$100,000 Home Sweet Spot in San Francisco Bay Area Market?
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What just a couple of years ago would have been thought preposterous, there are 600 homes in the San Francisco Bay area selling for under $100,000. Now this is a small subsection of the marketplace but the reality is that these homes are gathering a great deal of attention.
If you think about it, markets are an amazing animal. Things can get hairy on both the upside and the downside, but they tend to work out in the end. Prices get too high, people stop buying. Deals are available, people start buying.
So in todays market never say there are no buyers. Pricing is just not right for the buyers to come back.
Today, more than 600 properties currently on the market here are listed below $100,000. Agents say prices dipped that low starting this summer, as banks became increasingly eager to unload huge inventories of foreclosed homes.
“When you tell people you can buy a house in the Bay Area for under $100,000, it gets their attention,” said Carylon Dopp, a Realtor with Security Pacific Real Estate in Richmond.
These el-cheapo listings are not condos, trailers or manufactured houses. They are stand-alone, single-family homes, albeit modest ones, generally about two bedrooms and 800 square feet. via SF Gate.
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