Current home sellers who purchased their home in 2007 or later are overpricing their homes by an average of 14.1 percent, according to analysis of for-sale listings on Zillow. By comparison, sellers who bought before 2002 price their homes about 11.6 percent over market value, and those who bought between 2002 and 2006 price their homes 9.3 percent above market value.
Zillow compared the asking price of 1 million for-sale homes with those homes’ previous purchase price, then factored in the change in the Zillow Home Value Index at the ZIP code level to determine that home’s current market value.
Zillow also surveyed homeowners who plan to sell their homes in the next four years. Those who purchased their home in 2007 or later are more likely to base their asking price on the original purchase price of their homes, with 17 percent saying the purchase price would be the primary factor in that decision, according to a survey.
Reprinted from C.A.R. Newsline
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