Housing market is heating up

During the last housing boom, competitive bidding on homes was the expectation for home sellers. Easy access to financing made it easy for homebuyers to push their bidding prices up. This time around, bidding wars are due to the short supply of homes on the market. Although there are many factors contributing this shortage, one reason is that many homeowners are concerned they will be unable to qualify for a new mortgage. Realtor.com tracked homes listed for sale in the month of June and found that the average home had been on the market for less than two months. The high turnover in homes for sale signals a high demand and low supply.

Often when a homeowner sells their home, their intent is to trade up to a bigger one. Many homeowners have concerns about the state of the economy. In addition, some homeowners are underwater because their mortgage costs more than the value of their home. Zillow, estimates that 7.9 million homes are still underwater. Not only are home buyers having trouble affording financing, homebuilders are also having a difficult time finding financing.

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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