Competitive bidding sends home prices up

Homes are finally being sold at prices equivalent, or higher, to the market peak in 2006. Median home prices have reached $236,400, which is slightly above the previous record high of $230,400 from July 2006. Not only are prices higher, but homes are also being sold at a faster rate. Economists believe strong employment numbers have fueled home sales. In addition, many homebuyers are anxious to receive a mortgage while interest rates are historically low.

Higher home prices bring relief to homeowners who have found themselves underwater. However, first time homebuyers are having a tough time entering the housing market. Tami Pardee, owner of Pardee Properties in the Los Angeles area, said, “If they didn’t buy and get in the market it’s hard to get into the market unless you have a lot of money.” Even first time homebuyers, who earn a respectable paycheck, may be unable to afford a mortgage if prices rise too fast. In turn, they will miss a vital opportunity to “move up” in the improving economy.

Click here for the full article from the Wall Street Journal, or click here for more Front Street news.

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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