We know that the perception is more important than the reality, especially for potential sellers. If they see some media coverage that is slightly positive, maybe more will come to market this year, instead of waiting for some vague unknown day in the future when the market gets ‘better’.
Zillow economists now believe they’re done issuing downward revisions. In fact, they think the national housing market correction could be nearing its bottom.
Heading forward, Zillow economists expect U.S. home values as tracked by the Zillow Home Value Index (ZHVI) to rise 0.5% between January 2023 and January 2024.
Among the 400 largest housing markets tracked by Zillow, the company expects 238 markets to see positive home price growth between January 2023 and January 2024, while it expects six markets to remain flat and 156 markets to notch a home price decline over the next 12 months. Simply put: Zillow expects only 39% of major markets to post a home price decline over the coming year.Link to Fortune article