It happens every Fall: A flood of new listings comes on the market with a fury, totally bypassing the properties that have been listed for 21 days or more. Buyers run out to look at all the new, shiny inventory and completely forget about the opportunities that may exist with the “older” properties.
It’s no different this year. I’ve been seeing anywhere from 50-100 new listings coming on the market daily since Labor Day, and I can tell that buyers’ heads are spinning. After a pretty quiet summer, there are suddenly a bunch of new options.
Take 488 17th Avenue, for example (see photo). This large and lovely Edwardian home in the Central Richmond has been on the market since mid July and is in a good neighborhood location. It has nice period detailing throughout and three bedrooms on the upper level. The list price is $1.8M, which is in line with recent comps. Yet no one has stepped up to the plate yet.
There are a lot of other good opportunities out there—100 single-family homes and 109 condos that have been on the market for three or more weeks. Make sure you don’t overlook any of these possibilities, with the bonus being that you can potentially get into a non-competitive offer situation.