Home Business Do you know how much a house costs? Guess again.

Do you know how much a house costs? Guess again.

by SuperiorInvest

Following the trajectory of house prices is not an easy task. But how do the general population fare when it comes to tracking real estate prices in their areas?

All Star Home, a home improvement service center, recently conducted an intriguing survey aimed at finding out. Residents in the 29 largest U.S. cities were asked how much they know about local real estate prices and how closely they track them.

About a third of respondents said they monitor the local market by examining prices at least once a month. Broken down by generation, it appears that older Americans are more in tune with the ups and downs: 36 percent of baby boomer respondents said they do this, followed by 30 percent of millennials, 28 percent of Generation X and 22 percent of Generation Z.

When you see a “For Sale” sign, do you try to guess the list price? In San Jose, where many wealthy people buy many expensive homes, 84 percent of respondents said they like to do that, the highest percentage found. Next came Charlotte, North Carolina, where 76 percent of respondents like to guess, followed by 74 percent in Fort Worth, Texas.

Now, how accurate are those guesses? Perhaps not surprising, given the pace of growth, the survey found that 72 percent of respondents undervalue homes in their area, nowhere more so than in Charlotte, which is notable since people there are He is among the most enthusiastic guessers. Home overvaluations were less common, but occurred most in El Paso (57 percent) and Oklahoma City (49 percent).

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