Home Value Loss … Homeowner Perception vs. Reality
Zillow has released their Q2 Homeowner Confidence Survey — asking more than 1,300 U.S. homeowners their perception of their own home’s current value, as well as what they think will happen with their home and local market in the coming 6 months. The survey results showed:
- 62% of U.S. Homeowners believe their home’s value has increased or stayed the same in the past year. In reality, 77% of U.S. homes have declined in value over the past 12 months.
- People living in the West seem to be a little more realistic, with 44% believing their home’s value has increased (28%) or stayed the same (16%); however more homes in the West have lost value, with 88% of Western homes declining over the past year. San Diego MLS listings
Bob Schwartz, the San Diego real estate broker who publishes the blog, wrote a great article back in 2005 that predicted today’s huge home deprecation. You can read this article at: San Diego real estate the url is:
https://www.brokerforyou.com/brokerforyou/?p=11
San Diego Real Estate
If you had bought a house 8 yrs ago, it’ll be worth a lot more today than what you would have paid for despite the housing mess. IMO, you lost out by not buying in 2000. But if you couldn’t afford year 2000 prices, then that’s a different story… San Diego Family Dentist
So where can I get a cheap house?>San Diego Legal Advice
Home prices do not double in price on average every ten years. There is no evidence to support sucha statement. S&P case shiller home index which goes back to 1890 found that SFR price’s went up at the rate of inflation over time. If they do double in any short period its called a asset bubble and values return to medium as the bubble implodes. OFHEO also shows long term prices run with inflation and return to normal price levels rather then continuing to rise. In order for RE to double every 10 years average income would also need to rise with it, which if you hav’t noticed doesn’t happen and when it does as during the 70’s yield on bonds jump into the teen’s and the FED pushes up interest rates causing home prices to decline. San Diego Lasik Eye Surgery
Buying a home is a long term deal. I bought 10 years ago, value has doubled (a couple of years ago I could say tripled), and in 5 years house will be paid off. No more mortgage! Try that with a rental! Yeah… commute sucks. Florida Bail Bondsman
Three more years of precipitous drops and I’ll be able to afford one….. YEA! San Diego Hotel Rates