How much do you think your house is worth? Has it changed in value since last year? How do you know? Well, according to Zillow, property values are actually going up for many homes around the country. In Zillow’s quarterly poll with over 2,200 American homeowners, they found that most people actually had pessimistic outlooks for their home’s value.
For example, only 20% of homeowners believed that their home has actually gained value in the past year. This is actually 5% lower than the previous quarter, where 25% of homeowners believed their home gained value.
But good news, in reality, 28% of homes in the U.S. increased in value over the past year. Here’s the data broken down my region:
West:
62% Believed their home lost value.
13% Believed their home gained value.
26% Believed their home’s value remained unchanged.
In actuality, 21% of homes had increased in value.
Midwest:
46% Believed their home lost value.
23% Believed their home gained value.
32% Believed their home’s value remained unchanged.
In actuality, 29% of homes had increased in value.
South:
49% Believed their home lost value.
21% Believed their home gained value.
30% Believed their home’s value remained unchanged.
In actuality, 29% of homes had increased in value.
Northeast:
46% Believed their home lost value.
22% Believed their home gained value.
32% Believed their home’s value remained unchanged.
In actuality, 42% of homes had increased in value.
Overall, 28% of the U.S. saw an increase in home values. So good news homeowners, your property values are going up. And if you don’t currently own a home, now is your last chance to buy. The home buyer tax credit is scheduled to end April 30th, so get your purchase agreement signed before that. Mortgage rates are also likely to go up soon, and property values are already rising in many places. This ideal buyer’s market could be ending soon, so don’t miss out on the best time to buy a home in decades.
(Image courtesy of Zillow).
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