Last week, HomeGain, one of the first companies to provide free instant home valuations online, released the national and regional results of our first quarter home prices survey of more than 1,400 HomeGain current and former members. The survey asked their opinions on home values and what they thought of President Obama’s performance as President so far. On the HomeGain real estate blog we published the full survey results, including agent and broker commentary and charts. Earlier, we published the results of the first quarter 2010 Texas home prices survey, Florida home prices survey , California home prices survey and New York home prices survey results.
Today we are publishing the New Jersey home prices survey data.
The New Jersey survey data shows that Garden State homeowners’ pricing expectations remained relatively unchanged since the fourth quarter with42% believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 41% in the fourth quarter 2009 New Jersey home prices survey and vs 57 % who believed so in the third quarter 2009 New Jersey home prices survey and 27% who thought the same in the second quarter 2009 New Jersey home prices survey. (see question 2).
Forty-four percent of New Jersey home buyers saw homes as overpriced by 10-20% vs. 54% of home buyers who thought so in the fourth quarter vs. 59% of home buyers who thought so in the third quarter and vs. 34% of home buyers who thought so in the second quarter survey. Twelve percent of New Jersey home buyers think homes are fairly priced vs. 9% who thought so in the fourth quarter vs. 8% in the third quarter and 23% who thought so in the second quarter ( see question 3).
Forty-four percent of New Jersey agents and brokers now believe that home prices will decrease in the next six months vs. 50% who so believed in the fourth quarter vs. 32% in the third quarter and 27% who so believed in the second quarter. Only 9% believe home prices will increase in the next six months vs. 11% who so believed in the fourth quarter survey. (see question 6)
Half of New Jersey agents and brokers surveyed approve of Obama’s performance as President (vs. 42% nationally) mostly unchanged from the fourth, third and second quarter surveys, although agents and brokers “strongly disapproving” of Obama’s performance rose from 20% in the second quarter to 32% in third quarter and fourth quarter surveys and to 33% in the current survey.
Set forth below is the 2009 and 2010 first quarter New Jersey home values data with the first quarter 2010 national data — click on each question to see complete results:
- Have home prices increased, decreased or stayed the same in the last year?
- On average, what do homeowners believe that their home is worth?
- How do buyers feel that homes for sale are priced?
- What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
- What is the average difference in price between what a home is listed at and what a home sells for?
- In the next six months, will the values of homes in your market increase, decrease or stay the same?
- What percentage of homes for sale are foreclosures in your area?
- What is the average home price in your area?
- What percentage of your clients are first-time buyers?
- How do you think Barack Obama is performing in his role as President?