3 of 4 homeowners think market has hit bottom
American homeowners are beginning to understand what’s happened to the values of their homes over the past year. A majority (60 percent) say their homes lost value during the past 12 months, according to the Zillow Q1 Homeowner Confidence Survey. In reality, 80 percent of homes across the country lost value during the past 12 months, according to Zillow’s first quarter Real Estate Market Reports.
Additionally, about one in five (18 percent) believe their home gained value in the past 12 months, and 22 percent believe its value remained the same. More accurate perceptions of the past gave way to hope for the future. Most homeowners-74 percent-believe their home will not decline in value in the coming six months, effectively calling a bottom to their own home’s housing slide.