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.
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 New York home values survey data. In the past few days we published the Texas, California ,Illinois and Florida data.
The New York survey data reflects a market that only in the past year has started to experience housing woes. Indeed 20% of Realtors believe that the value of their homeowner clients homes have increased over the past year vs. just 2% nationally. Seventy-four percent of New York home owners believe that their homes are worth more than their Realtors’ recommended listing price vs. 59% nationally.
According to the survey, 66% of New York Realtors believe homes in their market will decrease in price vs. 53% of Realtors nationally. New York has a much lower percentage of homes in foreclosure than the national average.
The New York data shows a higher degree of confidence in the Obama stimulus package. Fifty percent of New York Realtors thought the plan would stablize home prices vs 38% of Realtors nationwide.
Set forth below is the New York home prices data with the national data in parenthesis:
New York (National)
1. On average, in the last year do you think your homeowner clients home values have:
Decreased: 79% (90%)
Increased: 20% (2%)
Stayed the same: 0% (8%)
2. On average, what do your homeowner clients believe that their home is worth?
At listing price you recommend: 21% (14%)
10-20% higher: 46% (45%)
20-30% higher: 21% (14%)
31+% higher 8% (4%)
10% less: 4% (12%)
11-25% less: 0% (8%)
26-50% less 0% (4%)
3. How do your homebuyer clients feel that homes are priced?
Fairly Priced: 16% (18%)
Overpriced by less than 10% 21% (21%)
Overpriced by 10-20%: 33% (32%)
Overpriced by 21+%: 4% (6%)
Underpriced by less than 10% 0% (5%)
Underpriced by 10-20%: 21% (14%)
Underpriced by 21-30%: 4% (4%)
Underpriced by 31+% 0% (2%)
4. In the next six months, do you think the values of homes in your market will:
Decrease: 67% (53%)
Increase: 12% (11%)
Stay the same: 21% (36%)
5. What percent of homes for sale in your area are foreclosures?
10-20%: 25% (26%)
21-30%: 4% (16%)
31-40%: 0% (10%)
41-50%: 0% (5%)
50-75%: 4% (5%)
75%+: 0% (2%)
Less than 10%: 66% (35%)
6. What is the average home price in your area?
$151k-$200k: 12% (24%)
$201k-$250k: 8% (21%)
$251k-$300k: 12% (14%)
$301k-$350k: 8% (8%)
$351-$400k: 4% (7%)
$401k-$450k: 8% (3%)
$451k-$500k: 13% (3%)
$501k-$550k: 4% (2%)
$551-$600k: 4% (1%)
$601-$650k: 4% (1%)
$651-$700k: 8% (1%)
$701-$750k: 0% (0%)
$751-$800k: 3% (1%)
$801k-$850k: 0% (1%)
$851k-$900k: 0% (1%)
$901+ 0% (1%)
Less than $150k 12% (11%)
7. In your opinion, what impact will the Obama Stimulus package have on home values in 2009?
Decrease 17% (13%)
Increase 0% (4%)
STABLIZE 50% (38%)
No impact 33% (45%)
See National and Regional Survey Results
Try the HomeGain instant home prices tool.
Check home prices in New York cities
March 31, 2009 – New York home values drop 9.6% – Fox Business
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Join the Brooklyn Real estate market discussion on HomeGain Nation
The disconnect with home owners and the actual market value is the loan to value ratio of any property that was purchased during the boom times. These folks bought thinking they were buying into the American dream and would see some kind of appreciation in a few years. The Federal government and banking system has failed the American public allowing unqualified people to buy a home who didn’t qualify in the first place. And the house of cards fell. The lucky ones may have purchase in the mid to late 90′s and have a little wiggle room to put a few dollars on a new purchase. I think it will take a couple of years to get back to normal. Once the buyers have enough confidence to move forward and put their money back into a home purchase.
March 16th, 2009 at 11:44 am
Great article Louise,
some of these answers are staggering.
March 26th, 2009 at 12:45 pm
The same thing happening nationwide is happening to Charlotte home values and it is pulling homeowners under water. Our market is better than most markets around the country of our size… at least for now.
June 20th, 2009 at 4:39 pm