Compared to last year, there are 25% more sellers not willing to get realistic about the value of their home. It’s fine, as long as they don’t mind waiting for all the other better buys to clear out – and it might be a loonnnggggg wait.

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Sellers may have unrealistic expectations

Despite the well-documented pullback in the real estate market, consumers’ real estate appreciation expectations may still be too optimistic, according to the Second Annual RBC Capital Markets Consumer Survey. Nearly half of all homeowners still expect at least 5 per cent annual increases in their home values over the next few years, but this is down from almost 60 per cent of homeowners last year.

Also, of note:

The national survey of 1,003 Americans also revealed that 25 per cent of homeowners have already paid off their mortgage – twice the number of people with risky variable and interest-only mortgages (13 per cent).

Disturbingly:

Nearly 40 per cent of those with variable rate and interest-only mortgages are concerned with their ability to meet higher payments, while 13 per cent haven’t even considered the ramifications.

However, encouragingly:

[Those with variable rate and interest-only mortgages make up a] fairly small segment of the overall survey (approximately 6 per cent).

Complete story: Majority of Americans Still Optimistic About Home Values Over Next Few Years – RBC Capital Markets

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