Greater stablility for US property market anticipated
Property price rises together with an increase in the volume of real estate sales sees growing enthusiasm within the USA property market.
A recent homeowner survey by Zillow reveals a picture that seems to indicate most homeowners feel the worse of recent price falls is behind them. The report shows that nearly 60% of owners believe the value of their homes had fallen in the last 12 months, but the true figure shows it was over 80% of properties that had depreciated.
Market realism is key, and the report suggests that owners in the West are now the more grounded about the value of their home than compared with the same time last year, with owners in the South being least realistic.
Experts believe that market recovery could be hampered in the short term by high levels of property being offered for sale fuelled by foreclosures and negative equity. However, reduced values often make for bargain purchases and with what appears to be a grounded view of property values, the recent fall in prices may soon be at an end.