I came across a survey of homeowners that I think is very enlightening for many reasons. This Zillow real estate survey (a real estate aggregator and internet portal) asks homeowners what they think of their home value and what its value will be in the future. They also ask what the homeowner thinks about their home in relation to others in the market.
Perhaps the greatest thing about the Zillow real estate survey is that we can look at past and current surveys to see the trend of homeowner "consumer confidence" as it is measured using the home as the standard. Not surprisingly, homeowners are much more aware of the depreciation that has occurred in the past two years than they were just last year. But what do they think of their home value versus that of their neighbors?
But My Home Has New Carpet
The following real estate graphic is from the Zillow real estate survey and it shows the difference between homeowner perception and reality of the value of their homes. According to Zillow, 74% of the homes in the South decreased in value, yet only 49% of the homeowners thought their home lost value. While this might seem like a large void, last August Zillow measured 69% of the homes losing value and yet only 28% of the homeowners thought their home lost value. This means that more homeowners must be understanding the current market conditions.
But We Put A New Roof On The Home Three Years Ago
This next graphic from the Zillow Homeowner Confidence Survey shows something that we see all the time. Generally speaking, most homeowners think their home is "special enough" that it will do better than the market. When asked about the outlook for their own home over the next 6 months (versus the outlook for the local housing market), homeowners expected their own home to do better.
But Our Landscaping Is Mature
This final graphic shows that in the South, many people who live in areas where home values have dropped (like Tallahassee) still believe that their home will out perform the market.
We Love Our Homes In America
One thing that the Zillow real estate survey has reminded me is that we do love our homes in America. Pride of home ownership is evident when we continually hear that "my home hasn't lost value like everybody else's!" This is one of the great things about being a Tallahassee REALTOR® is that even during hard times, we are selling a product that most people love to own.
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Joe Manausa, MBA is a 27 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.