Dec
13

Homeowners Continue to Overvalue Their Homes

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Despite survey after survey showing that consumers expect home prices to continue to decline next year, most home owners still believe their houses are worth more than what their agents recommend.

Nearly three out of four home owners, 76 percent, believe their homes are worth more than the recommended agent listing price. By contrast, 68 percent of home buyers believe homes are overpriced, according to the latest HomeGain. Thirty-two percent said homes are overpriced by more than 10 percent.

The gap between what sellers expect and what agents recommend has actually grown slightly over the past year even though national median prices have declined about 4-7 percent this year. A year ago, some 73 percent of owners thought their homes were worth more than their agent’s recommended listing price and 69 percent of buyers thought homes were overpriced.

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