even though a short sale dings credit ratings for a couple of years, it does allow people to regroup, get their acts together and move forward to a better future.  Ignoring the situation without taking proper action only makes things worse . . . much worse.  We had a great deal of success in negotiating short sales in Lake County and the Greater Cleveland area in general.  Much of it is a result of fine-tuning our process while developing our expertise in addition to the fact that lenders have done the same. 

If you know of anyone who might need some assistance in this area, do them a big favor and have them contact me . . . or, at least, check out our short sale information website at ProtectYourFamilysFuture.com.  There is no cost or obligation for this invaluable service.  Times are tough but we can work together for a better future.

David Crockett, CDPE  (440) 974-7444

Mentor Ohio is a suburb in the Midwest that can be used to present a good overview of the real estate market over the last couple of years.  There's been so much negative real estate news over the last couple of years that most of us, including Realtors, have forgotten how the market was last year and the year before.  This graphical presentation of the market will help us gain some perspective.

Mentor is an eastern suburb of Cleveland with a population of about 50,000 with a median income of $60,146.  It's the largest city in Lake County which is the smallest county in the state.  Mentor is suburbia with a fairly stable economy and a good mix of city services and amenities.

The graph on the left over the last two years shows the number of homes 'For Sale' (light green) relative to 'Homes Sold' (dark green).  It indicates that we've stabilized somewhat and can expect a spike in sales in the late Winter/early Spring.

The graph on the right shows the average 'Asking Price' (green) versus the average 'Sale Price' (red).  Much of the downward pressure on pricing has been a result of reduced pricing for short sales and foreclosures.  This is a condition that unfortunately will be with us for the next 3 to 4 years until we assimilate those distressed property situations.  Here again, however, we have stabilized somewhat in pricing.

The last graph shows the 'Months of Inventory Based on Closed Sales'.  This essentially tells us how long, based on current sales activity, it would take to sell the current homes listed for sale if we didn't list another home.  Currently it's at 12 months but has been as high as 19 months.  This is a pretty volatile indicator dependent on many factors including the actual month, interest rates, unemployment figures, how the Browns are doing, whatever.  We do anticipate that this will dramatically improve over the next several months.

At that meeting, Scott Newman was honored as being the "Top Agent on The Crockett Team" (in gross commission earnings) generated through 30 sales for a total sales volume of $4,878,650.  Way to go Scott!  Also honored were Shannon Gerome, second in earnings but first in total sales volume of $5,010,302 through 31.5 sales.  Third in earnings but first in the number of sales with 33 was Easton Lemons with a total sales volume of $4,254,660.  A close race with Scott winning by a nose.  Among the other gifts awarded, each won a trip to the Star Power Conference in San Diego in July.  Star Power is a real estate educational organization composed of the top Realtors in the USA and Canada.  The Annual Conferenced is its Super Bowl.  The Crockett Team has been a part of Star Power since 1995 when it was named one of the 12 national real estate 'Stars' for that year. 

Scott was also surprised later that evening when went to Bravo's restaurant for what he thought was going to be a quiet dinner with his family only to be surprised by a celebration planned by his father who flew in from Florida to host a Gala in Scott's name with 30 family members and close friends.  And, yes, Scott was really surprised.  A good time was had by all!

To get a good sense of how The Crockett Team operates and some of the unique and propriety technology they use to give their seller and buyer clients an advantage in the market (like their proprietary buyer home-search site, ClevelandHomeFinder.com) please watch the video on this posting. 

It will also introduce you to some of the other great team members.

Enjoy!

The reality in our Greater Cleveland area is that the market explodes with buyers, year after year, very early in the year usually right after Super Bowl Sunday.  It doesn't matter if it's cold and snowy, the strong buyers are out looking very early in the year.  I think it's the 'cabin fever' effect.  Football's over (sooner for us Browns fans than for most teams) and buyers are anxious to get on with their lives and move.  If you're a seller this is important to note because the Law of Supply and Demand works in your favor early . . . more buyers and less competing homes on the market. 

Most unknowing sellers wait till late Spring or Summer to list their homes but that really when the Law of Supply and Demand flips on them . .  more sellers and less buyers.  Early sellers are already reserving The Crockett Team moving truck for their moves by this time.  Since most Retail Sellers (not distressed, short sale or foreclosure) believe nothing sells in winter, there is less competition for the buyers who are looking. 

Also, our Comprehensive Internet Marketing Strategy works to attract the most qualified buyers making every showing a golden opportunity to get your home sold.  We've noticed a tremendous increase in buyer activity on our exclusive buyer home-search site www.ClevelandHomeFinder.com .  Check it out! 

If you're thinking about making a move this year, give us a call (440-974-7444) to discuss our strategy to get you moving.  Also, please check out the videos on our website, www.TheCrockettTeam.com, that really help explain our strategies and systems for selling homes.  The Ohio Association of Realtors honored The Crockett Team as being the Number 1 Realtor team in the State of Ohio . . . based on results.