With inventory low and prices sky-high, the San Francisco Bay Area housing market is maddening for anyone without a six-figure salary.
The median price paid for a home in the nine-county region was $758,000 in July, according to CoreLogic, and anyone who has house-hunted in hot areas such as Rockridge in Oakland, Mill Valley in Marin County and Palo Alto on the Peninsula knows that starter homes can go for well over $1 million.
What's someone to do if they can't afford a mortgage on a house that costs more than $400,000?
Don't give up, says Sarah Baggott, a realtor with Berkshire Hathaway in the East Bay.
"It's a little tricky," Baggott admits. "But you can find lower prices the farther you move away from Berkeley, Oakland and Emeryville. San Francisco is the hub and the runoff from the city comes to the East Bay where prices are high. But if you move out to Richmond, San Pablo, Antioch and El Sobrante prices drop."
Baggott says she has a client who's in contract right now for a three-bedroom, $395,000 home in Antioch. "You need to be open to commuting or telecommuting, but it's doable," she says.
Tim Hiemstra of Napa River Realty advises that house-hunters with small budgets look at Vallejo.
"Right now you can get a lot of property for little money in this town," Hiemstra says.
To help those with tight budgets track down a home, we scoured real estate listings and highlight four properties in the gallery above.
We looked in Vallejo, where we found a renovated two-bedroom bungalow with Craftsman touches and expansive decks listed for $368,000 in the city's historic district at 812 Alameda St.
"It's close to the ferry terminal, a brewery, restaurants, the farmers' market," Hiemstra says. "In SF people pay stupid money to have Airbnbs or an extra space. In this house, there's another 800 square feet below that can be developed. If you buy $20,000 or $30,000 worth of materials at Home Depot you can have a whole new unit below."
We also tracked down a two-bedroom, 800-square-foot houseboat priced at $274,000 in Sausalito, where the median listing price is $1.6 million according to Zillow.
"I think this houseboat is a steal for a person who works in San Francisco, wants a little bit of peace and quiet and who doesn't want to plop down seven figures," says co-listing agent Marty Caron of EXP Realty. "They can literally take a 7 to 10 minute bike ride to the ferry."
In Richmond, we came across a sunny, charmer at 3434 Lowell Ave. listed for $399,000—a price that would be far higher if this property were in nearby Berkeley. Baggott says the home includes a bonus room, large backyard, fresh paint, refinished floors and a brand-new kitchen with an old-fashioned Wedgewood stove.
And finally, a fisherman's cottage with a detached boat house on San Francisco Bay in Novato at 118 Beattie Ave. needs a lot of work but is "affordable" at $298,000—at least by Bay Area standards (your aunt in Nebraska might not agree).
"It gives you an opportunity to live right on the water in Marin County," says listing agent Lindsay Smith of Century 21. "It's not necessarily the nicest home but you can make it your own."
Showing 1 - 18 of 89 Homes
Listing Price: $1,798,000
129 -127 Marcia Court,
Mountain View, CA 94041
Listing Price: $1,230,000
3818 Carrington Street,
Oakland, CA 94601
939 W MacArthur Boulevard,
Oakland, CA 94608
Listing Price: $2,195,000
6 bed • 3 bath • 2,160 sqft • House for Sale
802 Calderon Avenue,
Mountain View, CA 94041
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2 bed • 2 bath • 1,066 sqft • Condo for Sale
328 Captain Nurse Circle,
Novato, CA
94949
Listing Price: $1,277,000
1308 Santa Clara Avenue,
Alameda, CA 94501
Listing Price: $1,895,000
1224 Excelsior Avenue,
Oakland, CA 94610
3 bed • 2 bath • 1,459 sqft • Condo for Sale
15 Gardner Court,
Novato, CA 94949
2214 E 27Th St,
Oakland, CA 94606
Listing Price: $2,195,000
14 Clayton Street,
San Francisco, CA 94117
2 bed • 2 bath • 1,440 sqft •
2016 Dalis Dr,
Concord, CA 94520
2 bed • 2.5 bath • 1,094 sqft • Condo for Sale
3760 39th Ave #F,
Oakland, CA 94619
Listing Price: $3,200,000
324 Waverley Street,
Menlo Park, CA 94025
5 bed • 2 bath • 1,470 sqft • House for Sale
481 Clara Street,
Oakland, CA 94603
3951 Midvale Ave,
Oakland, CA 94602
Listing Price: $1,275,000
3445 Yosemite Ave,
El Cerrito, CA 94530
Listing Price: $2,550,000
3451 Yosemite Ave,
El Cerrito, CA 94530
3 bed • 2 bath • 1,557 sqft • House for Sale
3316 Hillcrest Rd,
Richmond, CA 94806
Showing 1 - 18 of 89 Homes
Houses for sale by owner – commonly referred to as FSBO (pronounced fizz-bo) – are listings managed directly by the owner of the property without the use of a real estate broker. And we can help you find an FSBO property in Bay Area, CA. When you buy a home directly from the owner, you cut out the middleman and communicate directly with the seller. So, you're getting important details about the property straight from the horse’s mouth – which can be an advantage as they'll know all about the neighborhood, the home’s features, and what it ‘feels’ like to live there. You might even be able to negotiate a better price with them if you have the right skills! If an FSBO house in Bay Area, CA appeals to you, take a look at our listings.
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