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Why Do Homeowners Over Value Their Homes
Why Do Homeowners Over Value Their Homes
I would have to answer that question this way. Mostly because Brokers and news sources all broadcast that home values are close to the all time high. Who can blame homeowners, no one has said that lots of homes in specific locations went up in value but that it does not apply everywhere or specifically to their particular home.
What was left out of all the broadcasting and blogs is that real estate is very local and each area has it's own pricing history and values based on that particular neighborhood.
Even the National, State and Local Associations make the same broader statements about the communities, states general or median values. I think this concept has confused many homeowners and caused them to over value their own homes based on what they read.
An example that comes up a lot is the many neighborhoods and communities that make up the City of San Diego is often from the local news articles. The articles often articulate the median and many use the word average home value. Well, if you are homeowner and have an above average home, you might conclude that it is worth more than the average home value quoted. The reality is these numbers ... more

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