More Faith in Rising PricesPosted on Friday, June 22nd, 2007 at 8:43pm.
The LA Times reports:
- 55% of Americans believed they could sell their house for more now than a year ago, down slightly from the 59% who felt that way last summer; and
- Nearly three-quarters think they could sell their homes within the next six months at a price they set.
- 83% believe that home values in their neighborhoods will remain the same or increase over the next six months; and
- [M]ost of the no-decrease folks (51% of the 83% total) are just expecting flat values.
- Most Americans (52%) believe the residential real estate slump will last two years or less.
- Only 22% believe it will last for five or more years.
- 85% of Americans believe their house will be worth more five years from now than it is today.
There are at least two sellers in MB who seem to take this bullishness to heart.
- 404 10th St., a pretty new, sharp, Lazar-built home on a walkstreet (see picture). The sellers paid $2.5m on April 13, 2006. They listed it for $3.2m on February 25, and then raised the price to $3.3m a day later. They have faith that the home's value rose since last year. (Or that they got a steal of a deal last April.)
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