Greater Cleveland is the eleventh safest market in the nation according to a recent study by PMI Inc. (www.pmi-us.org), in terms of the risk of depreciation. In fact, there is a less than 1% chance that the Cleveland market will depreciate in the next two years, compared with a greater than 50% chance for some markets in California, Arizona and Florida. Greater Cleveland also ranks among the most affordable markets in the nation, with an affordability index of approximately 1.26, meaning that we have low housing costs relative to our average income. The information detailed in this report is good news for buyers and sellers in today’s real estate market. It indicates that even in the current market, one in which foreclosures and the mortgage crisis are making national headlines every day, there are many qualified buyers in Northeast Ohio, and they can still find a good deal. With interest rates well below 6% for the first time in several years, it’s a good time to buy or sell a home.
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