This California home sold for $1 million above its asking price
Last month, this 4,385 square foot home in Loomis, California, sold for $4.5 million, more than $1 million more than its original asking price. The farm-style residence, originally listed on February 9 at $3.475 million, closed on March 23, six weeks later. “It was absolutely a bidding war,” said listing agent Michael Yarmolyuk of 1st Choice Realty. The Sacramento Bee. “As soon as the ad went live, it was clear the house was going to sell well above the asking price.”
The four-bedroom, four-and-a-half-bath residence is nestled in the community of Sierra de Montserrat, on one of the most private lots in the luxury enclave. Of course, it comes with all the bells and whistles — from an infinity pool and hot tub, to state-of-the-art kitchen appliances and a covered patio (not to mention a little casita in the backyard). But still, why all the hype?
“The sale only highlights the trends we are seeing in the market,” says broker Sotheby’s International Realty. Nick Sadek. “From first-time homes to high-end luxury, the scenario remains the same. We are extremely limited in inventory, with eager buyers looking to make their most aggressive offers to secure low rates while we have them,” he explains.
Sadek attributes the frenzy to the sudden influx of home buyers from the Bay Area. “Not only do these migrant shoppers impact the buying pool,” he says, “but they also tend to have more buying power due to the [upscale] market where they come from. This makes it easier to beat the competition in the north, where the average house price is significantly lower.
The mass exodus, he argues, was likely triggered by the pandemic. “Given this increased freedom and less travel, families realized they could work remotely while paying significantly less for their homes,” he explains. And buyers get more for their money in Sacramento, where properties with lower prices tend to boast more square footage and offer more privacy.
“In the first quarter of this year alone, we saw an average of 10% or $60,000 increase in the median sale price,” he reveals, adding that there was an overall decrease of 5.9% of the average number of days a house in the region sits. in the market, and buyers shelled out about twice the list price on average compared to this quarter last year.
Although Sadek is convinced there is a trend, not all experts agree. “I would say that’s a total outlier,” Real estate appraiser and market analyst Ryan Lundquist said the bee. “It’s kind of a headline, but it’s not something that characterizes the market.”
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