It was yet another remarkable year for the Ohio housing market, closing its busiest year since 2005 in December. Home purchases experienced an astonishing 7.5 percent increase up from 151,600 last year. Though Northeast Ohio together with several other markets had posted year-over-year declines, 2016 was an exception as they recorded a 2.8 percent increase in sales in December alone.
The National Association of Realtors on a report looking exclusively into sales of existing homes highlighted price growth and supply shortages being the new trends. However, sales of previously owned homes ended the year only slightly higher than their performance in 2015. The national realtor noted that national sales experienced their strongest year in a decade.
The tremendous gains experienced by the housing market in 2016 can be attributed to strong job creation throughout the year and exceptionally low mortgage rates. December’s performance however, tempered the gains with rising mortgage rates threatening an upswing on the trend. Higher rates and a tight supply of listings were blamed for the less dramatic December’s performance. Some potential buyers were caught off guard by the increase in rates experienced since early November, dimming their ability to purchase a home in 2016.
Even with the recent prices creep, demand for housing remains high. Based on the numbers evidenced in December, the nation has a 3.6 supply of available housing. This figure indicates that the pool of available housing will sell out in less than four months. According to analysts, a six-month supply of listing is required for the market to be balanced.
The Ohio housing market has enjoyed the services of professional and experienced real estate agents. Tammy Mazzocco is ranked among the top real estate agents in Ohio by mapquest.com, due to her vast experience in the market she has served since 1995. She began her career in real estate at Edwards Realty Company, a commercial real estate firm, where she served as a secretary. Tammy Mazzocco got her licensing as a real estate broker during her time at Scotland Yard Condominiums, where she worked for seven years.
Tammy Mazzocco joined Judy Gang & Associates, a company based in Pickerington, Ohio, in the summer of 2000.As of now, she plies her trade in the Central Ohio and concentrates in the following areas, Licking, Delaware, Franklin as well as Fairfield counties. She has managed to become the person she is today by setting goals and ensuring she breaks them into actionable plan. This is something that has made her very productive.