I’ve blogged previously about how clueless most owners are about the value of their own home, and how frustrating that can be to real estate agents working with them. Well good news is on the way. Sort of.

Zillow’s latest survey of homeowners’ perception of home values shows that people are getting a little more realistic about what their house is worth.

More than half (57 percent) believe their own home lost value during the year, which is markedly more than the 38 percent who believed their home’s value was declining when asked during the second quarter of 2008. In reality, 76 percent of all U.S. homes lost value in 2008 according to Zillow. When asked what the near future will bring for their homes, most homeowners expressed optimism, and appear to believe that the worst may be over: more than two-thirds (70 percent) of homeowners believe their home’s value will either increase or stay the same in the first six months of 2009. Only 30 percent believe it will decrease.

Lots more info about homeowners' perception of their home's value here.

 

 

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1 Comments on Finally, it starts to sink in: Homeowners getting more realistic about house values

FEB
11
2009
2 Featured Posts

Spencer

Thanks for this. Homeowners will always have a hard time understanding the value of their homes because they don't buy and trade them every day like stocks.

Zestimates, CMAs, tax appraisals also can be waved away as not reflecting the "true" value of a home owner's home.

The issue is that home owners apply plenty of emotional and intrinsic value to their homes that home buyers see little or no value in.

Eventually however, as your survey shows, the Market values will sink in.

 

 

 
10:21am • #1


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Spencer Rascoff

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