CNBC just put out an interesting survey on housing values. They polled each person on what that person expected the value of their own home to do over the next year. The results were pretty shocking to me.
49% – stay the same
10% – increase 1% to 3%
20% – increase 3% to 9%
10% – increase 10% or more
10% – don’t know
The mean expected increase was 3.9%.
NO ONE expected the value of their home to decrease. I don’t believe the housing bubble has hit the consciousness of the American public yet. Unsurprisingly, after CNBC showed the results of the survey they spoke to the CEO of ReMax who said that the results of the survey showed that another RE bull market was just around the corner.