According to a Homeowner Confidence Survey released by Zillow last month 62% of homeowners believe their home’s value has increased or stayed the same in the past year despite the fact that 77% of U.S. homes actually declined in value
This is significant because of those surveyed 56% are planning major (e.g. replace the roof, remodel the kitchen) and/or minor (e.g. install new garbage disposal, repaint or wallpaper a room) home improvements, with 17 percent planning major improvements and 49 percent planning minor ones.
As we all know these perceived change in home value can impact home investment plans. Homeowners who believe their home has increased in value are significantly more likely to plan major home improvements (22%) than those who believe their home’s value has decreased (14%).
Read the entire Not My House! Sentiment Survey.