Many Dallas homeowners believe their home's value has declined over the past year. A majority of these homeowners also believe a bottom has been reached in the Dallas Real Estate Market. According to a Zillow Home Confidence Survey, a majority or homeowners across the country, or 60 percent, believe their home lost value during the past 12 months. When in reality, 80 percent of homes across the country lost value during the past 12 months according to the same market reports. Furthermore, 18 percent believe their home gained value in the past 12 months, and 22 percent believe its value remained the same, according to the survey.
The perception of homeowners is finally catching up to reality, which is that 80 percent of all homes in the country lost value during this past year. While homeowners are now more realistic they are still pretty starry-eyed when looking forward, with three out of four homeowners believing that their own homes prices will increase or be flat over the next six months. Most homeowners believe their home will not decline in value in the coming six months, effectively calling a bottom to their own home's housing downturn.
The survey showed specifically, one in four homeowners think their home's value will increase in the next six months, while nearly half of them believe its value will remain the same. Homeowners were also optimistic when it comes to predicting home values in their local markets. About two-thirds of homeowners believe home values in their local markets will increase or stay the same over the next six months. Thirty-seven percent believe home values will decrease. It also showed a significant number of potential sellers are holding off because of current market conditions. When asked about future plans to sell, 31 percent of homeowners said they would be at least somewhat likely to put their homes on the market in the next 12 months if they saw signs of a real estate market turnaround.
What does all this mean to the Dallas Real Estate Market? The Dallas Real Estate Market like any other market is local and the national numbers do not reflect the DFW Home Market. The DFW Home Market has remained resilient due to job growth and the xxx of people want to move to the area. To get a true perspective of the market conditions in your area you may want to consult a Dallas Realtor. A Dallas Realtor has access to the Dallas MLS and can give you accurate date
