Rising rates have pulled down home prices from historic highs during the pandemic homebuying boom. And some sellers who bought at the top of the market in 2021 and 2022 are being forced to accept less than what they paid for their homes.
Those selling at a loss are typically doing so out of necessity. They might be going through a job loss, divorce or other life event that doesn't allow them to wait for a turnaround. They're moving because they have to, Bokhari said.
Bokhari attributed the larger share of losing sellers in San Francisco and on the Peninsula to the fact that prices for many of the more expensive properties in the area spiked highest during the boom, before falling the furthest when rate increases squeezed buyers and chilled the market.
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