In the USA, 62% of homeowners questioned in a survey believe their home’s value has increased or stayed the same in the past year.
However, when asked about their local market, 42% think home values in their locality will decrease (compared to the 25% who think this about their own home).
Are we seeing something similar in Australia, with many home sellers overpricing their own home?
I think we are seeing exactly that, as many vendors seem to think their home is worth more than ever, even when homes in their neighbourhood have dropped in value. These will be the same people who submit really low offers when looking to buy a home, which is kind of weird.