New numbers from the Census Bureau indicate that 55,000 people moved out of San Francisco in a single year during the COVID-19 pandemic.
More people say they're moving for quality of life reasons and because their dollar can go much further elsewhere.
"Median prices here in San Francisco are still well over $1 million," said Ho. "A single family house will go anywhere from $1.6 million to $2 million on average. And a condominium isn't too far behind." "The last time interest rates were where they are at now, the prices were at half of where they are right now. As interest rates go up, affordability becomes even more of a challenge for folks," Ho added."We are seeing lots of qualified folks leave and people who would otherwise stay here. There are plenty of folks who want to take their places. But the mortgages rates being $500 to $1000 more than before, it's just too much for people to bear.
Earlier this year, Ho said when clients would leave, it would take a week or two to sell their home. Now, he says it's taking a month or more.
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