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January 18, 2021

Be A Strategic Buyer in a Tight Inventory Market

It’s easy to put your home search on auto pilot, looking constantly at online search sites for the latest new listing. But if you’re seeking a single-family home in San Francisco, it will become quickly obvious that there’s a low inventory of houses—and you have to do more than just wait for new listings.

Home buyer tip: Don’t bypass existing listings that may be spending more time on the market than their owners would like. These homes could be opportunities for buyers to avoid overbidding and competitive offer situations. If a house has been on the market for 30 days or more, it means that seller will likely not be seeing crazy overbidding and multiple offers. And there may also be room to negotiate a lower price.

In that spirit, here are a few single-family homes you may want to consider:

54 Stanford Heights | Miraloma Park
3BR/2BA | 1,311 sq ft | 1 pkg
Days on Market (DOM): 38

54 Stanford has updated finishes throughout, new flooring and pano views. The house is tucked away on a quiet street on the border of Miraloma and Sunnyside. It’s about a 25-minute walk to BART, which will come in handy after commuting or trips to downtown come back.

417 27th Street | Noe Valley
4BR/2.5BA | 2,057 sq ft | 1 pkg
DOM: 97

This quintessential Noe Victorian is situated in a very accessible neighborhood location, near Church Street restaurants and transit. It’s also a straight shot up slow street Sanchez to 24th Street. The kitchen is open to a family room and walk-out deck, and the primary and two other bedrooms are on the lower level. They started out at $2,595,000 and are currently at $2,450,000.

643 40th Ave | Outer Richmond
3BR/1.5BA | 1,458 sq ft | 3 pkg
DOM: 62

I think they did a nice job with the updates at 643 40th Avenue. With only two bedrooms and one bath on the main level, along with a bedroom and only a half bath down, the $1,995,000 price tag is a bit rich for the Outer Richmond. But if the sellers reduce the price a bit, I’d say this home is a winner, especially for buyers looking to be near Golden Gate Park, Land’s End and the Presidio.

609 Madrid | Excelsior
2BR/1.25BA | 1,082 sq ft | 2 pkg
DOM: 38

Consider 609 Madrid if you’re a buyer seeking a home for under $1.5M. This home is very nicely done and has a large garage. The outdoor space is a small patio, so it’s not for buyers who want a big yard. Just around the corner is the Excelsior playground, and it’s only four blocks down to Mission Street where you can get your El Farolito takeout, pick up groceries at Safeway or walk the 20 minutes to the Balboa Park BART station. Originally listed for $1,148,000 (presumably to get strong buyer interest), the sellers recently upped the list price to $1,285,000 in what I’m guessing is a bid to have transparent pricing.

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