More than half of homeowners acknowledge that their own home’s value has declined over the past year:
- 57% think their home’s value has decreased
- 18% think their home’s value has stayed the same
- 25% think their home’s value has increased
The "not my house" syndrome is so pervasive that Zillow has a "Home Value Misperception Index." But homeowners see the loss, apparently, as just momentary: "Fully 70 percent predict their home’s value will either increase or stay the same in the first six months of 2009." Economists be damned!
Read the Zillow blog post, with links to their studies and indices, here. It seems like a lot of sellers in the Charlottesville MSA are some of those 43% of homeowners who think their home's value has stayed the same or increased. But with large supply and small demand, perhaps there will be a shift this Spring.