Industry NewsMarkets & Economy

Home value a gray area for owners

Consumers out of touch with real estate reality

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Real estate site reported a disconnect in real estate reality vs. consumer perceptions -- both in overestimating and underestimating actual changes in home values -- based on its latest quarterly Homeowner Confidence Survey, released today. Nationally, about 49 percent of survey participants reported that their home's value decreased in the past 12 months, while Zillow found that 72 percent of homes decreased in value, based on the company's estimates. The online survey was conducted for Zillow by Harris Interactive from Oct. 6 to Oct. 8 and had 1,471 homeowner participants and 2,081 total respondents. Much closer to reality was the share of respondents who estimated their home's value has increased in the past year, at 25 percent, compared with Zillow's estimate of homes that increased in value, at 22 percent. About 17 percent of participating homeowners said they expect their home's value to fall in the next six months, while 43 percent expect it will stay the ...