Real Estate Agents Cautious on Direction of Home Prices

HomeGain®, the first website to provide free instant home values, today announced the results of its nationwide home prices survey of over 1,400 current and former HomeGain  members.

The results of the HomeGain First Quarter 2010  Home  Prices Survey indicates that the vast majority of real estate professionals nationwide believe that home prices will decrease or stay the same over the next six months.

General Manager at HomeGain, Louis Cammarosano, stated in the March 23rd press release: “In the first quarter survey many real estate professionals expressed concern over five factors that could potentially impact home prices adversely: rising interest rates, expiration of the home buyer tax credit, persistent unemployment, continued foreclosures and the release of shadow inventory held by the banks.”

Texas real estate professionals appear to be the most optimistic about the direction of home prices in their state, while those in Minnesota appear to be the least optimistic.

Top 10 States Where Real Estate Agents and Brokers Think Home Prices Will Go Down In the Next Six Months:

1. Minnesota (82%)
2. Oregon (65%)
3. Illinois (54%)
4. Utah (50%)
5. New York (44%)
6. New Jersey (44%)
7. Nevada (43%)
8. Michigan (42%)
9. Connecticut (42%)
10. Washington (35%)

Top 10 States Where Real Estate Agents and Brokers Think Home Prices Will Go Up in the Next Six Months:

1. Texas (41%)
2. Massachusetts (38%)
3. California (37%)
4. Nevada (36%)
5. Idaho (31%)
6. Colorado (31%)
7. Alabama (25%)
8. Tennessee (25%)
9. Arizona (23%)
10. Indiana (22%)

We also asked real estate professionals of whether they approved Obama’s performance as President. Fifty-eight percent disapproved while 42% approved. Forty percent “strongly disapproved” of the President’s performance.  A comparison with the Rasmussen Daily Presidential Approval Index during the same time period (March 3-10) shows the President’s disapproval rating between 53-56%.

The results of the survey also show a continuing disconnect between what home buyers and sellers think homes are worth. Sixty-three percent of potential home buyers think that homes are over priced with only 21% believing that homes are fairly priced.

Seventy-seven percent of home sellers believe their homes are worth more than their agents’ recommended selling price.

The survey was conducted from March 3-10.

View the HomeGain 1st Quarter 2009 Home Prices Survey. View all prior HomeGain national and state home prices surveys.

The first quarter 2010 regional results are available by clicking here.

Questions and National 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 as a Realtor think Barack Obama is performing in his role as President?

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The national results of HomeGain’s First Quarter 2010 Home  Prices Survey (conducted from March 3-10) indicated that the vast majority of real estate professionals nationwide believe that home prices will decrease or stay the same over the next six months.

Below are the regional results of the entire survey, categorized into four regions,* Northeast, Southeast, Mid-West and West.

Questions and Regional 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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Photos and videos are now being made available from HomeGain Nation 2010 in San Francisco on March 1st. Below are a few of both to show you the highlights.

Thanks to over 100 real estate professionals for attending the event. We received excellent feedback:

“The venue was an excellent choice and I appreciate HomeGain’s hospitality. It makes me feel that we are partners in this relationship and that you are willing to invest your time and money to help my business succeed and grow.” – Peter Rice, Keller Williams, Reno, NV

“I felt it was worth the trip to come all the way from the east coast for me. I learned enough tips and hope to be able to sell a few more homes!” – Sheila Gillette, Long & Foster Realtors, Alexandria, VA

“I really enjoyed this session and think it was even better than last year. I always walk away with more information to help me be more successful in my business which is what it’s all about. I met so many people this week which is also great!” – Nancy Watkins, Utah Homes & Land, Inc., Salt Lake City, UT

Special thanks to HomeGain folks — Man Salazar, Peter McCullough, Ken Yee, Matt Malmgren, and Leo Libiran — for their extra efforts over the past four months in putting the event together (and making it a success).
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This blog post is an informative blog post for people who purchase their own real estate signs; others need not read any further.  For years, Worthington Realty have put up with under engineered, cheaply made real estate signs.  Looking high and low, nothing was on the market which needed to meet the following requirements.

1)    Guaranteed not the lean, tilt, or fall over
2)    Built to last
3)    Fashionable looking
4)    Easy to install
5)    Light in weight
6)    Reasonable cost

Fast forward two years and dozens of experiments, Worthington Realty has finally got it!

The first real estate sign guaranteed to stand straight up tall just like the day you put in the ground.   Worthington Realty consulted with visionary fabrication guru’s to create the ultimate in real estate sign technology.  We’ve perfected the anchor which attaches the post to the ground.  The anchor weighs approximately 20lbs which is extremely light compared to what was originally engineered.

Worthington Realty is looking for the industry public opinion.  Is there a demand for a real estate sign guaranteed to stand tall like the day you put it in the ground?  What would you pay for an item like this?  Can you imagine putting a sign in the ground and knowing you’ll come back to it standing tall?  What are your thoughts?  Worthington Realty would greatly appreciate your input.

In our office we are not perfectionist or genius by any means, however we shoot for the stars making every single day count, do you?

Max the HomeGain gorilla was recently asked to star in a photo shoot in San Diego, CA by GoAutoAds. Max could be seen driving around San Diego in recent months in the truck photographed below — even custom Max shirts were sported by one happy family (photos 2 and 3 below).

Stay tuned for more Max sitings at HomeGain Nation 2010 in San Francisco!

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Written by Marcy Tate

Learning about how to increase your home’s value on a budget isn’t rocket science. However, if you aren’t aware of some of the basic tips and insider tricks, then you can make costly home improvements that won’t add up to value-added improvements.

The expression, “don’t judge a book by its cover” definitely doesn’t apply to houses. First impressions are extremely important; driving up to a home with an old, broken-down car in the driveway or out-of-control shrubbery can easily turn potential buyers away.

The rule of thumb for increasing your home’s value is to spend money on things a buyer can see.

For example, unless you are planning on living in your home for more than a decade, don’t install a new tankless water heater. This type of upgrade will take several years to see a return on and cost several thousands of dollars to install. Instead, focus on items such as a new garage door, landscaping or a new stainless steel kitchen sink.

Avoid the common mistake of over-improving. Consider what is the norm in your neighborhood. Do you live in a high-end neighborhood? Are home seekers looking for high-end appliances in homes in your area? Don’t bother installing fancy features in your home if it’s not what’s going on in the house next door. It won’t help increase the value enough to make it worth it.

Fix up the Exterior First, Then the Interior

Curb appeal matters and fixing up the exterior will instantly increase your curb appeal and your home’s value.

1. Clear up Clutter – Unnecessary objects around your yard should be removed. A downed gutter or downspout, old bikes, recycling bins and trash cans should all be arranged nicely in your back yard.

2. Landscaping – Spend time pruning your hedges, trees and shrubs. Low-maintenance landscaping can add real value. Lay down some mulch, plant a few native plants or hang some flower baskets on your porch. These budgeted landscaping ideas will save you money now and add value when you sell. Continue reading this post