Survey Suggests Seller Pricing Contributing to Market Slowdown

It appears that there is a lack of sellers coming to grips with reality when it comes to their homes true market value.  According to a recent survey from October 7th to October 9th by Zillow, 49% of homeowners show that they still believe their home’s value has either increased or stayed the same over the past year.

Homeowner Perception vs. Reality

In reality, 74% percent of homes have lost value in the past 12 months, according to preliminary findings in Zillow’s Q3 Real Estate Market Reports, which will be released Nov. 12.

Homeowner Perception vs. Reality: Q3 and Future Outlook

Perception of Homeowner Change in Last Year

Outlook for Own Home Next 6 Months

Outlook for Local Market Next 6 Months

Read the rest of this article.

*Homeowner perception was obtained through a survey conducted online by Harris Interactive within the United States on behalf of Zillow.com between October 7, 2008 and October 9, 2008, among 1,388 adults ages 18+ who own a home.  Actual percent of homes is as of the third quarter 2008 and represents the actual number of homes that increased, decresed or stayed the same.

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