The competition to buy a home in Sacramento is fierce, especially for lower-priced homes.That is the case for Lacey Lugar’s home, which was damaged in an explosive fire.”We were sitting in the living room and it was literally like a bomb went off. It just went pow like that,” Lugar said.Lugar was out of a home and the landlord put the house on the market for $125,000.In the first 24 hours, there were multiple offers on the home, including offers above the asking price.Sacramento appraiser Ryan Lundquist said all of the offers on a burned-out home are not surprising.”It’s not surprising at all to hear that this property went multiple offers on $125,000 just because that’s such a low price in today’s market,” he said.According to Lundquist, there were zero sales under $200,000 for a single-family home in the Sacramento region last month. KCRA 3 Investigates looked at numbers for the Del Paso Heights-North Sacramento neighborhoods near where Lugar’s house is located.The average house price is up 18 percent, and the number of days on the market dropped from 26 to 17.”Right now it sort of feels like a blood bath where buyers are duking it out for a very minimal supply,” Lundquist said.KCRA 3 also searched Zillow for homes in Sacramento under $300,000 and found eight of them. There were under 100 homes under $400,000.While the housing market is “very hot,” Lundquist says there could be a “possible cooldown” months away.”Basically between now and the next few months we’re poised to see multiple offers increase just because you know the market’s heating up during the spring,” Lundquist said.Lundquist says one thing that could change the market is if mortgage rates rise, which could take some of the buying power away and decrease competition.
The competition to buy a home in Sacramento is fierce, especially for lower-priced homes.
That is the case for Lacey Lugar’s home, which was damaged in an explosive fire.
“We were sitting in the living room and it was literally like a bomb went off. It just went pow like that,” Lugar said.
Lugar was out of a home and the landlord put the house on the market for $125,000.
In the first 24 hours, there were multiple offers on the home, including offers above the asking price.
Sacramento appraiser Ryan Lundquist said all of the offers on a burned-out home are not surprising.
“It’s not surprising at all to hear that this property went multiple offers on $125,000 just because that’s such a low price in today’s market,” he said.
According to Lundquist, there were zero sales under $200,000 for a single-family home in the Sacramento region last month.
KCRA 3 Investigates looked at numbers for the Del Paso Heights-North Sacramento neighborhoods near where Lugar’s house is located.
The average house price is up 18 percent, and the number of days on the market dropped from 26 to 17.
“Right now it sort of feels like a blood bath where buyers are duking it out for a very minimal supply,” Lundquist said.
KCRA 3 also searched Zillow for homes in Sacramento under $300,000 and found eight of them. There were under 100 homes under $400,000.
While the housing market is “very hot,” Lundquist says there could be a “possible cooldown” months away.
“Basically between now and the next few months we’re poised to see multiple offers increase just because you know the market’s heating up during the spring,” Lundquist said.
Lundquist says one thing that could change the market is if mortgage rates rise, which could take some of the buying power away and decrease competition.
Read More:Here’s why Sacramento’s housing market is home to stiff competition
2022-02-14 05:32:00