Survey: Home Sellers Still Unrealistic About Prices

A HomeGain survey, released Thursday, found that real estate professionals believe home sellers are more optimistic about the value of their homes than they should be:

The latest HomeGain survey, however, underscores that while homeowners may be aware of falling home prices around the country, many believe that the slide doesn’t apply to their homes. Our survey shows that homebuyers and Realtors are telling homeowners their homes are worth considerably less than homeowners think they are.

This is a survey of real estate agents, and not home sellers--but it's telling nonetheless. A recent Zillow report reached similar conclusions.

From the HomeGain report:

“Sellers know that prices have fallen but that somehow doesn’t apply to them because they have “upgraded vinyl” or some such nonsense. In other words, their house has the golden doorknob,” said Pamela Frey-Primiani of Keller Williams Realty in Sicklerville, New Jersey, and HomeGain AgentEvaluator® member.

“Sellers have got to be realistic in their expectations. An overpriced home in these times does nothing, no showings, no offers just whining from sellers that it’s all someone else’s fault that the home hasn’t sold. Sellers need to get real.”