# California home for sale gets 122 offers in 3 hours



## WhatInThe (Apr 3, 2021)

A home for sale in Citrus Heights California got 122 offers in 3 hours. Sold for 50K over ask.

https://www.sfgate.com/local/editor...-home-Bay-Area-real-estate-surge-16059566.php


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## BlissfullyUnawareCanadian (Apr 3, 2021)

Where I am houses sell for at least $50K over asking. One went for $100k over. It’s insanity. If we sold today we would get not far off double what we paid four years ago. I can’t imagine trying to buy our first home right now.


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## officerripley (Apr 3, 2021)

Houses equivalent to the one in the article around here, the starting price is about $450K and we're not even that close to Sacramento. However, the town of Paradise where they had the Camp Fire in 2018 was near here and that drove prices up and the prices have stayed up and are expected to stay up forever.


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## Don M. (Apr 3, 2021)

Housing prices are getting very high in many places....almost to the point where a younger home buyer can barely afford the payments.  In many respects, conditions are starting to look like what happened in 2006-2007....which led to the housing "bubble" bursting in 2008.


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## asp3 (Apr 3, 2021)

A house like the one described in the article would probably be double that or more anywhere between a few miles south of downtown San Jose northwards past San Francisco and all the way up to Marin or Novato in the north bay.  It would probably be close to double most of the way up the east side of San Francisco Bay as well although there are areas of Oakland and Richmond where it would only be about 50% more than what it sold for in Citrus Heights.


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## WhatInThe (Apr 3, 2021)

BlissfullyUnawareCanadian said:


> Where I am houses sell for at least $50K over asking. One went for $100k over. It’s insanity. If we sold today we would get not far off double what we paid four years ago. I can’t imagine trying to buy our first home right now.


Saw this checking out other story. House gets 1 MILLION OVER ask after 29 offers.

https://sanfrancisco.cbslocal.com/2...-million-over-asking-after-getting-29-offers/


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## Jeweltea (Apr 4, 2021)

https://www.insider.com/dc-home-76-...g-price-competitive-real-estate-market-2021-3

Here is another one in our area that sold for $200,000 over asking price.

However, this is a little misleading in my opinion. The asking price was very low for this area. Of course, it got multiple offers.


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## hollydolly (Apr 4, 2021)

Yep not just the USA either.. house prices have sky rocketed here especially here in the expensive south of England... just ridiculous prices for homes that are not nearly worth the asking price...


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## Keesha (Apr 4, 2021)

It’s a sellers market, meaning you’ll automatically get 10 to 20% more than it’s worth to start with.


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## Gary O' (Apr 4, 2021)

Don M. said:


> Housing prices are getting very high in many places....almost to the point where a younger home buyer can barely afford the payments. In many respects, conditions are starting to look like what happened in 2006-2007....which led to the housing "bubble" bursting in 2008.


Somebody, somewhere down the line is gonna be holding the bag

I refurbed an old house in 2006
Put about $20K into it, in materials
Doubled our money when we sold it in 2007
Right before the bubble burst

The kids that bought it, put another $50K into it
Then
Had to walk away

Thing is, interest rates are incredibly low right now
Once those climb, and they will, those with variable rates will get hurt pretty bad

Funny thing, just a couple months after buying the place, my broker would stop by and urge me to refi with a lower interest rate (and lower house pmnt) and hand me $20K or so in cash
This happened two or three times

It was nuts


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## garyt1957 (Apr 4, 2021)

Don M. said:


> Housing prices are getting very high in many places....almost to the point where a younger home buyer can barely afford the payments.  In many respects, conditions are starting to look like what happened in 2006-2007....which led to the housing "bubble" bursting in 2008.


Imagine if interest rates were even just a bit higher?  Of course that would drive house prices down some.


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## Don M. (Apr 4, 2021)

This uptick in housing prices is yet another "side effect" of this CV pandemic.  New home construction is down, due to higher prices for lumber and a shortage of construction workers....so existing home prices are climbing.  Then, with more people allowed to work from home, suburban housing is looking more attractive to buyers who want to leave the crowded cities.  However, this "spike" could be short lived, as the economy begins to recover from the virus, and shortages of many consumer items begins to drive Inflation higher.  Some of the Federal Reserve predictions call for inflation to rise at 2%, or more, for perhaps the next 10 years.  This will impact consumer spending, and drive home loan interest rates much higher....thus leading to a decline in home prices, as demand begins to lag "supply".  Those who are speculating that these home prices will continue to rise, may be disappointed in another year, or two.


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## BlissfullyUnawareCanadian (Apr 4, 2021)

I’m thankful we own our house and intend to stay until we can’t stay here anymore.


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## Aunt Marg (Apr 4, 2021)

I just listened to an hour long program on Friday (CBC Radio - The Current) related to the housing crisis here in Canada, and it was eye-opening to say the least.

I won't violate forum guidelines as to getting political with this post, but as Canadians, we can thank our fearless leaders for unaffordable housing.

https://www.cbc.ca/radio/thecurrent/the-current-for-march-30-2021-living-conditions-1.5969479

As the established homeowners that hubby and I are, I seen *Red* when the suggestion was made to start dinging homeowners with a Capital Gains Tax at sale time.


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## Jules (Apr 4, 2021)

The ones who will win from this frenetic buying are the realtors.  Little work, lots of profit.  

Many people will be entering the field so sellers will have to be careful who they choose to represent them.


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## Jeweltea (Apr 4, 2021)

BlissfullyUnawareCanadian said:


> Where I am houses sell for at least $50K over asking. One went for $100k over. It’s insanity. If we sold today we would get not far off double what we paid four years ago. I can’t imagine trying to buy our first home right now.


Just checked our house on Zillow. The Zestimate said it went up over 5% in the last month!

We knew so many people who refinanced and took cash out or took out a 2nd mortgage when prices were so high around 2006. Then when the market crashed, they owed so much more than the house was worth.


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## Aunt Marg (Apr 4, 2021)

Jules said:


> The ones who will win from this frenetic buying are the realtors.  Little work, lots of profit.
> 
> Many people will be entering the field so sellers will have to be careful who they choose to represent them.


When the times comes for us to downsize, we'll be listing our home privately (NO REAL ESTATE AGENTS).

We've worked hard for our money and have no plans on padding the pockets of any real estate agent.


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## Jules (Apr 4, 2021)

We sold three houses privately.


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## Aunt Marg (Apr 4, 2021)

Jules said:


> We sold three houses privately.


Good on ya, Jules!


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## SetWave (Apr 4, 2021)

What ever you do don't listen to this clown.


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## Aunt Marg (Apr 4, 2021)

SetWave said:


> View attachment 158247
> What ever you do don't listen to this clown.


Yes indeed, SetWave, he sure made a name for himself, didn't he.


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## Liberty (Apr 4, 2021)

The pandemic could change some lifestyles big time for the foreseeable future though.  Son closed their company software office in Ohio and has saved over 10 grand a month rent!  Questionable on what office facilities they may or may not opt in or opt out for.  He has a big home so has employee meets there when needed.

Also, lots of people love working from home and have adopted dogs.  Heard that some companies are offering employees "pet bogies" to get them back to the office schedule...permitting them to bring their pooches to work!

Possible a big switch, who doesn't love that "sweet commute" of working from home, to say nothing of the bucks saved on 
lunches and clothes.  Maybe its a new twist "how do we keep them in love with Gay Parie, after they've been  working "down on the farm"?!

Some have put in big vegetable gardens and completed long overdue home improvements as bogies, too.


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## Jeweltea (Apr 4, 2021)

I hope more people continue to be allowed to work from home. Hopefully keep the traffic down.


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## Jules (Apr 4, 2021)

Eventually I would miss the social interaction of the office place.

If I’d been one of those people who had been trapped in a high rise with no balcony at the beginning of Covid, I’d have gone mad and been ready to buy in the suburbs.


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## Keesha (Apr 4, 2021)

There definitely are pluses to this pandemic.
It’s forced a lot of people to work from home who wouldn’t otherwise have considered it and in this realization people now can see that they can work from home. Since they can work from home, it saves in gas mileage, car insurance, rental offices if it’s their own business. They no longer have to live near where they live so can move to less populated areas which are usually cheaper to purchase. All of this leads to less pressure. Peoples lives are slowing down. Maybe it’s the push we needed?
There’s a silver lining to this pandemic.


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## debodun (Apr 4, 2021)

I can't believe what they are asking for homes here - $250K to 300K for a bungalow! Large houses with land are in the 7 digit range.


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## Devi (Apr 4, 2021)

Liberty said:


> Some have put in big vegetable gardens and completed long overdue home improvements as bogies, too.


@Liberty, what are "bogies"?


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## officerripley (Apr 4, 2021)

Devi said:


> @Liberty, what are "bogies"?


I'm wondering too; I tried googling it but just came up with a cart or a golf score.


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## Lethe200 (Apr 4, 2021)

As long-time homeowners in the San Francisco Bay Area, I can say that although there are small periods of recession, overall the trend continues upwards.

It's basic math in this geographical area - there are limited areas where SFHs can be built. Indeed, the push in most cities - the SFBA is a conglomeration of small- to-mid-sized cities co-existing uneasily with one another - is to increase density to better utilize the properties already developed. 

On the good side of that: more people are buying into the idea of allowing the permitting of ADUs*. Another is the very slow thawing of the anti-manufactured housing bias of city permit depts. We saw two go up recently: a senior housing development and an affordable housing building. Both were manufactured housing and definitely demonstrated that considerable time is saved in construction. I'd guess at least a 35% cost savings, which is considerable in our high-labor market.

* Accessory Dwelling *Units* (ADUs) have been known by many names: granny flats, in-law units, backyard cottages, secondary units, etc.

The developers who may take a bath on profits are the ones who were throwing up urban condos as fast as possible, everywhere they could. A lot of Gen X and Y workers have ditched renting houses, condos, and apartments for buying a suburban SFH with more space. 

If you work at home - especially if you have kids! - you need a separate office with a door that can be shut, LOL.

Rental prices had been getting ridiculous, so this shift to suburban SFHs would mean they will go back to their traditional (for the SFBA) higher than the national average, but no longer 3-4x as much as a mortgage would be for the equivalent space.

2% inflation, when it comes (not "if") - would be below historical norms. Inflation has averaged 3% per year over the last 100 yrs. It should ALWAYS be taken into consideration, especially if one is retired. In 25 yrs or so one's income's buying power is halved.


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## asp3 (Apr 4, 2021)

Lethe200 said:


> As long-time homeowners in the San Francisco Bay Area, I can say that although there are small periods of recession, overall the trend continues upwards.
> 
> It's basic math in this geographical area - there are limited areas where SFHs can be built. Indeed, the push in most cities - the SFBA is a conglomeration of small- to-mid-sized cities co-existing uneasily with one another - is to increase density to better utilize the properties already developed.
> 
> ...



We're down here in the Silicon Valley and regularly pass by a building site on 280 in San Jose near the 7th St offramp.  The building to the south of the freeway has gone up amazingly quickly.  The other day we saw them lifting pre-fab modules into place for the building.  It's very interesting.  It reminded me of the cabins I've seen them install in cruise ships when they build new ones these days.


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## officerripley (Apr 4, 2021)

This is kinda off topic, apologies, but something Lethe said reminded me of it: what I've noticed more and more lately, at least in this part of the state, is the nicer, fancier, roomier apartment complexes are getting turned into condos. Which is usually hard on any existing tenants who are suddenly informed that they'll either have to come up with the price for their 1-time apartment/now-condo or move out. Something to keep in mind if you're apartment hunting.


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## Jules (Apr 4, 2021)

Good point about the security of a rental lease.  

A condo can also have strata fees that skyrocket.  

No option is perfect.


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## officerripley (Apr 5, 2021)

asp3 said:


> We're down here in the Silicon Valley and regularly pass by a building site on 280 in San Jose near the 7th St offramp.  The building to the south of the freeway has gone up amazingly quickly.  The other day we saw them lifting pre-fab modules into place for the building.  It's very interesting.  It reminded me of the cabins I've seen them install in cruise ships when they build new ones these days.


Sounds good. Will they be earthquake-proof, though?


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## asp3 (Apr 5, 2021)

officerripley said:


> Sounds good. Will they be earthquake-proof, though?



I don't really know but I would guess they would be because each seems to be a separate module so one could make each very strong to withstand earthquakes.  I know from experience that San Jose building codes are strictly enforced and it seems the inspection team would be looking for code violations especially if this is a new method of construction here.


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## Jules (Apr 5, 2021)

It’s seems like it might be a flexible method of building so might even be better in an earthquake.


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## SetWave (Apr 5, 2021)




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## officerripley (Apr 5, 2021)

Jules said:


> It’s seems like it might be a flexible method of building so might even be better in an earthquake.


I hadn't thought of that but I bet you're right.


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## Jeweltea (Apr 11, 2021)

Just checked Zillow and it says our house went up 13% in one month!!! I know this is just an estimate, but really? My husband wondered what they were smoking. Then I checked and there are NO houses for sale in our zip code, none in our former neighborhood which is 10 miles away and only a couple in the next town.


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## Packerjohn (Apr 12, 2021)

Aunt Marg said:


> I just listened to an hour long program on Friday (CBC Radio - The Current) related to the housing crisis here in Canada, and it was eye-opening to say the least.
> 
> I won't violate forum guidelines as to getting political with this post, but as Canadians, we can thank our fearless leaders for unaffordable housing.
> 
> ...


Boy oh boy!  I'm pretty glad I live in an apartment for the last 3 years.  I am out of this rat-race madness regarding bidding on houses but I am sorry for young people getting married.  I think this is all a bubble and bubbles always burst!  By the way, thanks for the info on "The Current".  I intend to read the entire transcript.


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## Aunt Marg (Apr 12, 2021)

Packerjohn said:


> Boy oh boy!  I'm pretty glad I live in an apartment for the last 3 years.  I am out of this rat-race madness regarding bidding on houses but I am sorry for young people getting married.  I think this is all a bubble and bubbles always burst!  By the way, thanks for the info on "The Current".  I intend to read the entire transcript.


Good Monday morning to you, Packer.

Yes, it's an ugly prospect for Millennials (Gen Y'ers).

The ire I felt when the suggestion was made as to applying capital gains! The nerve!

Our country (for the longest time) has allowed foreigners to buy real estate up like there was no tomorrow, yet those that bought and sold based solely on investment return, weren't subjected to capital gains, and they made millions... yet lets look at hitting the working class with capital gains, the ones who have scraped, scratched, and clawed their way through life from day one to get ahead what little they could. Sickening!

If our governing parties were for the people, Canucks would be taken care of _first_, everyone else _last_. Native Canucks like you and I deserve first dibs on everything and all, long before anyone else outside of our country.

As for the link I posted, it's in audio form as well. If you have any trouble pulling up the audio, let me know and I'll help walk you through it.


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## jujube (Apr 12, 2021)

My next door neighbor has been working on his house for months, getting it updated to put it on the market.

He has put selling it on hold, however, as he can't find another house for sale in the area he wants to move into. Absolutely nothing.


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## officerripley (Apr 12, 2021)

jujube said:


> My next door neighbor has been working on his house for months, getting it updated to put it on the market.
> 
> He has put selling it on hold, however, as he can't find another house for sale in the area he wants to move into. Absolutely nothing.


I believe this; it's the same here: you can probably get a buyer for your house in 3 days or fewer but would have to move out of state. (And the state next to ours which is the prettiest, best weather, slightly-lower prices, etc. has gotten fed up with people from our state moving there; they've got signs posted up along the roads saying so.)


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## Jeweltea (Apr 12, 2021)

officerripley said:


> I believe this; it's the same here: you can probably get a buyer for your house in 3 days or fewer but would have to move out of state. (And the state next to ours which is the prettiest, best weather, slightly-lower prices, etc. has gotten fed up with people from our state moving there; they've got signs posted up along the roads saying so.)


Which state is that?


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## officerripley (Apr 12, 2021)

Jeweltea said:


> Which state is that?


It's Oregon. There've been several articles in the last couple of years, written in both Calif. and Ore. publications, and I of course can't lay my hands on the most recent one from late last year, but I remember it quoting a guy who moved to Ore. when he retired from his job in Silicon Valley and getting all kinds of comments and "the cold shoulder" when he told Oregonians where he was from and had decided he was going to let his native-born Texas accent come back & just tell 'em he was from Texas and leave it at that. It's not all Oregonians that react that way but apparently enough that articles have been written about it. And I suspect that a lot of the Calif. transplants may be from the wealthier parts of Calif. and I suppose any place will be wary of wealthy "immigre's."


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## jujube (Apr 12, 2021)

officerripley said:


> It's Oregon. There've been several articles in the last couple of years, written in both Calif. and Ore. publications, and I of course can't lay my hands on the most recent one from late last year, but I remember it quoting a guy who moved to Ore. when he retired from his job in Silicon Valley and getting all kinds of comments and "the cold shoulder" when he told Oregonians where he was from and had decided he was going to let his native-born Texas accent come back & just tell 'em he was from Texas and leave it at that. It's not all Oregonians that react that way but apparently enough that articles have been written about it. And I suspect that a lot of the Calif. transplants may be from the wealthier parts of Calif. and I suppose any place will be wary of wealthy "immigre's."


Yes, the Oregon residents refer to Californians moving in as "Californication".


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## officerripley (Apr 12, 2021)

jujube said:


> Yes, the Oregon residents refer to Californians moving in as "Californication".


Yeah, it's been going on for a long while: I was visiting Ashland, OR back in the 70s and there were signs saying "DON'T CALIFORNICATE OREGON" in more than a few store windows. (They took my $$ in those stores gladly, though.   )


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## OneEyedDiva (Apr 13, 2021)

I sent this to one of my best friends who lives in Cali and lo and behold, she said this house is in her daughters' neighborhood. I would love to see inside to see what the big deal is because it sure doesn't look like much on the outside.

@WhatInThe I like the house in the video you posted.


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