YOUNGSTOWN, Ohio (WYTV) – More people are buying houses this year than in 2014, which means an increase in the local housing market.
There’s been an increase in home purchases across the Mahoning Valley since 2010, because of the economy. Jobs are growing and there are more people coming to the area for those jobs.
Experts say there will continue to be an increase for at least the next four to five years.
Mortgage rates are still low now but that could change. The Federal Government hinted towards an increase in short-term rates before the end of the year, which could impact the overall mortgage rates.
The local association of realtors says there is potential to see an increase in home sales because of low rates.
“That’s not always the deciding factor of people buying. There are some of those people out there who do that, but there’s a lot more to that than just hey we’re out and we want to get the best interest rate,” said Dan Dull, president of the Youngstown-Columbiana Association of Realtors.
Dull says big life changes such as marriage and divorce also play a role in people wanting to move on a consistent basis.
In addition to the interest rates, Dull says it’s a good time to buy a house because of the inventory.
The Youngstown housing market has started to bounce back. Dull says this is a collaborative effort with the economy, attracting people to the area for work, as well as schools, keeping people here after graduating.