'Quite Nuts Right Now': From Happy To Headache In Hot Sacramento Housing Market
SACRAMENTO (CBS13) – From happy to headache, Brian Kinney settled into his new apartment after selling his home at an incredible price.
"The market's actually quite nuts right now," he said.
Kinney got nine bids on his house ending up with $70,000 over asking. It sounded like a great spot to be in – until he went to buy a new home.
"We actually called about one house that went on the market, and in 12 hours, it was off the market because they had an offer in all cash and for something like $100,000 over," he said.
Scott Sweeney realtor with M&M Real Estate in Elk Grove deals with 15-20 offers per home. He's selling on average $50,000 over asking price.
"It's crazy you know the pandemic really has changed what home means to people," he said. "And what we're seeing is people now are able to work from home, they need much more space."
The growing demand for homes is driving up prices. California just broke another record with the median home price now over $750,000. Realtors recommend buyers be smart about their offers - some are offering to look past any repairs to purchase the property as-is.
"It's too bad that there's so much pressure on the buyer to try to get into contract, especially for those that don't have enough cash to make the deal work," said Kirk Marchetti, broker and owner of M&M Real Estate.
Brian Kinney waiting things out in an *apartment until he and his wife can finally nail down a deal on a new home.
"We had a number of offers that never went through because we were constantly outbid by other people and outbid by all-cash offers," he said.
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