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My home is worth more than that!

Posted by Scott Van Voorhis December 6, 2011 06:08 AM

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OK, the market may be down, but I don't care, because my home is different. It's so special and I am entitled to a nice premium, thank you very much. And don't you dare offer a penny less than the listed price.

This continues to be a common refrain among homeowners, and no more so than here in Greater Boston, land of perpetually-inflated home prices.

Despite the bursting of the real estate bubble and a near Depression, many still believe their homes are undervalued, HomeGain finds in its latest quarterly market survey.

Here's a particularly telling stat. More than three quarters of homeowners nationally - 76 percent - believe their homes are worth more than the listing price urged by their real estate agent.

Not surprisingly, buyers are taking a different view, with 68 percent frustrated with homes they still believe are overpriced.

"Home buyers and sellers continue to remain apart as to home valuations with the vast majority of homeowners thinking their homes are worth more than their agents and the market are telling them," said Louis Cammarosano, general manager of HomeGain.

While we have been discussing national results, the Northeast appears to be a hotbed of demanding sellers.

Nearly 40 percent of buyers in the Northeast believe homes are seriously overpriced by as much as 10 to 20 percent, according to HomeGain's quarterly survey.

Another 11 percent believe the gap is even wider, at more than 21 percent.

Rounding things off, another 33 percent say the homes they are looking at buying are overpriced by as much as 9 percent.

So basically, 84 percent of buyers in states like Massachusetts, New York and New Jersey believe the homes they are looking at are significantly to seriously overpriced.

Only 9 percent consider the homes currently on the market "fairly priced."

What's your take on the homes you are seeing, either here in Greater Boston or other markets? Are they truly overpriced? And am I being too hard on sellers?

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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