It’s obviously a really tough time right now for homeowners who are trying to sell. The housing market is in a bad place, and all over the nation home values are showing incredible declines.
But don’t tell that to homeowners. According to a recent survey, more than three out of four homeowners still believe their own home has not lost value in the past year. More than one-third believe their home has actually increased in value.
Many industry analysts estimate that home values declined 5% on average last year, with many parts of the country showing much steeper drops.
So are homeowners not paying attention to news about the housing situation? Are they in denial about their home’s real value? Or are they just incredibly optimistic?
In many cases, it doesn’t matter. The good news is that unless you have a pressing need to sell right now or you’re trying to get a home equity loan, you shouldn’t be affected by the declining values.
We’ll eventually recover from the housing slump and you’ll see your home’s value rise again. Just sit tight and don’t panic.
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