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You are here: Home / Curtis Van Carter / Home buyers unrealistic about home value appreciation

Home buyers unrealistic about home value appreciation

November 7, 2011 by Curtis Van Carter Leave a Comment

A recent survey by Zillow found that 42 percent of prospective home buyers believe home values typically appreciate by 7 percent a year. Historically, home values in a normal market tend to appreciate by 2-5 percent annually.

In the survey, Zillow surveyed prospective home buyers and asked basic questions about the home-buying process.  Despite the unrealistic expectations about home value appreciation, respondents seem fairly knowledgeable about the home-buying process, answering 65 percent of questions correctly.

However, several important parts of the process confused them.  Two in five (41 percent) buyers think they are required to buy private mortgage insurance (PMI) regardless of the amount of their down payment.  Additionally, more than half of prospective home buyers who were polled confuse appraisals and inspections.  Fifty-six percent said the purpose of an appraisal was to determine if the home is in good condition, when in fact, that is the purpose of an inspection.

Additional Survey Findings:

  • More than one-third (37 percent) of prospective home buyer respondents believe buying homeowner’s insurance is optional.
  • Nearly half of polled prospective home buyers in the study do not understand when they will actually own the home they intend to buy. Forty-seven percent said a prospective buyer owns a home after the purchase contract is signed.
  • The majority (87 percent) of polled prospective home buyers know that closing costs are negotiable and can vary by bank and lender.

From C.A.R. Newsline

Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.

Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.

My website & blog: www.NapaValleyAddress.com

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6600 Yount Street #34 , Yountville

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Photo of 1906 Oak Circle, Yountville, CA 94599 (MLS # 21808364)

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  • Home size: 1,666 sq ft
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Photo of 216 Vista Court, Yountville, CA 94599 (MLS # 21809429)

216 Vista Court , Yountville

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previous
  • Photo of 1522 Yountville Cross Road, Yountville, CA 94599 (MLS # 21722381)

    1522 Yountville Cross Road , Yountville

    Home size: 2,105 sq ft Lot size: 43,560 sqft Year built: 1960

    Listing provided by , Gates Estates Sotheby's International Realty

    3 beds 2 baths $1,989,000

  • Photo of 6600 Yount Street #34, Yountville, CA 94599 (MLS # 21802160)

    6600 Yount Street #34 , Yountville

    Home size: 1,050 sq ft Lot size: 871 sqft Year built: 1990

    Listing provided by , Coldwell Banker B of V-Napa

    2 beds 2 baths $725,000

  • Photo of 1986 Yountville Cross Road, Yountville, CA 94599 (MLS # 21807003)

    1986 Yountville Cross Road , Yountville

    Home size: 1,646 sq ft Year built: 1982

    Listing provided by , Portofino Realty Advisors

    2 beds 2 baths $799,500

  • Photo of 1906 Oak Circle, Yountville, CA 94599 (MLS # 21808364)

    1906 Oak Circle , Yountville

    Home size: 1,666 sq ft Lot size: 6,098 sqft Year built: 1982

    Listing provided by , Gates Estates Sotheby's International Realty

    3 beds 2 baths $1,879,000

  • Photo of 216 Vista Court, Yountville, CA 94599 (MLS # 21809429)

    216 Vista Court , Yountville

    Home size: 1,224 sq ft Lot size: 1,742 sqft Year built: 1979

    Listing provided by , Pacific Union International

    3 beds 2 baths $3,849

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