Homeowners see only blue skies ahead, survey finds
For many homeowners, a little bit of good news sure goes a long way.
While there are signs the battered and tattered real estate market may be finally stabilizing, it’s not the kind of news that you break out the champagne over.
That is unless you are a homeowner.
The latest Zillow.com Homeowner Confidence Survey illustrates the continued gap between market reality and the at times almost delusional sense by many homeowners that their properties are somehow unique and untouched by these trends.
A shocking 81 percent of homeowners tallied in the latest Zillow.com survey believe the value of their castles will not decline in the next six months.
I guess most people are not paying much heed to all those predictions by top economists and market analysts that home prices will continue to plunge right into 2010.
Still, homeowners – including myself – are not totally out there.
Roughly 60 percent acknowledge the value of their castles declined in the past year.
Not bad, though the real figure is 83 percent.
All this optimism, a little bit of a running joke on this blog, could wind up triggering some big changes, though.
Nearly 30 percent said they would be “somewhat likely’’ to put their homes on the market in the next year if they believe the market is truly turning around.
Such a flood of homes onto the market would be good news for buyers, especially in the Boston area, who complain, and for good reason, about the lack of decent properties to choose from.
Still, that could also keep up the downward pressure on prices as well.
Realtors always love to complain about how knee-jerk pessimism, especially in the media, helps keep the market down.
But maybe it’s an overabundance of misinformed optimism that we really have to fear.
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