In the recent years, Ohio Housing Market was glad to announce growth in its sales since the year 2005. The sales rose by an estimate of 7.5% in the Statewide Home purchase while in North Ohio the sales rose by almost 8% based on previous listings.
Peter Kopf a realtor and Statewide Trade Groups President pointed out that indeed it was a wonderful year for Ohio Housing Market as they recorded gains in sales and prices as well. Even though North Ohio posted year over deadlines, December 2016 sales rose by 2.8 percent compared to 2015. Average sales for the market was at 4.85 compared to the previous sales.
However, the National Association of Realtors were concerned about the price growth and supply shortages in its Tuesday report. The report focused mainly on the average sales of existing homes in the market which ended at 7% compared to previous markets.
An existing home in U.S middle class was 232,200 dollars, 4% up from the previous year. The success of the housing market has been to solid job creation and low mortgages rates. In the previous month, raising mortgage rates had threatened the housing market. Potential buyers did not wish to buy homes and the market had not anticipated the surge. The average rate for a 30-year fixed rate mortgage was at 4.09 percent while a 15 year fixed rate loan was 3.34 percent.
The recent U.S Presidential election caused a surge in the housing market though this has stabilized. Buyers are all eagerly waiting to buy newly listed homes though there are very few homes to satisfy the demand. Based on the numbers given in December, the nation has a 3.6 month supply of available houses.
Ohio Real Estate Agent Tammy Mazzocco attributes the success of Ohio Housing Market to setting goals and knowing what needs to be done each day, week and month. Tammy Mazzocco became a licensed realtor in 1995 and began her career as a secretary with The Edwards Realty Company. Tammy Mazzocco is keen to note that the success of the business also lies in owning the clients’ investments.
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