BAKERSFIELD, Calif. (KGET) – New data shows it is increasingly difficult to find a home in Bakersfield as fewer homes hit the market and prices rise every month. The Bakersfield real estate market is scaring off some buyers as the median home price has jumped nearly 20% since last year. Destinee Sims worries about having to leave town as she struggles to find a new home.
“I was raised here, my dad was raised here, my grandmother, my great-grandmother,” Sims said. “Now we’re going to have to leave him completely, maybe even the city.” “
She says she’s been looking for months. She is looking for a home under $ 340,000 with at least four bedrooms in Central Bakersfield.
“You’ll be told you’re the only ones to visit it, but now there’s a second deal and it’s more than double the market value,” Sims said. “How do you beat that?” “
She is not alone. If you want to buy a home in the Central Valley, experts say you may have to bid against 30 other potential buyers.
“It starts bidding wars, to the point where they typically bid between $ 5,000 and $ 20,000 above the appraised value of the home,” said Gary Crabtree, a home appraiser.
This is because many Californians have spent the year working from home.
“People are no longer tied to their homes or offices, and they no longer have to move. So they chose to move to an affordable location, ”Crabtree said. “The Central Valley, by the way, is the most affordable in California.”
Buying a house not only costs more, but if you want to build like that, it can cost 20% more now than this time last year.
“A lot of the materials used to build a house are actually made in China,” Crabtree said. “Along with the sanctions and tariffs imposed on goods imported from China, it has also increased the cost of new construction.”
Experts say hiring a good real estate agent can make buying a home easier, as Crabtree predicts it will become increasingly difficult to find an affordable home in Bakersfield.