Homeowners are more pessimistic about the short-term housing market, but now fewer than half the nation’s homeowners expect the value of their homes to go up in the next five years.
The latest Rasmussen Reports national telephone survey of 720 Homeowners shows that just 19 percent of homeowners believe their home’s value will go up over the next year, down slightly from last month. But 30 percent expect its value to go down in that time, tying the highest level of pessimism in two years of surveying. Roughly half (49 percent) think their home’s value will remain about the same over the next 12 months as it is now.
Feelings about further down the road are getting gloomier, too. Only 44 percent believe their home’s value will go up in the next five years. That’s down six points from last month and is just three points above the lowest level measured in almost two years. In 2010, the number of homeowners who expected values to increase in five years ranged from a low of 41 percent in August to a high of 55 percent in April.
Sixteen percent now expect the value of their home to go down in the next five years, the second-highest finding in two years. Thirty-three percent predict their home’s value will remain about the same.
The survey of 720 Homeowners was conducted on March 15-16, 2011 by Rasmussen Reports. The margin of sampling error is +/- 4 percentage points with a 95 percent level of confidence.