Archive for March, 2010

HomeGain Releases 1st Quarter 2010 New Jersey Home Prices Survey Results

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:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on March 31st, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls, Regional

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HomeGain Releases 1st Quarter 2010 New York Home Prices Survey Results

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 and California home prices survey results.

Today we are publishing the New York home prices survey data.

The New York survey data shows an increase in home owners’ pricing expectations with25% of New York home owners believing their homes should be priced 10-20% higher than their agents’ recommended listing price vs. 23%% who thought so in the fourth quarter New York home prices survey vs. 43% in the third quarter New York home prices survey and 36% who thought the same in the second quarter New York home prices survey. (see question 2).

New York home buyers saw homes as less fairly valued in the first quarter of 2010 than they did in the fourth quarter of 2009 with 18% of home buyers in the Empire State believing homes were fairly valued vs. 19% who believed so in the fourth quarter, vs. 14% who believed so in the third quarter and 21% who so believed in the second quarter. Thirty-two percent of  New York home buyers thought homes were overpriced in their state by 10-20% vs. 31% in the fourth quarter of 2009, vs. 47% in the third quarter, 24% in the second quarter and  33% who thought so in the first quarter New York home prices survey. (see question 3)

An decreasing percentage of New York real estate professionals believe that home prices will decrease in the next six months. Thirty-five percent of New York agents and brokers surveyed thought home values would decrease in the coming six months vs. 39% who thought so in the fourth quarter vs. 33% in the third quarter and 24% who thought the same in the second quarter survey. (see question 6)

Sixty-one percent of New York agents and broker approve of Obama’s performance as president vs. 64% who disapprove of Obama’s performance as President in the fourth quarter of 2009 and 50% who approved his performance in the third quarter. (see question 10)

Set forth below is the first quarter 2009 and 2010  New York home prices data with the national first quarter 2010 data: (click on each question to see complete results):

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on March 30th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls, Regional

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HomeGain Releases 1st Quarter 2010 Florida Home Prices Survey Results

Last week, HomeGain, one of the first companies to provide free instant home valuations onlinereleased the national  results of our first quarter 2010 home prices survey of over 1400 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 broker and agent commentary and charts.  Also last week, we published the results of the first quarter Texas home prices and California home prices survey results.

Today we are releasing the Florida home prices survey data.florida-crocodile-sign

The survey shows that 48% of homebuyers in the Sunshine state believe that home prices are either fairly priced or just 1-10% over priced vs. 46% who thought so in the fourth quarter 2009 Florida home prices survey and 42% who thought so in the third quarter 2009 Florida home prices survey.

In the current survey 22% of home buyers thought home prices were fairly valued vs 23% in the fourth quarter of 2009, vs. 24% who so believed in the third quarter, vs. 18% who so believed in the second quarter Florida home prices survey and vs. 15% who so believed in the first quarter Florida home prices survey.  (See question 3)

Thirty-three percent of Florida real estate professionals surveyed in the first quarter believe that home prices in their state will decrease in the next six months vs. 34% who so believed in the  fourth quarter, vs 34% in the third quarter, 46% in the second quarter and 64% in the first quarter. (see question 6)

President Obama continued to fare poorly with Florida’s agents and brokers with his disapproval rating coming in at 66% with 56% “strongly disapproving”  vs. 65% disapproving in the fourth quarter, vs. a disapproval rating of 57% in the third quarter and 45% in the second quarter. (see question 10)

Set forth below is the first quarter 2010 and 2009 Florida home prices data with the national first quarter data: (click on each question to see complete results):

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on March 29th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls, Regional

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HomeGain Releases 1st Quarter 2010 Texas Home Prices Survey Results

Earlier this week, HomeGain, one of the first companies to provide free instant home valuations online released the first quarter results of our nationwide survey of over 1,400 HomeGain current and former members. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this blog we also published the complete national results and regional results including commentary of real estate professionals.

Yesterday we also published the results of the first quarter 2010 California home prices survey.

texas-state1

The Texas results reflect a far more optimistic view of the direction of home prices in the Lone Star State. Forty-one percentage of surveyed real estate agents and brokers believe that home values will increase in their state vs. 11% who believe they will decrease. This contrasts sharply with the national results where 23% think home prices will increase vs. 29% think that home prices will decrease.The national results of the first quarter survey of Realtors on home values painted a very pessimistic picture. The 1st quarter Texas survey data, however, revealed far less pessimism. In the second quarter the national results indicated some improvement in the housing market, while Realtors in Texas believed their markets to be relatively stable.

Texas home owners reduced their valuation expectations in the third quarter survey. Seventy-three percent of Texas homeowners in the third quarter believed their homes were worth either what their Realtors recommended or within 1-9% higher or lower vs. 45% who believed the same in the second quarter. (see question 2). In the fourth quarter 2009 Texas home prices survey, however, Texans started to think their homes were worth more than their Realtors were telling them with 36% percent thinking their homes are worth 10-20% more than the Realtor recommended listing prices vs. 23% who thought so in the third quarter. In the current survey 72% of Texas home owners believed their homes are worth more than their Realtors’ recommended listing price. (see question 2)

Sixty-six percent of home buyers in Texas now believe that home prices are either fairly priced or over valued by less than 10% , down from 69% who so believed in the fourth quarter of 2009. (see question 3)

Forty-one% of Texas real estate agents and brokers think home prices will increase over the next six months and 11% think that they will decrease. (see question 6)

President Obama’s approval rating among Texas Realtors dropped to 42% with 38% of Texas Realtors “strongly disapproving” and 20% “somewhat disapproving” of the President’s performance. (see question 10)

Set forth below is the first quarter 2009 and 2010Texas home prices data with the first quarter 2010 national data: (click on each question to see complete results):

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on March 26th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls, Regional

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HomeGain Releases 1st Quarter 2010 California Home Prices Survey Results

Earlier this week HomeGain, one of the first companies to provide free instant home valuations online, released the first quarter results of our nationwide survey of over 1,400 HomeGain current and former members. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real california-state-flower-poppyestate blog we published the national results as well as the complete regional results, including commentary from real estate agents and brokers.

Today we are releasing the California home values survey data. In the coming days we will be releasing home values survey data from Texas, Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.

The 1st quarter 2010 California home prices survey data reflects some changes from the 4th quarter California home prices survey. In the fourth quarter 25% of home buyers thought that homes in the Golden State were fairly valued vs. 30% who think so in the current survey. (see question 3) Forty-eight percent of California home buyers still believe that homes are over priced as they did in the fourth quarter vs. 65% who so believed in the second quarter.

In the first  quarter 2010 survey a decreasing percentage of California real estate agents and brokers expect home prices to rise with 36% of California agents and brokers expecting home prices to rise in the next six months vs. 41% who thought home prices would rise in the 2009 fourth quarter survey. In the 2009 third quarter California home prices survey 34% of California real estate professionals thought prices would rise, while  22%  thought they would rise in the second quarter survey vs. just 9% thought so in the first quarter survey. (see question 6)

Fifty-five percent of California real estate professionals somewhat approve or strongly approve of Obama’s performance as President vs. 57% in the fourth quarter of 2009 and 51% in the third quarter. This contrasts favorably to Obama’s 42% approval rating nationally in the first quarter 2010 survey. (see question 10)

In the second quarter survey 65% of California agents and brokers approved of Obama’s performance vs. 57% nationally.

Set forth below is the first quarter 2009 and 2010 California home prices data with the first quarter 2010 national data: (click on each question to see complete results):

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on March 25th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data

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Real Home Buyer or Time Waster?

Every time I meet with a client I ask myself, “Are these people wasting my time?” Good time management and qualifying skills are so important to a successful real estate career. Realtors can get bogged down with time wasting tasks and people. Your production will suffer if your week is filled up with activities or clients who misuse your time and energy.warning-sign-cone

Here are 5 common “warning signs” from a potential home buyer:

1)      “We would like a tour”

If I hear the word “tour” I cringe.  This is usually someone very early in the buying process or who is a complete waste of time. I’ve noticed that many real homebuyers are willing to drive themselves around.

2)      “I need a steal”

Of course, everyone is looking for a steal and there is nothing wrong with that. Be scared of those buyers who are not willing to purchase at market or appraised value. They are usually only interested in buying a home if they can get it at a wholesale price.  These types of buyers can have you chasing your tail in no time.

3)      “I’m positive that I can get financing”

This one can come back to bite you. Imagine spending 10-20 hours working with a buyer only to find out that they cannot get financing. Many times people who think they can get financing easily don’t want to go through the hassles of a mortgage pre-qualification or pre-approval. If that is the case how motivated of a buyer are they? Continue reading this post

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Posted by: Marc Rasmussen on March 25th, 2010 under Best Practices, Guest Bloggers

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