Do You Know How Much a Home Costs? Guess Again.

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Do You Know How Much a Home Costs? Guess Again.

Tracking property price trends is not an easy task. But what about the population when it comes to tracking property prices in their area?

All Star Home, a home improvement services center, recently conducted an interesting survey to find out. Residents of 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 all respondents said they keep an eye on the local market by checking prices at least once a month. Broken down by generation, older Americans appear to be more attuned to the ups and downs – 36 percent of Baby Boomer respondents said they do, followed by 30 percent of Millennials, 28 percent of Generation X and 22 percent of Generation Zers .

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

So how accurate are these assumptions? Given the pace of growth, it's perhaps not surprising that 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 among the most enthusiastic appraisers. Home overvaluation was less common, but occurred most frequently in El Paso (57 percent) and Oklahoma City (49 percent).

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