Zillow recently released its second quarter Homeowner Confidence Survey, which revealed that homeowners are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters. One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.
Additional Topline Results
- Less than a quarter (24 percent) of homeowners said their home had increased in value in the past year, compared to 27 percent in the first quarter. In reality, 34 percent of homes increased in value in the second quarter, according to the Zillow Q2 Real Estate Market Reports.
- Five percent of homeowners–or 3.8 million ‘sidelined sellers’—are anxiously waiting on the sidelines to sell their home in the next six months upon signs of a local real estate market turnaround.
- Two in five homeowners believe the real estate market has already hit its lowest level and will not decline further.
- Looking further into the future, the majority of homeowners believe their own homes’ values will either increase (27 percent) or stay the same (35 percent) in the next 12 months. Of those who expect their home’s value to increase, the median expectation is a rise of 6 percent, although that varies by geography.
For additional information about the Q2 Homeowner Confidence Survey, check out the press release, summary PDF, Zillow Blog and graphics (see below). To download the graphics in larger format or request an interview, contact Zillow PR at email@example.com or 206-757-2701.