A new homeowner confidence survey released by Zillow.com suggests homeowners continue to be overly optimistic about the value of their homes. A lot of the sellers that I’ve spoken with here in St George Utah certainly have this mindset. Although Zillow statistics indicate that 65% of homes actually lost value in the first quarter of this year, only 50% of homeowners believed their home values had declined. Approximately 23% believed their property value stayed the same and another (unbelievable) 27% thought their home values had actually increased.
This could not be further from the truth, at least for St George Utah real estate values. In the latest statistics that I have, which are for the second quarter of 2010, home prices in my area have not been this low since 2004! Imagine that… Do you remember where you were in 2004? When I try to explain this painful situation to sellers and potential sellers, they don’t want to remember 2004 or believe that their home could be included in these numbers. I’m sorry to say, according to the black and white statisticis, all of our homes here in St George have decreased significantly in value.
Zillow.com’s survey also revealed that there are many more sellers who have been anxiously waiting to put their homes on the market this year. The poll found about 7% of owners (approx. 5.3 million homes) were “very likely” to list their homes in the next 12 months and another 8% felt that they were likely to try and sell their homes in the coming year.