Earlier this week, HomeGain, the first website to provide free instant home values, released the national and regional results of our home prices survey of nearly 1,100 current and former HomeGain members. The survey asked their opinions on home prices and of Obama’s performance as President. On this real estate blog we published the complete national and regional third quarter results.
Earlier this week we published the results of the California home prices, Texas home prices , Florida home prices surveys. Yesterday we published the Massachusettes home prices survey data, the New York home prices surveydata, the New Jersey home prices survey data and the North Carolina home prices survey data.
Today we are releasing the Illinois home prices survey data.
The Illinois survey data shows a sharp increase in the percentage of sellers who believe that their homes should be priced higher than the Realtor recommended listing price.
In the first quarter Illinois home values survey, 51% of home sellers believed their homes should be priced 10-20% higher than than the Realtor recommended listings price and 21% thought their homes should be priced 21-30% higher. In the second quarter Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher and only 6% thought their homes should be priced 21-30% higher. The second quarter drop in Illinois home owners’ pricing expectations was temporary. In the third quarter 53% of home sellers in Illinois believe their homes should be priced 10-20% higher and 11% believe they should be priced 21-30% higher (see question 2).
Illinois home buyers also changed their views on home prices. In the current survey a greater percentage of home buyers (40%) thought home prices were over valued by 10-20% than thought so in the second quarter (33%) and a lower percentage now think homes are fairly priced (15%) than thought so in the second quarter (18%) (see question 3).
Illinois Realtors were slightly more optimistic on the direction of home prices in the third quarter. Fifty-seven percent of Illinois realtors expect home prices in their state to remain the same or increase over the next six months vs. 51% who thought the same in the second quarter (see question 6).
Illinois Realtors continued to give President Obama an overall negative approval rating. In the second quarter the former Illinois Senator received an approval rating of 46%. In the third quarter the President’s approval rating among the The Prairie State’s surveyed Realtors dropped to 36% (see question 9).
Set forth below is the first, second and third quarter Illinois home prices data with the national data in parenthesis: Illinois (National)