Survey Says Owners Still Overvalue Homes

RISMEDIA, April 7, 2009-(MCT)-Many home sellers are still out of touch with the changing housing market, a new survey shows.

Almost half of homeowners think their houses should be priced 10% to 20% higher than their sales agents have recommended, according to a nationwide survey by California-based HomeGain.

No wonder fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.

Almost 60% of agents say potential buyers are telling them that home asking prices are too high, HomeGain found.

“Our survey shows that the market and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are,” HomeGain general manager Louis Cammarosano said in the report.

More than half of real estate agents surveyed predicted that home prices will fall further during the next six months.

Only 11% expect prices to rise.

Also, most real estate agents-about 60% of those surveyed-said the latest government economic stimulus programs will not help home prices.

Just 4% were optimistic that the government programs would cause home prices to rise.

And about one in five agents said that home foreclosures now account for more than 30% of the home sales in their market.

By the Numbers
-Close to 50% of homeowners think their houses should be priced 10% to 20% higher than their sales agents have recommended.
-Fewer than 20% of agents nationwide are reporting that home buyers are telling them that homes on the market are priced fairly.
-Almost 60% of agents say potential buyers are telling them that home asking prices are too high.

The survey included more than 700 real estate agents across the country but did not break out information for individual cities.

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