One of my wonderful clients looking for real estate in the Sacramento area sent me an email today regarding her home she once owned in Oakland and sold back in 2011. The home had since relisted this fall and went pending two weeks later, only to close $302K OVER LIST PRICE. You read this correctly, THREE HUNDRED AND TWO THOUSAND dollars over the already high list price of $649K. This 2 bed / 2 bath / 1,592 sqft bungalow in the Oakland hills went for a pretty penny at $951K.
Now I don’t know if it was listed low on purpose to drive a frenzy…and I don’t know what activity went on between multiple offers, etc, but 302K is the price of a small home in the Sacramento valley! When we have multiple offers around here these days, it’s usually the difference of a few thousand dollars and a type of financing that a seller chooses in between…not the variance of a second home that distinguishes one buyer from another. I’m thankful that buyers here in Sacramento/Placer/El Dorado can find affordable homes in great locations without having to compete with cash in hand millionaires.
The question is whether or not the Bay Area can sustain this madness, and if so…for how long. I’ve had many buyers move up to the Sacramento area to areas like Folsom or Rocklin to be able to afford a nice home in a great area…something they can no longer do in the bay. I think Sacramento is a great option for real estate and I’m here to help.