Earlier this week, HomeGain, the first website to provide free instant home values, released the national and regional results of our home prices survey of 1,084 HomeGain members. We asked their opinions on the direction of home values and of Obama’s performance as President. On this real estate blog we published the complete national and regional third quarter results.
Earlier this week we published the results of the California home prices, Texas home prices , Florida home prices surveys. Later in the week, we published the Massachusettes home prices survey data, the New York home prices survey data, the New Jersey home prices survey data, the North Carolina home prices survey, the Illinois home prices survey the Georgia home prices survey data, the Colorado home prices survey data, the Virginia home prices survey and the Arizona home prices survey.
Today we are releasing the Pennsylvania home prices survey.
Pennsylvania home owners, like their counterparts nationally, think their homes are worth more than their Realtors’ recommended listing price. Forty-two percent of Pennsylvania home owners think their homes should be priced 10-20% higher than their Realtors recommend vs. 38% nationally (see question 2).
Pennsylvania home buyers believe homes are over priced with only 4% believing that prices are fairly valued vs. 20% nationwide. Thirty-eight percent of Pennsylvania home buyers believe homes are priced 10-20 more than they should be vs. 30% of home buyers nationally. (see question 3)
Pennsylvania Realtors are not optimistic about the direction of home prices with 42% believing they will decrease in the next six months, vs 31% who so believe nationally (see question 6).
Realtors in the Keystone state gave President a low approval rating: 37% vs. 42% nationally. Just 8% of Pennsylvania Realtors “strongly approve” of President Obama’s performance vs. 20% nationally, while 46% of Pennsylvania Realtors “strongly disapprove” of Obama’s performance vs. 40% nationally (see question 9).
1. On average, in the last year do you think your homeowner clients home values have:
Q3PA (Q3NAT/Q2NAT/Q1NAT)
Decreased: 71% (81%/84%/90%)
Increased: 0% (6%/3%/2%)
Stay the same: 29% (13%/12%/8%)
2. On average, what do your homeowner clients believe that their home is worth?
Q3PA (Q3NAT/Q2NAT/Q1NAT)
10-20% higher: 42% (38%/35%/45%)
10-20% less: 8% (5%/8%/10%)
1-9% higher: 25% (25%/24%/*)
1-9% less: 8%(7%/9%/*)
21-30% higher: 8% (8%/8%/14%)
21-30% less: 0% (2%/3%/*)
At listing price you recommend: 4%(11%/10%/14%)
More than 30% higher: 4% (3%/2%/4%)
More than 30% less: 0% (1%/2%/1%)
3. How do your home buyer clients feel that homes for sale are priced?
Q3PA (Q3NAT/Q2NAT/Q1NAT)
Fairly priced: 4% (20%/19%/18%)
Overpriced by 10-20%: 38% (30%/30%/32%)
Overpriced by 21%+: 4% (4%/4%/10%)
Overpriced by less than 10%: 50% (30%/29%/21%)
Underpriced by 10-20%: 4% (8%/8%/14%)
Underpriced by 21-30%: 0% (2%/1%/2%)
Underpriced by 31%+: 0% (1%/1%/2%)
Underpriced by less than 10%: 0% (5%/5%/5%)
4. What is the average difference in price between what sellers believe their home to be worth and the amount at which you eventually list the house?
Q3PA (Q3NAT/Q2NAT)
Greater than 11-20%: 8% (5%/7%)
Greater than 21%: 8% (3%/3%)
Greater than 5-10%: 17% (9%/10%)
Less than 11-20%: 8% (24%/23%)
Less than 21-30%: 0% (4%/5%)
Less than 5-10%: 50% (43%/43%)
Little or no difference in price: 8% (12%/8%)
5. What is the average difference in price between what the home is listed at and what the home sells for?
Q3PA (Q3NAT/Q2NAT)
Greater than 11-20%: 4% (4%/4%)
Greater than 21%: 4% (2%/2%)
Greater than 5-10%: 9% (5%/5%)
Less than 11-20%: 33% (24%/27%)
Less than 21-30%: 4% (3%/4%)
Less than 5-10%: 42% (54%/53%)
Little or no difference in price: 4% (8%/5%)
6. In the next six months, do you think the values of homes in your market will:
Q3PA(Q3NAT/Q2NAT/Q1NAT)
Decrease: 42% (31%/29%/53%)
Increase: 17% (23%/22%/11%)
Stay the same: 42% (46%/49%/36%)
7. What percent of homes in your area are foreclosures?
Q3PA (Q3NAT/Q2NAT/Q1NAT)
Less than 10%: 67% (36%/26%/37%)
10%-20%: 25% (27%/15%/26%)
21%-30%: 8% (17%/12%/16%)
31%-50%: 0% (13%/7%/15%)
51%-75%: 0% (5%/3%/5%)
75%: 0% (2%/3%/2%)
8. What is the average home price in your area?
Q3PA (Q3NAT/Q2NAT/Q1NAT)
$151K-$300K: 58% (52%/56%/59%)
$301K-$500K: 33% (21%/20%/21%)
$501K-$800K: 0% (7%/5%/6%)
$801K+: 0% (2%/3%/2%)
Less than $150K: 9% (18%/16%/11%)
9. How do you think Barack Obama is performing in his role as President?
Q3PA (Q3NAT/Q2NAT)
Somewhat approve – 29% (21%/31%)
Somewhat disapprove – 17% (19%/19%)
Strongly approve – 8% (20%/26%)
Strongly disapprove – 46% (40%/24%)
* Data not available
See National and Regional Survey Results
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HomeGain real estate home values survey results are based on responses of over 1,150 Realtors in the United States. State survey results for Q2 are available for the following states : Texas home prices survey, Florida home prices survey, California home prices survey, New York home prices survey, New Jersey home prices survey, Georgia home prices survey, Arizona home prices survey, North Carolina home prices survey,Virginia home prices survey , Massachusetts home prices survey ,Washington home prices survey,Colorado home prices survey
Interesting results to question nine.
August 31st, 2009 at 6:47 am