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Are homeowners around here "overly cynical'' about prices?

Posted by Scott Van Voorhis  February 18, 2010 07:38 AM

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OK, don't yell at me. It's Zillow that's labeling Northeasterners as "overly cynical" when it comes to the true value of their homes.

The online real estate firm is basing this judgment on the results of its latest homeowner confidence survey.

More than three quarters of homeowners in the Northeast believe their homes lost value or stayed the same last year when, at least according to Zillow, just over half, 58 percent did.

"This disparity between perception and reality resulted in a Misperception Index of -14, making Northeasterners the least aligned with reality," Zillow claims in a press release.

Really, I think there are worse sins in this market. And if an "overly cynical" attitude prompts some sellers to take good hard look at the true value of their homes, that can't be but a good thing in a still pricey market like Greater Boston.

Still, let's not declare victory too soon.

So it's safe to say Northeasterners and increasingly homeowners across the country are pessimistic when it comes to judging past performance.

But when it comes to looking ahead, well let's just say the future is a much different ballgame.

Despite a soaring foreclosure rate and millions of jobless, a good percentage of homeowners across the Northeast believe their homes will increase in value over 2010.

Nearly 40 percent of Northeasterners contend the value of their homes will rise in the next six months, compared to just 16 percent who are worried about falling values, according to Zillow.

So much for cynical homeowners, I guess.

This blog is not written or edited by Boston.com or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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