If you’re jumping into the housing market don’t forget to pack your patience.
Data firm CoreLogic says in February the median price for a home on the resale market in the Bay Area was $750,000.
Dozens of families are often forced to try to outbid each other to get a house because demand outnumbers supply.
KRON4’s Philippe Djegal found an example of what you can get for $750,000 in Clayton.
Tucked among the trees and nestled in an upper-middle-class neighborhood near Mount Diablo.
“Typically, homes in this area sell fairly quickly,” Coldwell Banker realtor Terry Moore tells KRON4.
The single-story, single-family home in Clayton is listed at $749,000.
“It’s a four-bedroom, two bath and we’re a .28 acre lot,” Moore explains.
Moore says just over a quarter acre of land works out to a little more than 12,000 square feet of space.
“Welcome to 5751 Verna Way.”
The home itself is about 1,500 square feet.
“The home was built in 1952,” Moore says. “This room has all refinished hardwood floors.”
The average monthly mortgage payment based on a conventional 30-year loan is about $3,717, which means you’d have to make about $150,000 a year to afford it.
“Depending on, you know, what your down payment is and, and how the loan is going to be structured, but typically that’s uh, that’s a fair assessment of income,” Moore says.
If you like to cook, you’ll have plenty of room to whip up your meals.
“The kitchen is a retro kitchen from the 50s,” Moore explains.
The additional family room leads outside to the back.
“The spacious backyard has a Meyer lemon tree, some raised gardening beds, and great views.”
Along with a swimming pool, there’s enough real estate to host a party.
The real estate agent says this could be a starter home or the place where you decide to raise your family.
Learn more about this listing here.