Published by The New York Post | September 7, 2023
Homeowners in San Francisco selling their abode in the troubled city can expect to receive $100,000 less than they bought their home for, according to real estate brokerage Redfin.
Homeowners in San Francisco looking to sell in the troubled city are a whopping four times more likely than the average U.S. home seller to take a loss, according to real estate brokerage Redfin.
Residents looking to get out of the city — where a once-trendy downtown area has descended into a drug-addled hellscape, and historic hotels have been converted into roach-infested “Single-Room Occupancy” housing for vagrants — can expect to sell their San Francisco abode for $100,000 less than they bought it for.
Roughly 12.3% — or one in eight — of the homes sold in the Bay Area during the three months ended July 31 was purchased for less than the seller bought it for, Redfin found.
The figure is a 5% increase from the same period a year ago, is higher than any other major U.S. metropolis and a staggering four times the 3% national rate of homeowners who take a loss when selling their homes, according to the real estate firm.
Detroit is home to the second-highest share of homeowners who take a loss in their home-selling transactions, at 6.9%, followed by Chicago and New York, where 6.5% and 5.9% of homeowners take a loss in selling their homes, respectively.
Though the share of New York homeowners who reported a loss was half that in San Francisco, the cities were tied for the largest median loss in dollars, at $100,000, Redfin found in a separate analysis.
Thus, it’s not a surprise that San Francisco, Detroit, Chicago and New York all rank among the top 10 cities Redfin found residents want to move out of, with San Francisco ranked as number one.
