Confidence drops, but homeowners still waiting to sell

People are eager to sell their home and get moving on to a new location, but they're pessimistic that the current housing market will give them much of a return on their old home.

Thirty-three percent of American homeowners believes that home values in their region are going to get worse before they get better, while 38 percent think that their market has bottomed out, according to Zillow.com's latest homeowner confidence survey.

Overall, the second quarter brought fading consumer confidence and more people worried about the value of their home. In the second quarter, 49 percent of homeowners said that they think their home's value had decreased in the past year, while just 24 percent said it increased, according to the survey.

Even so, homeowners are anxiously awaiting the first sign of the market's recovery, likely because they're planning on moving soon. The survey reported that five percent of all homeowners said that they would sell their home in the next six months if they saw an indication that housing was improving.

Some homeowners are moving even if they haven't been able to sell their old home. These consumers are becoming reluctant landlords, renting out their old property to tenants, reported AOL Real Estate.


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