Homeowners May Be in Denial About Home’s Worth

How much is your home worth? According to a recent survey conducted by Zillow.com, one of our most popular real estate directories, home-owners are not realistic about their home’s value.

The Zillow® survey of homeowner confidence conducted by Harris Interactive® found that 72 percent of homeowners believe their home's value has increased or stayed the same the past year. However, according to Zillow, the reality is that 75 percent of U.S. homes actually decreased in value from the same period a year ago.

They also found that homeowners in the Northeast are closer to reality on their home’s value, while those in the West were way more optimistic regarding the number of homes whose value has decreased compared with the actual numbers.

"While we assume there's a fair bit of owner denial reflected in these results, we also believe a large portion of the population simply isn't paying close attention to their housing market because they're not currently looking to sell or finance," says Stan Humphries, Zillow.com vice president of data and analytics. "But even among those who say they're planning home-related activities this year, confidence appears strong despite continuing declines. Approximately one-third of homeowners say they are equally or more likely to sell their home, refinance or take out a home equity line of credit this year, which is essentially unchanged from sentiment in the fourth quarter."

Labels: directories, real estate

posted by Classified Flyer Ads @ 11:09 AM