Study: Homeowner confidence outruns real property values, but trends are good

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Study: Homeowner confidence outruns real property values, but trends are good

May 20, 2010 - The results of a national survey by online real estate website Zillow indicate that, while most American homeowners still overrate the value of their properties, the recovery in home values is slowly closing the gap.

The West was the lone region to generally underrate property value, as it was here that some of the worst of the housing crisis struck, according to the Zillow survey. Homeowners may be understandably gun-shy about potentially overvaluing their homes.

Nevertheless, the recent rosy economic news has homeowners in most other parts of the country perhaps more confident than they should be, Zillow found, particularly in the South, which earned a misperception index of 14. The northeast and Midwest were both close to the actual value when estimating their property values.

The economic downturn, though it has put the dream of home ownership out of reach for some, has provided others with opportunities they might not otherwise have had, as foreclosed properties begin to return to the recovering housing market at prices well below their previous averages.

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