The West Coast may hold the best returns for homeowners looking to sell, Aaron Terrazas, economic research director at Zillow, told CNBC.
According to a brand-new report coming from Zillow, Bay Area locales such as San Francisco in addition to San Jose, California, as well as Los Angeles have median selling profits of more than $100,000 — nearly $300,000 in some markets. In San Jose, the top city from the report in addition to the most expensive market, the median profit for selling your home is actually $296,000. Here’s the catch: The median cost of a home from the same city is actually $1.3 million.
“In most of the markets, where sellers sold last year, they didn’t make enough on their house to afford a 20 percent down payment,” Terrazas said Wednesday on “
Most of the best returns were along the West Coast. San Francisco homeowners who cashed in made a median $222,000. In Los Angeles the median was $137,000; in Seattle the idea was $123,000; in San Diego, California, the idea was $108,000, in addition to in Portland, Oregon, the idea was $87,000.
Meanwhile, Midwestern cities Cleveland in addition to Chicago came in at the bottom of the list, with median returns of $16,000 in addition to $20,000 respectively. In Chicago, when factoring in inflation, the idea was actually a loss for homeowners.