Are HomeOwners In Denial

Zillow.com has just released the results of a survey which either indicates that homeowners do not follow the news or are in denial.  According to their survey, 77% of homeowners around the country believe the value of their home has increased or remained the same in 2007. In fact, statistically home values across the US have dropped and seem to continue dropping in 2008.  In the West, 36% of homeowners believe their home's value has increased, 34% believe their home value has decreased and 30% believe their home value has remained the same.  This could help explain the previous blog which had statistics that prices of homes were being maintained while sales were slumping.  One rule in this market has been that to get your home sold- do a market analysis and put it on the market for 15% less, if you can.  Of course, that is not always possible or feasible or a homeowner may just flat out not want to do that or feel that this "approach" is not "fair."