Fifty-six percent of Florida real estate professionals think home prices will decline over the next six months; 78% of Florida agents and brokers disapprove of Obama’s performance as President.

Last week, HomeGain, the first company to provide free online instant home valuations, released the third quarter results of our nationwide survey of over 1,100 HomeGain current and former members and 2,600 homeowners. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On this blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 regional results, including commentary from real estate agents and brokers.

Yesterday we released the 3rd quarter California home prices survey data and today we released the results of the 3rd quarter 2010 Texas home values survey. In the coming days we will be releasing home values survey data from Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.

Today we are releasing the 2nd quarter 2010 Florida home prices survey data.

The survey shows that 46% of home buyers in the Sunshine state believe that home prices are either fairly priced or just 1-10% over priced vs. 55% who thought so in the 2nd quarter 2010 Florida home prices survey vs. 46% who thought so in the first quarter 2010 Florida home prices survey and 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 21% of home buyers thought home prices were fairly valued vs. 22% in the second and first quarters of 2010, vs. 23% in the fourth quarter of 2009, vs. 24% who so believed in the third quarter of 2010, vs. 18% who so believed in the second quarter Florida home prices survey and vs. 15% who so believed in the first quarter 2009 Florida home prices survey. (See question 3)

Fifty-six percent of of Florida real estate professionals surveyed in the second quarter believe that home prices in their state will decrease in the next six months vs. 41% who so believed in the second quarter of 2010 and 46% who so believed in the third quarter of 2009. Forty percent of Florida homeowners believe that home prices will decrease in the next six months and 15% think they will increase. Just 9% of Florida agents and brokers think home prices will increase in the next six months (see question 6)

Support for President Obama was low with 78% of surveyed agents and brokers disapproving of his performance (63% “strongly disapproving”) . In the second quarter 79% of Florida agents and brokers disapproved of the President’s performance with 62% “strongly disapproving”. In the first quarter of 2010 Obama’s disapproval rating among agents and brokers was 66% with 56% “strongly disapproving” vs. 65% disapproving in the fourth quarter of 2009, vs. a disapproval rating of 57% in the third quarter of 2009 and 45% in the second quarter of 2009.

The Presidents fared slightly better among surveyed Florida homeowners. Sixty-four percent of Florida homeowners disapproved of the President’s performance with 49%  “strongly disapproving” vs. 63% disapproving (46% “strongly disapproving”) in the second quarter of 2010. (see question 10)

Set forth below is the third quarter 2010 real estate professional and home owner Florida home prices survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey 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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Texas real estate professionals and homeowners temper their home values expectations; Obama’s approval rating at 30%.

On Tuesday, HomeGain, the first company to provide free online instant home valuations, released the third quarter results of our nationwide survey of over 1100 HomeGain current and former members and 2600 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real estate blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 regional results, including commentary from real estate agents and brokers.

Yesterday we released the 3rd quarter California home prices survey data and today we are releasing the results of the 3rd quarter Texas home values survey. In the coming days we will be releasing home values survey data from Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states. 

Fifty-seven percent of Texas real estate professionals and 58% of Texas homeowners expect home prices in the Lone Star State to remain the same over the next six months. The second quarter 2010 Texas home prices survey revealed that 38% of Texas real estate professionals expected prices to remain the same vs 40% who expected prices to remain the same in the second quarter 2009 Texas home prices survey.

Only 14% of Texas agents and brokers and 18% of Texas homeowners expect home prices to rise over the next six months. In the second quarter of 2010 33% of agents and brokers and 30% of homeowners expected prices to rise in the coming six months. In the second quarter of 2009 43% of Texas real estate agents and brokers expected home prices to rise.

Twenty-nine percent of Texas real estate professionals and 24% of Texas homeowners expect home prices to fall.  Nationwide 10% of real estate professionals expect home prices to increase, 48% expect them to decrease and 42% expect them to stay the same. (see question 6)

Texas home owners continue to believe that their homes are worth more than their Realtors’ are telling them with 82% believing that their homes are worth more than their Realtors’ recommended listing price.  According to real estate professionals surveyed, 46% of Texas homeowners believe their homes are worth 10-20% more than the recommended listing price, up from 23% in the second quarter of 2009. (see question 2)

Texas home buyers continue to believe that homes are overpriced in their state. In the current survey 63% of Texas home buyers believe that home prices are over priced vs. 67% who thought so in the second quarter of 2010 vs. 61%% who thought so in the first quarter 2010 Texas home prices survey.  (see question 3)

President Obama’s approval rating among Texas real estate professionals remained at 30%, although the percentage “strongly disapproving” increased to 57% up from 54% in the second quarter 2010 survey. Texas homeowners also held a dim view of the President’s performance with just 31% approving. (see question 10)

Set forth below is the third quarter 2010 real estate professional and home owner Texas home prices survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey 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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California real estate professionals and homeowners have a more favorable view of the direction of home values and of President Obama’s performance as President than their nationwide counterparts.

Earlier this week, HomeGain, the first company to provide free instant home valuations online, released the third quarter results of our nationwide survey of over 1100 HomeGain current and former members and 2600 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real estate blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 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 3rd quarter 2010 California home prices survey data reflects some changes from the 2nd quarter 2010 California home prices survey. Fifty-two percent of surveyed agents indicated that their homeowner clients thought that their homes’ values had declined in the prior year vs. 42% who so believed in the second quarter. HomeGain also asked homeowners directly the same question. Fifty percent of surveyed homeowners thought that their homes’  values had declined in the prior year. (see question 1)

Over the past year California home buyers have been increasingly of the view that homes in their state are fairly valued, with 35% believing so in the third quarter survey vs. 38% in the second quarter 2010 California home prices survey vs. 30% in the first quarter 2010 California home prices survey and 25% in the fourth quarter 2009 California home prices survey.  Fifty one percent of California home buyers currently believe that homes are over priced vs. 69% who so believe nationally. (see question 3)

In the current survey 41% of California real estate agents and brokers expect home prices to fall with in the next six months vs. 21% who so believed in the second quarter 2010 California home prices survey. Fourteen percent of California real estate professionals expect home prices to rise in their state over the next six month vs. 39% who thought so in the second quarter 2010 California home prices survey and 34% in the third quarter 2009 California home prices survey. Only 10% of real estate professionals nationwide believe that home prices will rise in the coming six months. (see question 6)

Nationwide, President Obama’s approval rating among surveyed real estate agents and brokers dropped to 33% . Forty-three percent of California real estate professionals somewhat approve or strongly approve of Obama’s performance as President vs. 44% in the second quarter California survey vs.55% in the first quarter and 57% in the fourth quarter of 2009. Forty three percent of  surveyed California homeowners approved of Obama’s performance. (see question 10)

Set forth below is the third quarter 2010 real estate professional and home owner California home prices survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey 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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Yesterday we held a live 30-minute call and webinar to discuss the results of the HomeGain 3rd Quarter 2010 Home Prices Survey. The call was attended by a few HomeGain folks, including myself, Ken Yee and General Manager Louis Cammarosano; real estate agents who completed the survey; and real estate reporters and bloggers.

Survey results have been referenced in multiple news sites including Reuters, Boston Globe, CNBC, Fox Business, AOL Real Estate, UPI, Baltimore Sun, Inman News, RIS Media, and more.

Highlights of the call:

The survey opens up by showing the disconnect between buyers and sellers (question 1). With homeowners continuing to think that their homes are worth more than their agents’ are recommending (more so than last quarter), it also reflects an unchanged disconnect between Realtors and sellers over the last year (question 2 and 3).

The results show that even though agents may be more realistic in current and future home prices (question 6), sellers are still reluctant to list their home according to the agent’s recommendation (question 4).

However, the end result of what the home sells for shows that sellers are having  to bend to a lower selling price in the end in order to get their homes  sold. (question 5) Real estate agent Concetta Pepenella commented:  “Sellers are in all types of situations that are affecting their  decisions. It depends on their motivation and time frame if they are willing to accept an offer for less than they had hoped for. Some sellers are getting out of a difficult mortgage payment because the household income has change due to job loss. Everyone has a different story. In the end they will be selling lower and buying lower.”

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Ninety percent of surveyed real estate professionals nationwide expect home prices to decrease or stay the same over the next six months; Nearly half “strongly disapprove” of  Obama’s performance as President.

HomeGain, the first company to provide free instant home valuations online, announced the results of its nationwide 2010 third quarter home prices survey based on the responses of over 1,100 current and former HomeGain members and 2,600 homeowners.

Real estate professionals and homeowners soured on the direction of home prices in the third quarter. Forty-eight percent of agents and brokers and 33 percent of homeowners think that home prices will decrease over the next six months. This reflects an increase in the percentage of real estate professionals and homeowners who expect a decline in home prices from the second quarter HomeGain home prices survey. In that survey 33 percent of agents and brokers and 23 percent of homeowners expected home prices to decrease over the next six months. Forty-two percent of homeowners, real estate agents and brokers think that home prices will remain the same in the coming six months.

Only 10 percent of real estate professionals and 18 percent of homeowners expect home values to increase in the coming six months. The results are similar to a recent Rasmussen poll of homeowners that found only 15 percent expect home prices to rise over the next year.

Seventy-nine percent of homeowners continue to believe their homes are worth more than the recommended agent listing price, up from 77 percent last quarter.

Sixty-nine percent of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced, up from 61 percent last quarter.

Real estate professionals and homeowners are taking a far more negative view on the direction of home prices citing current high inventory levels, continued foreclosures, the expiration of the tax credit and the general state of the economy. There also continues to be an increasing disconnect between what homeowners and buyers think homes are worth.

Forty-nine percent of agents and brokers surveyed indicated that they “strongly disapproved” and 18 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 67 percent disapproval rating versus the 58 percent disapproval rating of agents and brokers surveyed in the third quarter last year.  Last quarter the President had a 65 percent disapproval rating from agents and brokers.

Forty-four percent of homeowners “strongly disapproved” and 17 percent “somewhat disapproved” of the President’s performance, earning him a 61 percent disapproval rating. The President had a 56 percent disapproval rating last quarter among surveyed homeowners with 44 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain home prices survey indicated that the President’s average disapproval rating was 54 percent with an average of 43 percent “strongly disapproving” of his performance.

Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.

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

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

Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:

 Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:

The survey was conducted from September 7-14, 2010.

View all prior HomeGain national and state home prices surveys.

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

Set forth below are the results of the third quarter 2009 and 2010  national home prices survey as well as the results of the second quarter 2010 survey.  Also set forth below for selected questions is the national home owner response data for the third quarter of 2010. Click on each question to see complete results:

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 think Barack Obama is performing in his role as President?

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The national results of HomeGain’s Third Quarter 2010 Home Prices Survey (conducted from September 7-14) of more than 1,100 real estate professionals and 2,600 homeowners revealed some significant regional differences.

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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