Home owners are still optimistic about their home’s value, despite falling home prices all around them, according to a survey of homeowner confidence conducted by Harris Interactive for Zillow.com According to the survey, 72 percent of home owners believe their home's value has increased or stayed the same in the past year.
The reality is 75 percent of U.S. homes actually decreased in value from the same period a year ago, according to Zillow. In fact, in the first quarter home values dropped 7.7 percent year-over-year, which was the largest year-over-year decline in more than a decade, Zillow points out.
But home owners could be growing more realistic. Since the confidence survey was first conducted last December, home owners show signs they are moving closer to reality as 5 percent more respondents in the first quarter said they think their home value has decreased in the past year compared to those surveyed in the fourth quarter of 2007. Source: Zillow.com
Well, I guess optimistic is one way of putting it? I think they are usually stubborn and not listening to their agents. Ever seller knows their house is better than their neighbors because of something different they have than the neighbors???
If they bought it in Move-in condition, within the past 18 months, and haven't done a lick of work to it, it's probably worth less than they paid.
Seller who have added value i.e. sweat, may have truly added value or at least held back the tide of downward pressure.
I think that a lot of Sellers are or were in the Twilight Zone, but fotunately many have returned to Earth and are paying attention to what is going on in the Market.
I agree that sellers are paying more attention to what is going on in the market . I am blessed with 3 homeowners who are reducing and always listening to my ideas for competing with other properties in their area. Despite what the news is reporting, home sales on LBI are still up. These are not first time home buyers, more and more people are buying vacation homes. These are the folks that know Real Estate builds wealth.
Most of my sellers are wanting too much for their homes compared to what the sales are, but I think they always have.
Most of my sellers are wanting too much for their homes compared to what the sales are, but I think they always have.