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http://www.sfgate.com/realestate/article/UC-Berkeley-poll-Bay-Area-voters-consider-leaving-12219118.php

By Michelle Robertson, SFGATE

Published 4:28 pm, Thursday, September 21, 2017

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Anne MooreYes, in many ways we were. Bellingham has a wonderful quality of life, close to Canada, people are even healthier there, even more outdoorsy than here, close to Cascades, very creative, lots of beauty, no traffic, friendlier, slower pace, great people. Only ONE thing was wrong with it, and that was enough to make us move back – it is cloudy and gloomy there most of the time! The light is dimmer, you never see a big bowl of clear blue sky, and you can get chilled to the bone with the damp and dark. I so missed our radiant California sun melting the heat into my bones. less

Photo: X-Weinzar, Wikimedia

A stunning 51 percent of Bay Area voters have considered leaving due to rising housing costs, says a new poll of California voters from the UC Berkeley Institute of Governmental Studies.

Bay Area folks aren’t the only ones feeling the pinch. In every region of California, the majority of those surveyed had considered moving elsewhere, including 59 percent of Los Angelenos. 

The cost of housing in the San Francisco Bay Area has a reputation for being astronomical, but a higher percentage of Southern Californians said they’d considered fleeing the region due to housing costs compared with their neighbors up north. Of everyone surveyed, one in four said if they left, they’d move out of state. 

GRASS IS GREENER?: People who left the Bay Area for the Pacific Northwest tell us why

Unsurprising to those contending with median home prices nearing seven figures, 65 percent of Bay Area respondents viewed affordable housing as an “extremely serious” issue, and the majority of these disgruntled residents want their local government to establish rent controls. 

This is an issue of contention among state Democrats and Republicans; 76 percent of blue voters support local rent control, while only 34 percent of their Republican counterparts do. 

BELOW VIDEO: What you’ll miss when you leave the Bay Area

You may be thinking of leaving the Bay Area in search of a more affordable to live… but think of all the things you’ll miss!

Media: San Francisco Chronicle

Earlier in September, the state legislature approved a package of bills intended to address homelessness and housing costs. The plan landed on California Governor Jerry Brown’s desk on Friday. 

“For millions of people, it is next to impossible to buy a house or even find an apartment they can afford,” Brown said. “These 15 bills will spur the building of more housing and increase the number of Californians who can actually afford to buy or rent.”

Under the package of bills, two main sources of funding would be created: new fees on real estate documents and property transactions, and a $4 billion bond measure that voters would decide next year.

The Associated Press contributed to this report.

Read Michelle Robertson’s latest stories and send her news tips at mrobertson@sfchronicle.com. 

• 
  Nearly 83 percent of Bay Area renters plan to leave, says survey
  

Article source: http://www.sfgate.com/realestate/article/UC-Berkeley-poll-Bay-Area-voters-consider-leaving-12219118.php

With the housing supply shrinking and prices climbing around the Bay Area, potential first-time homebuyers are likely to grumble, “Fuggedaboutit.” The very idea of buying a starter home in a region where the median price of a single-family house often tops $1 million seems like an antiquated concept.

But a new study by Trulia of 100 U.S. markets asserts that the San Jose metropolitan area is where the supply of starter homes tends to kick in more than anywhere else in the nation during the autumn off-peak season.

In reality, the increase — even in San Jose — only registers as an uptick because supply levels are “so very, very low to begin with,” said Cheryl Young, senior economist for Trulia. “So any swing you see is definitely relative to how low it already is.”

The report itself strikes a cautionary tone: “Starter-home inventory is now at the lowest count since we first started keeping track in 2012,” it says of the national market. Yet it suggests that “starter homebuyers should be able to find consolation at the end of the year,” when the supply tends to grow. Moreover, with more starter homes available late in the year, their prices tend to drop between January and March.

Yet the reality behind the percentage figures can be sobering.

Young called this “a small silver lining” for first-time buyers who are discouraged by conversations about housing — particularly in the Bay Area, where prices have climbed so high that buyers often compete most fiercely for homes on the lower end of the pricing spectrum. That keeps pushing prices up for that segment of the market — making even so-called starter homes unaffordable.

Even so, Trulia backs up its assertions with an analysis of the 100 markets, including the San Jose, San Francisco and Oakland metropolitan areas.

Looking at data from 2012-17, the report measures the tendency for the starter-home supply to expand between October and December – and finds that San Jose’s supply on average is 42 percent higher in the fourth quarter than during the peak season of the second quarter. (Historically, starter homes are purchased by households in the lower third of the income-distribution curve.)

San Jose’s is the largest percentage spike in the nation, when averaged over those five years. San Francisco ranks fourth, with 33.7 percent more starter homes available in the fourth quarter. Nationally, starter-home inventory tends to increase 7.0 percent in the fourth quarter, compared to the peak season.

Yet the reality behind the percentage figures can be sobering.

On average, only 332 starter homes have been offered for sale in the entire San Jose metro area (defined as Santa Clara and San Benito counties) in the third quarter of 2017. That was down from 655 a year earlier, a 49.3 percent drop. Trulia’s numbers include all kinds of starter homes: new and existing single-family homes, condominiums and townhouses.

Likewise, the supply of starter homes stood at 230 in the San Francisco metro area (San Francisco and San Mateo County) in the third quarter of 2017, down from 396 in the same quarter in 2016, a 72.2 percent fall-off.

Looking back over the five-year period, the study also ranks the three Bay Area metros among the top 10 in the nation for having a seasonal downswing in prices for starter homes.

San Jose has the third largest drop in starter-home prices in the first quarter compared to the third quarter: 11.2 percent. The Oakland metro (Alameda and Contra Costa counties) ranked fourth, showing a 10.4 percent drop, while the San Francisco metro ranked eighth with an 8.7 percent drop for the years covered by the study. (Wichita, Kansas, had the nation’s biggest seasonal decrease: 18.6 percent.)

But before anyone gets too excited, look at the median home price for starter homes around the Bay Area in the third quarter of 2017. According to Trulia, the median was $436,250 in Oakland, up 8.3 percent year-over-year. It was $649,929 in San Jose, up 2.9 percent, and $778,667 in San Francisco, up 4.2 percent.

When put under the microscope, it seems, that small silver lining begins to contract. Trulia concedes as much, saying that the national supply of starter homes fell 20.4 percent year-over-year in the third quarter.

In the Bay Area, it’s not just first-time buyers who compete for starter homes, Young pointed out. It’s also investors and aging downsizers. The so called trade-up market has shriveled, because so many sellers find they can’t afford a larger home if they want to stay in the Bay Area.

All of this helps explain why a house measuring less than 2,000 square feet recently sold in Sunnyvale for $2,470,000 — nearly $800,000 above its listing price.

So what exactly is a starter home these days, and who can afford it?

The answer is not encouraging.

Article source: http://www.mercurynews.com/2017/09/20/bay-area-housing-report-more-starter-homes-are-coming-ok-but-who-will-be-able-to-afford-them/

http://www.sfgate.com/realestate/article/UC-Berkeley-poll-Bay-Area-voters-consider-leaving-12219118.php

By Michelle Robertson, SFGATE

Published 4:28 pm, Thursday, September 21, 2017

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Anne MooreYes, in many ways we were. Bellingham has a wonderful quality of life, close to Canada, people are even healthier there, even more outdoorsy than here, close to Cascades, very creative, lots of beauty, no traffic, friendlier, slower pace, great people. Only ONE thing was wrong with it, and that was enough to make us move back – it is cloudy and gloomy there most of the time! The light is dimmer, you never see a big bowl of clear blue sky, and you can get chilled to the bone with the damp and dark. I so missed our radiant California sun melting the heat into my bones. less

Photo: X-Weinzar, Wikimedia

A stunning 51 percent of Bay Area voters have considered leaving due to rising housing costs, says a new poll of California voters from the UC Berkeley Institute of Governmental Studies.

Bay Area folks aren’t the only ones feeling the pinch. In every region of California, the majority of those surveyed had considered moving elsewhere, including 59 percent of Los Angelenos. 

The cost of housing in the San Francisco Bay Area has a reputation for being astronomical, but a higher percentage of Southern Californians said they’d considered fleeing the region due to housing costs compared with their neighbors up north. Of everyone surveyed, one in four said if they left, they’d move out of state. 

GRASS IS GREENER?: People who left the Bay Area for the Pacific Northwest tell us why

Unsurprising to those contending with median home prices nearing seven figures, 65 percent of Bay Area respondents viewed affordable housing as an “extremely serious” issue, and the majority of these disgruntled residents want their local government to establish rent controls. 

This is an issue of contention among state Democrats and Republicans; 76 percent of blue voters support local rent control, while only 34 percent of their Republican counterparts do. 

BELOW VIDEO: What you’ll miss when you leave the Bay Area

You may be thinking of leaving the Bay Area in search of a more affordable to live… but think of all the things you’ll miss!

Media: San Francisco Chronicle

Earlier in September, the state legislature approved a package of bills intended to address homelessness and housing costs. The plan landed on California Governor Jerry Brown’s desk on Friday. 

“For millions of people, it is next to impossible to buy a house or even find an apartment they can afford,” Brown said. “These 15 bills will spur the building of more housing and increase the number of Californians who can actually afford to buy or rent.”

Under the package of bills, two main sources of funding would be created: new fees on real estate documents and property transactions, and a $4 billion bond measure that voters would decide next year.

The Associated Press contributed to this report.

Read Michelle Robertson’s latest stories and send her news tips at mrobertson@sfchronicle.com. 

• 
  Nearly 83 percent of Bay Area renters plan to leave, says survey
  

Article source: http://www.sfgate.com/realestate/article/UC-Berkeley-poll-Bay-Area-voters-consider-leaving-12219118.php

With the housing supply shrinking and prices climbing around the Bay Area, potential first-time homebuyers are likely to grumble, “Fuggedaboutit.” The very idea of buying a starter home in a region where the median price of a single-family house often tops $1 million seems like an antiquated concept.

But a new study by Trulia of 100 U.S. markets asserts that the San Jose metropolitan area is where the supply of starter homes tends to kick in more than anywhere else in the nation during the autumn off-peak season.

In reality, the increase — even in San Jose — only registers as an uptick because supply levels are “so very, very low to begin with,” said Cheryl Young, senior economist for Trulia. “So any swing you see is definitely relative to how low it already is.”

The report itself strikes a cautionary tone: “Starter-home inventory is now at the lowest count since we first started keeping track in 2012,” it says of the national market. Yet it suggests that “starter homebuyers should be able to find consolation at the end of the year,” when the supply tends to grow. Moreover, with more starter homes available late in the year, their prices tend to drop between January and March.

Yet the reality behind the percentage figures can be sobering.

Young called this “a small silver lining” for first-time buyers who are discouraged by conversations about housing — particularly in the Bay Area, where prices have climbed so high that buyers often compete most fiercely for homes on the lower end of the pricing spectrum. That keeps pushing prices up for that segment of the market — making even so-called starter homes unaffordable.

Even so, Trulia backs up its assertions with an analysis of the 100 markets, including the San Jose, San Francisco and Oakland metropolitan areas.

Looking at data from 2012-17, the report measures the tendency for the starter-home supply to expand between October and December – and finds that San Jose’s supply on average is 42 percent higher in the fourth quarter than during the peak season of the second quarter. (Historically, starter homes are purchased by households in the lower third of the income-distribution curve.)

San Jose’s is the largest percentage spike in the nation, when averaged over those five years. San Francisco ranks fourth, with 33.7 percent more starter homes available in the fourth quarter. Nationally, starter-home inventory tends to increase 7.0 percent in the fourth quarter, compared to the peak season.

Yet the reality behind the percentage figures can be sobering.

On average, only 332 starter homes have been offered for sale in the entire San Jose metro area (defined as Santa Clara and San Benito counties) in the third quarter of 2017. That was down from 655 a year earlier, a 49.3 percent drop. Trulia’s numbers include all kinds of starter homes: new and existing single-family homes, condominiums and townhouses.

Likewise, the supply of starter homes stood at 230 in the San Francisco metro area (San Francisco and San Mateo County) in the third quarter of 2017, down from 396 in the same quarter in 2016, a 72.2 percent fall-off.

Looking back over the five-year period, the study also ranks the three Bay Area metros among the top 10 in the nation for having a seasonal downswing in prices for starter homes.

San Jose has the third largest drop in starter-home prices in the first quarter compared to the third quarter: 11.2 percent. The Oakland metro (Alameda and Contra Costa counties) ranked fourth, showing a 10.4 percent drop, while the San Francisco metro ranked eighth with an 8.7 percent drop for the years covered by the study. (Wichita, Kansas, had the nation’s biggest seasonal decrease: 18.6 percent.)

But before anyone gets too excited, look at the median home price for starter homes around the Bay Area in the third quarter of 2017. According to Trulia, the median was $436,250 in Oakland, up 8.3 percent year-over-year. It was $649,929 in San Jose, up 2.9 percent, and $778,667 in San Francisco, up 4.2 percent.

When put under the microscope, it seems, that small silver lining begins to contract. Trulia concedes as much, saying that the national supply of starter homes fell 20.4 percent year-over-year in the third quarter.

In the Bay Area, it’s not just first-time buyers who compete for starter homes, Young pointed out. It’s also investors and aging downsizers. The so called trade-up market has shriveled, because so many sellers find they can’t afford a larger home if they want to stay in the Bay Area.

All of this helps explain why a house measuring less than 2,000 square feet recently sold in Sunnyvale for $2,470,000 — nearly $800,000 above its listing price.

So what exactly is a starter home these days, and who can afford it?

The answer is not encouraging.

Article source: http://www.mercurynews.com/2017/09/20/bay-area-housing-report-more-starter-homes-are-coming-ok-but-who-will-be-able-to-afford-them/

http://www.sfgate.com/realestate/article/cheap-homes-San-Francisco-Bay-Area-under-400-000-12215521.php

By Amy Graff, SFGATE

Published 4:00 am, Thursday, September 21, 2017

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A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

A Fisherman’s cottage and boat house in Novato’s Blackpoint Area sits right on the water and is asking $298,000.

Photo: Lindsay Smith / Century 21

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

A two-bedroom, one-bathroom in Richmond listed for $399,000 has fresh paint, gleaming hardwood floors and light-filled rooms.

Photo: Open Homes Photography

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

This newly renovated bungalow with Craftsman style in Vallejo is on the market for $368,000.

Photo: Tim Hiemstra

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

A two-bedroom, one-bathroom houseboat with a slip in Sausalito is on the market for $274,000. This property can be transported to other locations.

Photo: Robert Barbutti

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.

• 
  Montara villa where P. Diddy produced music video on market at $6.5M – for 2 bedrooms
  

“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.”

Article source: http://www.sfgate.com/realestate/article/cheap-homes-San-Francisco-Bay-Area-under-400-000-12215521.php