It's True. Most homeowners around the country are in denial. According to the recent Q2 Homeowner Confidence Survey conducted by Zillow, 62% of US homeowners believe their home's value has increased or stayed the same in the past year. In reality, 77% of US homes have declined in value over the past 12 months.
People in the west and south have shown to be a little more realistic about current property values. Locally, we haven't seen declines as steep as the rest of the country, but I'd venture a bet that most Dallas homeowners believe their home's value has increased over the past year as well. And I think we've got plenty of reason to be so optimistic.
Zillow also released their local Dallas results on Tuesday showing the change in values in and around Dallas. Results range from down 4% around Farmers Branch to up 2% around Carrollton (two areas right next to each other). Zillow gets their 'zestimate' from many sources including tax appraisal. So I guess my success in getting my taxes lowered, lowered our values? Don't count on it. The true indicator of housing prices are actual sales. And the local market can be very different from the national market. While our prices aren't skyrocketing, they aren't in a nose dive either. Living in Dallas is still a lot better than living in Denial. [where: 75230]