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By Mike Hazlip—
With prices for a single-family home in Citrus Heights often going for well-over $500,000 in today’s market, here’s what buyers can find in the $700,000 range.
For $699,900, buyers can get a 2,446-square-foot, four-bedroom, three-bath home on Kingswood Drive, located a block away from Kingswood K-8 school. The single-story home sits on a large lot with a third of an acre and space for a small RV, according to the listing.
The home was built in 1960, according to Sacramento County Assessor’s Office records. It last sold in 2011 for $214,000.
Other homes can still be purchased in the half-million-dollar range, typically three-bedroom, two-bath homes that were well-below $500,000 a few years ago. One listing on the low end of a search by Sentinel staff shows an 881-square-foot, two-bedroom, one-bath home on a quarter-acre for $399,000. A 1,068-square-foot home on Alma Mesa Way is listed at $455,000, with three bedrooms and two baths.
At the top end are three homes listed in the $900,000 range, and one at $1.25 million.
Local real estate broker Cara Richey says she is seeing a change in the market compared to six months ago.
“Buyers in the $500,000 price range are beginning to feel relief as inventory ticks up,” Richey said. “As inventory has begun to rise (along with interest rates), sellers are being checked on their pricing and demands as buyers have more homes to choose from.”
Richey expects homes on the market to be selling closer to comparable homes, rather than going for significantly above asking price. She expects rising interest rates to give buyers a little more leverage, but said sellers can still expect multiple offers.
Ryan Lundquist of the Sacramento Appraisal Blog published data indicating a potential downward trend in the monthly median home price for the Sacramento, Placer, Yolo, and El Dorado County region. Lundquist sees the market “decelerating” but says the monthly median home price remains above previous years.
In a recent Realtor’s Column for The Sentinel, real estate broker Beth Moran said the Citrus Heights market saw a decrease in total sales of just over 10 percent from March to April.
Moran also said mobile home sales have been higher, as buyers are priced out of conventional homes. She said 20 mobile homes closed in April with an average price of $135,819.
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