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Real estate agent Deb Brittan decided to make a “friendly little bet” when she put a house up for sale in a sleepy cul-de-sac in Citrus Heights.
She didn’t expect the house, located about 15 miles from Sacramento, to receive more than 20 offers, KTXL reports. The owners themselves, Anita and Barry Jackier, guessed it could reach eight or ten.
But in just one weekend, the 1,400-square-foot home with an asking price of $ 399,000 garnered 122 bids in total.
“This house was on the market for three hours,” Anita Jackier told KTXL.
The couple said they planned to sell their long-standing home after making the decision to move to Idaho. It has three bedrooms, two bathrooms and a large backyard with a swimming pool and fountain.
“People would think he was undervalued,” Brittan said, adding that the house sold for around $ 450,000, although the highest bid was over $ 500,000. “It was not undervalued. It was just with the comps.
The rapid sale and flood of offers may be indicative of the return of the Bay Area real estate boom, which has led potential buyers to submit multiple offers on properties across Northern California; particularly single-family homes due to the widespread shift to remote work.
As a result, prices are skyrocketing across the region.
“The market is hot for spring,” Vanguard agent Alan Thuma told SFGATE earlier this month.
This was demonstrated when Santa Clara-based real estate agent Alan Wang told the Mercury News that one of his clients – a family bidding on a single-family home in Dublin – discovered it was the one of 49 offers on the house. The four-bedroom home sold for around $ 400,000 out of the listing price of $ 1.7 million.
In San Francisco, condo sales have increased 64% year over year since the start of the pandemic. And in Alameda County, data from the California Association of Realtors revealed that the median home price jumped 21% to $ 1.06 million – the 7th consecutive month that median home selling prices in the county have exceeded $ 1 million.
Andrew Chamings, local editor of SFGATE, contributed to this report.
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