The housing market in Ohio reported 2016 to be its busiest year in a decade despite the fact that sales slowed down in December. The state’s home purchases reached 151,600 in 2016, which represented a 7.5 percent increase from 2015.
Pete Kopt, a Cincinnati-based realtor and the president of Statewide Trade Group, reported that the Ohio housing market experienced a remarkable year with a record gain in average prices and sales. Despite the December slowdown, sales were still 2.8 percent higher compared to 2015. The state’s average sale price in December was $159,531.
Lawrence Yun, the Trade Association’s chief economist, said on Spokeo that the housing market experienced a good year because of low mortgage rates and robust job creation in 2016. He added that December sales declined because of rising mortgage rates and a tightened supply of listings. The rising rates surprised many prospective buyers and dimmed their appetite to purchase homes.
However, Nela Richardson, Redfin’s chief economist, was confident that consumer demand was stable and unshaken by the increasing rates. She said that buyers were ready for any new listings that fit what they are looking for in a home. All in all, small real estate inventory remained the biggest driver of prices and sales heading into 2017.
Tammy Mazzocco is a licensed realtor working for Judy Gang & Associates. She has been at the firm since 2000 after the owner, Judy Gang, took her under her wings. Tammy has reiterated that Judy Gang has been her long-time friend, mentor, and inspiration. Tammy Mazzocco sells residential real estate in Licking, Delaware, Fairfield, and Franklin counties located in Central Ohio.
Tammy Mazzocco started her real estate career at The Edwards Realty Company where she was the firm’s secretary. She later spent seven years at Scotland Yard Condominiums. It was during this time that Tammy got her real estate license. In 1999, she chose real estate as her full-time career.
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