What do you think? Is your home worth what you paid for it, last year, the year before?
According to Zillow:
Despite plenty of evidence to the contrary, 77 percent of homeowners believe that their homes are worth as much or more as they were in 2006, according to a Harris Interactive survey conducted for Zillow.com.
And 36 percent say their homes increased in value in 2007.
The slow market also isn’t discouraging homeowners from major transactions. Despite what they read and hear about the real estate market, 34 percent say they are equally or more likely to consider selling their homes this year, and 35 percent are just as likely as before to take out a home equity loan. 36 percent would consider a second mortgage.
Homeowners continue to forge ahead on projects that they believe improve the value of their homes. In 2008:
82 percent will spend the same or more on minor home improvements (install new garbage disposal, repaint or wallpaper a room).
67 percent say they will spend the same or more on major home improvements (replace the roof, remodel the kitchen).
Are people just in denial? Not really, says Stan Humphries, Zillow.com vice president of data and analytics. “This likely reflects the fact that most Americans have not realized home-related losses because they’re staying in their homes …”
Source: Homeowners Confident on Market – Zillow.com, by way of Realtor.org