CITRUS HEIGHTS (CBS13) — Sky-high home prices are now reaching a major milestone in a Sacramento suburb.
“The housing market is crazy,” said Citrus Heights resident Shannon Sheehy.
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Sheehy said she’s been looking to buy a home in Citrus Heights but hasn’t found anything affordable.
“Right now, I work two jobs and I still can’t buy a house,” she said.
Now, real estate prices are setting new records in Citrus Heights with the first homes being listed for more than a million dollars. Sheehy rents a place right across the street from one of them.
“Citrus Heights is small and you wouldn’t think that there’s something like that here, so it’s kind of cool,” she said.
The property on Holly Drive has a four-bedroom, three-bath home along with a guest house and workshop just under one acre.
“The asking price is $1,250,000,” said Ben Bondaruk, a real estate agent.
Bondaruk is the listing agent for the property.
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“I’ve had a few eyebrows pop up,” he said.
He also had a second Citrus Heights home listed for more than a million until the seller pulled it off the market. He said housing prices just keep going up.
“Last year was crazy because if a neighbor sold a home for $500,000, you’re guaranteed 600, and guess what, the guy after you is going to get 700,” Bondaruk said.
On the opposite end of the market, according to Zillow, there are currently no single-family homes in Citrus Heights under $350,000.
“To not find something under 350, that puts a lot of people in a pinch,” he said.
So, with interest rates rising, Bondaruk said shoppers shouldn’t wait.
“If rates are going to be 7, 7.5 in the next three, four, five, six months, I’d try to grab something now,” he said.
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Bondaruk said the million-dollar listing has been on the market for 12 days and he’s already shown it to about a dozen potential buyers.