SACRAMENTO (CBS13) – Sacramento is more than a hot housing market, some realtors are calling it insane.
If you’re planning a house-hunting trip, get ready to stand in line. Tom DiGiacomo with Century21 Real Estate in Citrus Heights is seeing buyers writing offers $75,000 over the appraised value.READ MORE: Towering Rocklin Officer Didn’t Need Ladder To Save Senior Inside 2-Story Home
It’s no surprise Patrick Ma wears a smile with his new house keys in hand. He finally landed his dream home.
“You feel like, ok, you can actually breathe because the entire time for a whole month, I was holding my breath. Will this happen? Will this happen on time?” said Ma.
Ma couldn’t be more ready to move in.He even has his furniture picked out, but it wasn’t easy getting to this point. Homebuyers realize quickly they have to make a move or potentially miss out.
“I have to put an offer down, or we’re going to lose the house,” said Ma.
“I think I miscounted how many times I lost out on the offers I put in,” said homebuyer Peter Heng.
It’s keeping realtor Jonathan Lee, with Portfolio Real Estate, busy with back-to-back showings.
“They’re usually booked every day between 8 AM and 8 PM,” said Lee.
Lee says they’re getting 10 to 30 offers per house with buyers willing to pay anywhere from $20,000 to $60,000 over the list price.READ MORE: Sacramento Parents Questioning Homecoming Vaccine Requirements
“It’s nuts, unbelievable,” said Chris DeMattei, Broker Associate with Keller Williams, Roseville.
DeMattei says he’s never seen it this intense. Kelley Bosch has seen both sides of it. She just braved the competition to buy a new home, but selling was a breeze.
“In 48 hours I signed a deal. I sold my home,” said Bosch.
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Ma snagged his new keys and did a happy dance in his new home.
“I’m very excited, I’m very excited. I can’t tell you how ecstatic I am,” said Ma.
And while not every buyer is that lucky, DeMattei encourages them not to give up. This crazy market won’t last forever.
“Hang in there. Markets change, so this is not the norm,” said DeMattei.MORE NEWS: Multiple Big Rig Crash Closes I-80 Near Nevada State Line
Whether it takes a month or six months, the housing market will shift back to normal.