Mid-Peninsula: Stale Inventory

Sometimes, bargains can be found in stale inventory. Stale inventory are listings that remain on the market for more than 90 days, which can be due to a variety of reasons:

Overpricing
Location – bad neighborhood, road noise, mixed-use
Condition of home – fixer upper, reports disclosing major defects, etc.

If the home is overpriced and has been sitting for a length of time, owners may be willing to hear lower offers, and it never hurts to ask. Bad neighborhoods may not be the wisest choice, based on the old adage “Location, location, location,” but if the area is truly up-and-coming, it might be worth taking a risk…for the right price. If you can tolerate road noise, railroad tracks, semis delivering goods in the middle of the night, then don’t discount homes in these situations, but know that they may be hard to sell when the time comes, for just those reasons. If a home looks like it needs a lot of repair, or reports disclose the need for repairs, this can scare a lot of potential buyers off. But if you are handy, have handy friends, and/or can get the owner to either bring down the price or kickback a reasonable amount for those repairs, then the fixer-upper might be for you.

Here are some 3-bedroom properties under $1,000,000 to consider that have been on the market over 100 days:

2793 Blenheim Avenue, Redwood City
$565,000 (reduced priced)

2317 Casa Bona, Belmont
$695,000

445 Cork Harbour Circle #B, Redwood Shores
$714,000 (reduced price)

666 Douglas Avenue, Redwood City
$730,000

1200 Irwin Street, Belmont
$749,000

162 Coronado, San Carlos
$889,900 (reduced price)

89 Ensenda, San Carlos
$949,000

600 Live Oak Way #602, Belmont
$975,000

1835 Mezes, Belmont
$995,995