More than 2/3 of Realtors® Surveyed in California, Massachusettes, Michigan and New York See Further Decline in Home Prices in Next Six Months

More than 2/3 of Realtors® Surveyed in Pennsylvania Texas, Ohio, Georgia, Ohio, Colorado and Washington See Flat or Rising Home Prices in Next Six Months

Last week HomeGain released nationwide, regional and state survey data on Realtor’s opinions on home values and the Obama stimulus plan.

While the national survey data revealed generally a poor housing market, the results were not uniform.

A closer look at the state survey data shows that while the majority of Realtors in many states are expecting further home price declines in the coming six months, large percentages of Realtors in other states are expecting higher home prices.

There were a few where more than 50% of the Realtors surveyed believed that home prices would stay the same.

Of note was Pennsylvania where more than 3 of 4 Realtors surveyed expect no change in home prices in the coming six months.

Below are the results of our survey that indicate by state the percentage of Realtors that think home prices will rise, fall or stay the same:

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Earlier this week HomeGain released the results of a nationwide survey of nearly 700 current and former HomeGain members. The survey asked their opinions on home prices and the impact of the Obama stimulus package. On this real estate blog we published the national and regional results.

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Earlier this week HomeGain released the results of a nationwide survey of nearly 700 HomeGain current and former members. The survey asked their opinions on home prices and the impact of the Obama stimulus package. On this real estate blog we published the national and regional results.

The HomeGain member survey received national coverage and the results were noted in US News, Dallas Morning News, Boston Globe, Crane’s Investment News, Sellsius, Dallas Magazine, Orange County Register, RIS Media, Philadelphia Daily News, the Sarasota Herald Tribune, AOL’s Wallet Pop, St. Petersburg Times, the Boston Real Estate Blog, Real Trends, Realtor Magazine, Inman News, Transparent Real Estate, Agent Genius and other blogs.

Today we are releasing the Florida home values survey data. In the past few days we published the Texas, California and Illinois survey data. Later this week we will release the New York survey data.

The Florida survey data reflects a very troubled market. ALL of the 70+ Florida survey respondents believed that their clients’ homes had decreased in value during the past year.

According to the survey, nearly 20% of Realtors report that 50-75% of homes in their markets are foreclosures with just 5% reporting that level nationwide.

The Florida data also shows a higher than national average skepticism regarding the Obama stimulus package. Sixty-six percent of Florida Realtors believe that the package will have no impact or cause home prices to drop further vs. 58% nationwide.

Set forth below is the Florida home prices data with the national data in parenthesis: Continue reading this post

Earlier this week HomeGain released the results of a nationwide survey of nearly 700 HomeGain current and former members. The survey asked their opinions on home prices and the impact of the Obama stimulus package.  On this blog we have published the national and regional results.

The HomeGain member survey received national coverage and the results were noted in US News, Dallas Morning News, Boston Globe, Crane’s Investment News, Sellsius, Dallas Magazine,  Orange County Register, RIS Media, Philadelphia Daily News, the Sarasota Herald Tribune, AOL’s Wallet Pop, St. Petersburg Times, the Boston Real Estate Blog, Real Trends, Realtor® Magazine, Inman News, Transparent Real Estate , Agent Genius and other blogs.

Today we are releasing the Illinois home values survey data. In the past two days we published the Texas home values survey data and the California home values survey data. In the coming days we will be releasing survey data from New York and Florida.

The Illinois survey data reflects one largest disconnects between sellers’ beliefs on what their homes are worth and what buyers and Realtors think with 72% of home sellers thinking that their Realtors undervalued their homes (vs. 59% nationally).

According to the  survey, only 9% of home buyers believe that homes are fairly priced vs. 18% nationally with nearly 70% thinking they are overpriced (compared to 60% in the rest of the country).

The data also shows that Illinois Realtors share the view of other Realtors in the country that the Obama stimulus package would either have no impact or cause home prices to drop.

Set forth below is the Illinois home prices data with the national data in parenthesis:  Illinois (National)

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On March 9, 2009, HomeGain held a live PR conference call for the national press and for real estate agents to discuss the recent HomeGain home values survey which polled 700 agents around the country about their views on consumer expectations, housing prices and the new Obama stimulus package.

Although there are differences between market areas throughout the country, most agents experience the same level of false expectations on the part of consumers. They also are experiencing varying levels of foreclosures and short sales in their market areas. Their perspective on the stimulus package and how effective it will be is remarkably similar.

Reality To Myth

The situation which real estate agents and brokers confront every day is the high level of false expectations on the part of consumers. This level of false expectations is increased both by the national press and the agents themselves.

A homebuyer feels that they can purchase a home for fifty cents on the dollar because that is what the press has been telling them. When an agent accepts a listing at a price which will never permit the home to sell, they further bolster the consumer’s false expectations.

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Earlier this week HomeGain released the results of a nationwide survey of nearly 700 HomeGain current and former Realtor members. The survey asked their opinions on home prices and the impact of the Obama stimulus package.  On this real estate blog we published the national and regional results.

The HomeGain member survey received national coverage and the results were noted in US News, Dallas Morning News, Boston Globe, Crane’s Investment News, Sellsius, Dallas Magazine, Orange County Register ,RIS Media, Philadelphia Daily News, the Sarasota Herald Tribune, AOL’s Wallet Pop, St. Petersburg Times, Boston Real Estate Blog, Real Trends, Realtor Magazine, Inman News,Transparent Real Estate , Agent Genius and other blogs.

Yesterday we published the Texas home values survey data. Today we are releasing the California home values survey data. In the coming days we will be releasing survey data from New York, Florida and Illinois.

The California survey data reflects one of the more troubled real estate markets in the country with 98% of Realtors beleiving their clients’ homes have decreased in value in the past year (compared to 90% of Realtors in the rest of the country).

The level of foreclosures is higher in California than elsewhere as is the average home price. California Realtors were also among the most pessimistic on the direction of home prices in their state in the next six months, with nearly 70% predicting a further decline.

The data also shows that  nearly 20% of California Realtors believe that the Obama stimulus package would act to lower home prices further.

Set forth below is the California home prices data with the national data in parenthesis:

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