Looking to buy a home in the Bay Area? Set a budget of more than $1 million or expect to get disappointed.
That’s what real estate agents are telling clients after the average price of a single family home has topped $1.1 million.
Real estate agent Rigo Bracamontes on Monday gave a final tour to a man who just purchased a home on N. 4th Street in downtown San Jose. He calls the home a major fixer upper. The property sold for $850,000 in an all-cash deal — a bargain according to the buyer.
Bracamontes and the buyer points to the average Bay Area home going for over $1 million on the market. Sellers are listing their homes on the lower end just to create an auction-type frenzy, the real estate agent said.
Several buyers are coming in with all-cash offers, leaving many middle-class families and first-time buyers in the dust.
“Those buyers are having a really hard time,” Bracamontes said.
Bracamontes said it is unfortunate when those working people cannot afford a major fixer-upper.