Lose value? Not my home!

August 11, 12:33 PMChicago Real Estate ExaminerSara Bonert

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Imagine getting up in the morning and looking out your window to the home across the street.  "The poor Jones" you think, "too bad their home has gone down in value this year, and how fortunate I am that mine hasn't".  And off you go to start your day.... 

We've all seen the news and heard about what home prices are doing across the country, yet amazingly, most homeowners are in denial that these statistics apply to them.  According to Zillow Q2 Homeowner Confidence Survey 62% of homeowners believe their home's value has increased or stayed the same in the past year yet 77% of U.S. homes actually declined in value. 

I know, I know- real estate is LOCAL Sara.  These numbers are national and apply to OTHER people.  In MY neighborhood in {insert Chicago neighborhood here} values are still going up, up, up.  Later this week, Zillow will release very local data about home values that we can take a look at.  So until those reports come out, I'll let you keep believing this and we have some hard numbers to evaluate. 

In the meantime, to break down this gap between perspection and reality, here is how the number look regionally:

This same perception holds true for home owners and their neighbors as they look to the future.  75% of home owners expect that their home value will increase or stay the same over the next 6 months, with 25% expecting a decline.  However, when asked about thier neighbor's homes, 42% expect to see the value drop and 58% think the value will increase or remain the same.