There may be hope for those still trying to break into the Bay Area’s high-priced housing market. One real estate agent says those $400,000 entry-level homes are out there if buyers know where and how to look.
San Francisco is not the place where one will find a home in the $400,000 range. But if you travel across the bay to Alameda County, Nick Guzman says a dream home could be waiting.
"I help the impossible become possible," Guzman said.
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Guzman, with Climb Real Estate, works mostly the San Francisco and East Bay markets, and he knows numbers. Like the new property he’s listing in Oakland.
"It’s a two bedroom, one bath, 1,000 square feet, very nice home," he said. "We’re gonna be coming in listing it at $450,000."
Numbers just released from real estate firm Zillow show San Francisco and San Mateo counties have none of these so-called starter homes, and Santa Clara County lists one. Meanwhile, Alameda County lists 27, and Guzman says he may be able to find a few more than that.
"I have a lot of relationships with people, with a lot of other people, and sometimes I am able to take a look at the property pre MLS: In that way I’m able to identify the kind of properties that match up with some of my clients," he said.
The Bay Area saw a 0.1% decline in median home prices in March compared to March of last year, the first decline in seven years, and another drop in May. Guzman says lately he hasn’t been seeing a lot of lower prices.
"I still see multiple offer situations," he said. "I still see property selling above asking."