Real Estate Black hole Hits Ohio Housing Market

Despite the general slowdown in the real estate industry, Ohio experienced a surge in housing demand. According to Ohio Association of Realtors, last year was the busiest year for the area since Dec of 2005. Come the end of 2016, Ohio real estate market experienced record gains; this is according to Pete Kopf, Cincinnati realtor, and the nationwide president for the group.

Low Inventory

The presidential elections that happened last year caused a sudden hike in interest rates, but after a few weeks, they started dipping. The decrease in interest rates and solid job creation can be credited for the increase in housing demand. The only challenge that the Ohio Realtors were facing is that they didn’t have enough to sustain the increasing demand.

The entire country achieved a house sale of 151,600 which is a 7.5 percent increase from 2015. Northeast Ohio experienced an 8 percent increase in both new and used residential homes. The entire Ohio area realized a 2.8 percent increase in house sales compared to 2015.

Consequences of the Rising Housing Demand

This increase in sales was not without consequences. An average sale of new homes was going at $159,531 which is a 4.8 percent increase from the previous year. Used homes, on the other hand, realized an increase of 0.7 percent from 2015 with the average price of $235,200 which is equal to 4 percent increase from 2015.

Tammy Mazzocco

Tammy Mazzocco is a real estate agent who started as a secretary in a commercial real estate office. She accredits her interest in land to a manager she worked for, who encouraged her to get a license in 1995. During her younger years in the industry, Tammy Mazzocco learned a lot from Ken Cook, the owner of Cook Realty.

Being an entrepreneur, Tammy Mazzocco believes treating clients and their time as her own, and that is how she has managed to succeed in the business. Her career has not been without mistakes, in her early years, Tammy Mazzocco admits to having feared to talk to clients about their finances.

Know Tammy better! Check out her social pages on Facebook and Ideamensch.
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