Homeowners were less confident on the value of their properties in the second quarter of the year, the latest survey by real estate website Zillow showed.

One in three homeowners believes that the market where their property is located has yet to reach rock bottom.  The number of homeowners who believe that their local market has already bottomed out is five percentage points higher.

The confidence survey also found that 28% of the respondents believe that they are likely to see home price slides in the next six months. Meanwhile, 30% believe that the price of their properties will increase. It’s a huge change from the 42% recorded in the previous quarter.

Although the survey shows that homeowners are more pessimistic with prices in the coming months, it also found that a significant number is just lurking to sell their houses. According to the study, 5% of homeowners will list their house on the market upon seeing signs of real estate recovery. If it becomes a reality, this will add another 3.8 million existing homes on the market. Last year, a total of 5.2 million home resales were recorded.

Dr. Stan Humphries, chief economist at Zillow.com, said that homeowners are becoming more responsive to current market conditions than they were just two years ago, when a more typical reaction was denial. “As homeowners have been so inundated recently with news of declining home sales post-tax credit, it’s no surprise that they would become more pessimistic about the future of home values,” he said.

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