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By Beth Moran–
First-time home buyers who are actively seeking to purchase a home are struggling to find one in Citrus Heights. With interest rates hovering between 2.5 – 3% and VA loans as low as 2.25%, the push to find a home before getting locked out altogether is strong.
In Citrus Heights the average price for the month of September 2020 is listed at around $445,000, this includes all residential types (not just single-family homes). This is down 1.5% compared to last month but up 21.6% compared to last year.
Typical rents for a 3-4 bed, 2-bath single home average $1,800 a month so owning your own place is attractive, particularly since Citrus Heights continues to improve the community and expand its amenities.
There were 105 closed home sales in both zip codes in Citrus Heights in the month of September 2020. Currently there are 46 units for sale, as of this writing, which is down by 59.8% since last year, and down 1.9% from August 2020. These include single family homes, condos, townhouses, and residential rentals which, for our town, are typically duplexes or half-plexes.
Citrus Heights is truly a seller’s market as there are only two weeks of inventory listed currently, and that has not changed for the past two months.
Since price is always king, those priced right sell quickly and others languish oftentimes due to pushing the market. Of the 42 single-family residences, there are five on acreage, or lots that exceed the typical quarter-acre for Citrus Heights. Three are located on main thoroughfares, and since location is always key, living off the main road and within a neighborhood is preferred.
There are 4 investment properties and the rest are condos/townhomes. This is only half of the inventory that was offered in 2019, and the result has been multiple offers, quick sales, and shortened days on market.
Bay area transplants, who are now working at home due to COVID-19, are also re-examining their options and moving to more affordable communities. This has spurred some Bay Area businesses to re-consider the idea of paying employees according to their location, thus the draw to stay in California is strong.
Citrus Heights is convenient and has all the big city amenities, but also offers the luxuries of being close to the bay, the mountains and wine country. It’s the new “gold rush” which is exacerbating our market and accelerating competition for homes.
Buyers consider schools, location to the freeways, shopping, and services and once again Citrus Heights checks those boxes on the value chart.
One of the biggest frustrations when buying or selling real estate is when a purchase agreement gets cancelled. There have been several homes that have gone pending sale only to show up on the market again.
There are many reasons this can occur, but the main task is closing escrow — so don’t waste energy pointing blame, unless it fixes the issue. Once the seller accepts an offer and begins searching for a replacement home, the buyers are doing their due diligence and spending money on inspections.
The great balancing act of trying to sell and re-purchase a home in today’s market is the challenge. All parties want to feel as though they got the best deal, and the lower interest rates are keeping buyers at the table.
Some sellers try to push the market only to have an appraisal come in below the agreed price. This can be a conundrum, but doesn’t necessitate cancelling the agreement.
Some buyers find too many issues that seem unresolvable, but a Realtor who can navigate those terms and structure your deal to meet all parties’ terms is what a professional brings to the table… don’t buy a home without one!
Beth W. Moran is a local Real Estate Broker in Citrus Heights. She can be reached at[email protected](916)947-3993 DRE#01264309
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