Following the trajectory of housing prices is no easy task. But how does the general population fare when it comes to tracking real estate prices in their areas?
All Star Home, a hub for home-improvement services, 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 property prices, and how closely they follow along.
About a third of all respondents said they keep their eye on the local market by examining prices at least once a month. Broken down by generation, it seems older Americans are more attuned to the ups and downs — 36 percent of baby boomer respondents said they do this, followed by 30 percent of millennials, 28 percent of Gen Xers and 22 percent of Gen Zers.
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, N.C., where 76 percent of respondents like to guess, followed by 74 percent in Fort Worth, Texas.
Now, how accurate are those guesses? Perhaps not surprisingly given the pace of growth, the survey found that 72 percent of respondents undervalue homes in their area — nowhere more than in Charlotte, which is notable since people there are among the most enthusiastic guessers. Overvaluing homes was less common, but happened most in El Paso (57 percent) and Oklahoma City (49 percent).
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