Anyone selling their home today should be encouraged by a recent Zillow report saying the market has hit bottom. “After four months with rising home values and increasingly positive forecast data, it seems that the country has hit bottom in home values,” said Zillow Chief Economist Stan Humphries.
Hot markets like Phoenix, Fort Myers and Green Bay already know the tide has turned. For others where there’s a supply of houses in foreclosure and over built communities the picture is not so rosey.
The Zillow Home Value Index is built from automated valuation estimates generated by Zillow for single-family residences, condominiums and cooperatives, regardless of whether they sold within a given time period. At the national level, the Zillow Home Value Index reflects the medium “Zestimate” of all homes in the U.S. expressed in dollars.
For more information about Zillow go to www.zillow.com where you’ll find information and tools to make smart decisions about homes, real estate and mortgages.