According to a consumer survey by the real estate advisor site [Think Glink] who asks the question:
Do real estate sellers and buyers believe there is a real estate bubble?
They “recently surveyed more than 4,000 consumers and found that of” the 475 respondents:
66.3% believe there is a real estate bubble.
58.7% of the 66.3% believe that bubble will burst within a year.
41.3% think the bubble will still be alive and well a year from now.
50%+ believe that a real estate bubble is a self-fulfilling prophecy: If you talk about it, it will come.
First of all, this survey seems like a very small sample size and very unscientific. Secondly, they seem to use the word “bubble” interchangeably as a way to describe the current state of the housing market as if it is a fact that we are in a bubble – the jury is still out on that one. In my opinion, the term “bubble” infers imminent doom and therefore by definition, the survey may have been biased in the way the questions were posed.
This story has been carried by a number of web sites and blogs. I’d characterize it as light and a fun read but not something I’d place great weight on. Anything with the word “bubble” gets people’s attention.
Tags: Ilyce Glink
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Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
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