Surging Real Estate Market: Citrus Heights Home Sells In 1 Weekend With 122 Offers
CITRUS HEIGHTS (CBS13) — The Sacramento region's rocketing real estate market just saw a home sold in one weekend, with more than a hundred offers!
A house in Citrus Heights brought on a tsunami of buyers ready to pay thousands more than the asking price.
Owners Anita and Barry Jackier had a bet going. They thought they'd get 8, maybe 10 offers on their home at Elza Court.
They ended up with 122.
"We were flabbergasted. We had to like get ourselves up off the ground," Anita Jackier said.
And the buyers were ready to pay.
"We were listed at $399,999. We had offers all the way to over $500,000," said Anita.
According to realtor Deb Brittan, people literally begged to get a showing at the three-bedroom, two-bath home with a backyard pool. It's about 1,500 square feet sitting on a quarter of an acre.
"Every spot was completely booked and my phone was blowing up," she said.
Brittan said she had between 500 and 600 inquiries. "I no longer say hot, I say scalding market because it has definitely become that," she said.
So why did this home get such an outrageous number of offers? Real estate appraiser Ryan Lundquist said it checked all the boxes, especially for those looking to quarantine in style.
"It had not only a large lot for the neighborhood, but it had a built-in pool and it had a really stylish, comfortable yard and I think that was the huge selling point," he said.
But Lundquist said the number of offers this property got is an outlier. In the Sacramento area right now, there are about 3,000 pending home sales. Of those, just 5 homes had 40 offers or more -- less than a fifth of a percent.
So it was something special and unusual that sent buyers into a frenzy over the Citrus Heights home, making a competitive market, seem insatiable.
"People are just hungry," Barry said. "It's been a week now and we are still getting people coming by."