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:
- Have home prices increased, decreased or stayed the same in the last year?
- On average, what do homeowners believe that their home is worth?
- How do buyers feel that homes for sale are priced?
- 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?
- What is the average difference in price between what a home is listed at and what a home sells for?
- In the next six months, will the values of homes in your market increase, decrease or stay the same?
- What percentage of homes for sale are foreclosures in your area?
- What is the average home price in your area?
- What percentage of your clients are first-time buyers?
- How do you think Barack Obama is performing in his role as President?
Question 1:
Overall, in each region, the majority of real estate agents and brokers think home values have decreased in value in the past year.
Question 2:
Overall, the majority of agents and brokers in each region of the U.S. indicated that homeowners think their home is worth 10-20% more than the agent or broker recommends.
Question 3:
Overall, the majority of U.S. home buyers in each region of the U.S. think homes for sale are overpriced.
Question 4:
Overall, the majority of agents and brokers in each region of the U.S. indicated that homes are listed 5-10% less than what homeowners think their home is worth.
Agent Commentary From Question 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 home?
“Sales have picked up with the federal incentives nearing its end. Buyers have a lot of choices and tend not to go outside of their range. Sellers still feel their home is worth more than the market reflects and are slow to reduce.” – Nancy Watkins, Utah Homes & Land Inc., Salt Lake City, UT
“Sellers, listen to your Realtor about pricing. It’s the difference between being in the market versus waiting on the market in the sidelines.” – Ed Sullivan, Coldwell Banker, Boston, MA
“In times where home values fluctuate from area to area, pricing is of the utmost importance. A perfectly priced listing will get the homeowner the greatest benefit.” – Raul Alejos, Century 21, Rancho Cucamonga, CA
“Sellers believe their home is worth what they owe since the bank appraised it during the last wave of 2nd mortgages. Educating them that values are so liquid is a full time job.” – Melinda White, EXiT Realty NW Missouri, St. Joseph, MO
Question 5:
Overall, the majority of agents and brokers in each region of the U.S. indicated that the home sells for less than the listing price.
Question 6:
Agent Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?
“The Fresno market is split about three ways between REO’s, short sales and traditional sellers.” – Ken Neufeld, London Properties Ltd., Fresno, CA
“The market on the Mid-Peninsula is stable with very little inventory. I believe that the market here has hit bottom. It won’t rise for awhile. It will be flat for the next few years.” – Jim Tierney, NetEquity Real Estate, San Mateo, CA
“The jobless rate has to significantly improve and until that happens any recovery will be sporadic and short term. Dallas has fared far better than most.” – Diana Holmes, RE/MAX DFW Associates, Dallas, TX
“Our market will continue to go up with low inventory levels unless the ‘Shadow Inventory’ is released.” – Bill Boone, Keller Williams Realty, Sacramento, CA
“Transaction numbers are improving, but prices continue to skid. As inventory levels are declining, we expect to see static prices by year’s end.” – Ed & Terri Smith, RE/MAX Coastal Properties, Destin, FL
“Indicators are pointing to a recovery but unless the jobless claims decline, the Twin Cities has a very cautious feel from the buyers. My advice would be to target what the buyers want and price it fairly so the home will sell.” Dee Ryan, Weichert Advantage, Woodbury, MN
“The forecast for the Wasatch Front this year is that things will dramatically improve by the end of the year.” – Julie Shaw, Century 21 At The Rockies, Salt Lake City, UT
“Our market is so dead that people are just kidding themselves. Until the lending problem is resolved this will not change and properties will continue to decline in value. The future is in our hands.” – Douglas C. Manning, RA Na Pali Properties, Inc., Hanalei, HI
“The local and surrounding markets bottomed long ago and are slowly rising in value.” John Accornero, Prudential California Realty, La Mirada, CA
“I believe that the home industry will drop even more. There are still a lot of people losing their jobs and their pay checks are getting cut.” – Ronda Matherly, Century 21 High Point Properties, McKinney, TX
“Properties are selling very well in our market. We have more buyers than there are available houses.” – Barbara Levy, Prudential California Realty, Berkeley, CA
“Sales seem to be increasing, but prices are still falling.” Cynthia Strickland, Coldwell Banker Sea Coast Realty, Wilmington, NC
“I believe market conditions are impacted by consumer confidence and the unemployment rate. The higher the former and lower the latter, we’re bound to experience improved conditions for buying and selling.” - Jenn Klarman, Long & Foster Real Estate, Annapolis, MD
“I see the market starting to turn around. I think 2010 will prove to be better than 2009.” – Beth Adelman, Dayton, OH
“The real estate market is far from stabilizing. There will always be investors, but owner occupied buyers can’t get financing and that is the real problem, especially when the tax credit ends.” – Linda S. White, Metropolitan Realty, Las Vegas, NV
“Lower end prices (under $200K) are stabilizing. Higher priced homes continue to fall in value. Although we don’t have a lot of foreclosed properties listed, probably 90% of listed homes priced under $225K are short sales.” – Janine Hook, Keller Williams, Vancouver, WA
“No better time to buy or sell!” – Judy Delgado, EXIT Realty Elite, Vallejo, CA
“I think that the market here in SW Florida is going to come out of the real estate slump faster than many other areas of the country as evidenced by the business we are seeing right now.” – Linda Rodgers
Sand Castle Realty Group, Naples, FL
“Overall I see activity picking up from last year.” – Tom Selseth, Counselor Realty, Minnetonka, MN
“Prices have stabilized a bit. Sellers are still mostly overpriced but the sellers who understand and price their homes for today’s market can still be successful. Buyers will still buy value and homes continue to close.” – Victor Abramovitz, AtoZ Homes Realty, Schaumberg, IL
“I have seen a huge increase in active buyers in our market in the last few months. The increase seems to be completely related with the tax credit at this point.” – Christy Riggs, Neighborhood Realty Bluegrass, Lexington, KY
“As long as the Southern California market doesn’t get bombarded with over-saturation of foreclosures, the market will continue to grow in 2010 with a 3% to 5% increase in 2011.” – Jaime Sparks, Sun Coast Realty, Corona, CA
“We need to have the job drain stopped to keep our economy from getting even worse.” – Joan Thomson, Bloomfield, NE
“Home values in Las Vegas experienced a rapid decrease until about the middle of 2Q 2009, at which time the investors and first time home buyers flooded into the market which caused a 4Q bounce in prices anywhere from 10 to 30% over the low.” – Steve Matthews, Prudential Americana, Las Vegas, NV
“I feel strongly that my market is going to greatly improve by May 2010. Homeowners are tired of the negative market situation. They are ready to get their homes sold and move up.” – Valerie Dupree, HomeTowne Realty, Clayton, NC
“Home prices are stabilizing, with a slight decrease. Home buyers believe homes for sale are slightly higher than they should be, while sellers believe they are losing money and the selling prices are too low.” – Winston Crosbie, Prudential Florida Realty, West Palm Beach, FL
“Our market has not seen the quick huge value growth as other areas of the country. Here in Middle Tennessee home values rose small and steadily over the past 10 years.” – Barry Klinikowski, Klinikowski Real Estate Professionals, Mount Juliet, TN
“It is the greatest time to buy! Not the best to sell, but you get a great deal at the other end. One compensates the other. An otherwise unaffordable home is yours today.” – Diana Corrales, Rio Rico Homes & Land Inc., Rio Rico, AZ
“In the Atlanta market,properties that are priced right and show well are selling after a few days or weeks on the market.” – Diana McBride, Keller Williams Realty Cityside, Atlanta, GA
“Homes are selling. Just slower than usual. A home that is move-in ready and is priced right, improves the chance for sale. The number of short-sale homes is an indication that our market will remain in flux for at least 2 years.” – David Dornbos, RE/MAX, Lisle, IL
Question 7:
Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?
“There are a huge number of un-realeased REOs out there. When these get released it will depress the market, but will increase buying activity. REOs will be around for another 5-6 years.” – Bruce Frager, Network Real Estate, Grass Valley, CA
“Our market continues to decline. The Bank Owned listings continue to be the driving force in our market. The divide between the wholesale and retail market lessens each month, as the lenders continue to refuse short sales, and sell the REOs below market.” – Bethanne Baer, Keller Williams At The Parks, Orlando, FL
“We have to force the banks to allow us to SELL. Agents write 30 offers to get one accepted. We get no answer to PA’s. We are definitely fighting FICO score as most buyers cannot fulfill the requirements, even with a good down.” – Elizabeth Laird, Pacific Real Estate Network, Hemet, CA
“Our market is so driven by distressed properties that most of the above are irrelevant. Real Sellers have to compete with this or they just sit. Many of them just sit.” – Spence Hiatt, CPS Property Advocates, Rohnert Park, CA
Question 8:
Question 9:
“Tax credits do help but they should be opened up to ALL homeowners EQUALLY. $11k for all who buy a primary residence in the next 18 months, then take the tax credit away for 5-7 years. If you’re in, then you’re in. If not, then wait 5-7 years.” – Jeff Ball, HER/RealLiving, Columbus, OH
“Prices will go up, however, it may take 2-3 years. Back in the 80’s when the prices were fair and there was no money, the market stayed stagnant for 2-3 years before the market stabilized.” – Geri Schierow, Coldwell Banker HomeSale Realty, Milwaukee, WI
“Bad weather has kept sales down and depressed values even more. Another extension of $8K incentives for first time buyers would be a good idea.” – Mark Brown Jr., Real Estate Professionals Inc., Baltimore, MD
“I am hoping the home buyer tax credits will again be extended. If the tax credit qualification expires on April 30 I believe the entire real estate market will see a marked decrease in activity.” – Jon Drews, Century 21 Vista, Fergus Falls, MN
“The Federal Government has been giving the banks blank checks with very little oversight. Short Sales are an area that the Feds should seriously engage in understanding the impact on the public.” – Doug McVinua, Choice One Properties, Gilbert, AZ
“We need to continue the tax stimulus for first time buyers and maintain low interest rates if we are going to clear out this housing inventory.” – Bob Shumate, Wall and Associates, Indianapolis, IN
“The current policies are hurting our industry; not extending the 2010 tax cuts, having the first time home buyer incentive expire, and the unsuccessful loan modification program.” – Michelle Rosabal, Denver, CO
“We are seeing a strong upturn in activity in the Seattle and surrounding area. However, the majority of the action is in Short Sales and REO properties.” – Cary Porter, The Cascade Team Real Estate, Issaquah, WA
“I think the first time home buyer incentive from the government has really been the motivator for a lot of sales. The new incentive for move up buyers has been confusing for some people.” – Pam Appel,
Exit Realty Premier, Lakeworth, FL
Question 10:
Overall real estate brokers and agents disapprove of the President’s performance.
Agent Commentary From Question 10 — How do you as a Realtor think Barack Obama is performing in his role as President?
“President Obama’s performance is GREAT! President Obama initiated the programs that are pulling us out of the mess created by Presidents Regan, Clinton, Bush I and Bush II.” – Judy Davis, Irongate Realtors, Dayton, OH
“Barack Obama strongly dislikes free enterprise and free markets. His programs will destroy the middle class thereby destroying any chance for a long-term recovery in the housing market.” – Mark Cohen, Eyemark Realty, Inc., Gainesville, FL
“Obama is bankrupting this Country and no one seems to care.” – Rob Stogsdill, Grand Rapids, MI
“The president needs to help ALL homeowners, not just the owner occupied homes. People who rent homes are also losing their shirts in this economy.” – Judy Marshak-Skow, North American Realty of Nevada, Las Vegas, NV
“This is the worst president of my lifetime and the worst economy in my lifetime.” – Bobbie Housand, Niceville, FL
“I am sorely disappointed in Obama and the other Democrats! But the Republicans are worse!” – Sally Rosenman, Hill & Co. Real Estate, San Francisco, CA
“Barack Obama is a poor excuse for a President. He is too far to the radical left to the point of throwing this country under the bus, so to speak. The next time a community organizer who was mentored by a communist runs for President, run.” – Don Canter, Knoxville, TN
“Barack Obama is a sad excuse for a Head of (any) State. Most Presidents surround themselves with intelligent advisors but he has not. He has surrounded himself with people of strong socialistic ideology and little else.” – Ken Fisher, Ken R. Fisher & Associates, Inc., Indianapolis, IN
“He needs to fix the housing market.” – Chuck Thompson, Charlotte Team Realty, Charlotte, NC
“This guy should never have been elected President of the United States.” – Alisha Wade, HomeSmart International Real Estate, Scottsdale, AZ
“The Obama HAMP program to help homeowners stay in their homes is not working.” – Al Orwiler, RE/MAX Performance Plus, Renton, WA
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HomeGain real estate home values survey results are based on responses of over 1,400 real estate agents and brokers in the United States.
To see fourth quarter 2009 state survey results click here.
*Regions are divided as follows:
- Northeast: Maine, New Hampshire, Massachusettes, Vermont, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, Maryland and West Virginia
- Southeast: Virginia, South Carolina, North Carolina, Georgia, Florida, Alabama, Mississippi and Tennesee
- Mid-West: Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, North Dakota, South Dakota, Nebraska, Wyoming, Colorado, New Mexico, Texas, Oklahoma, Kansas, Louisiana, Arkansas and Missouri
- West: Alaska, Hawaii, California, Washington, Oregon, Nevada, Arizona, New Mexico, Utah, Idaho and Montana
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It is amazing to me how anyone could expect Obama, in just 18 months, to not only repair but make improvements on the total mess Bush left after 8 years of mismanagement and bad decisions. Why is it so hard for Republicans to admit that when Obama took office our economy was on the brink of collapse? Do they not remember when, in September, 2008, President Bush told Congress and the American people “Our entire economy is in danger” and urged the passage of a $700 billion bailout? Our entire economy included the mortgage industry (which includes Fannie and Freddie), the auto industry, the banking industry and Wall Street to name a few. The failings of all of these industries and institutions occurred before Obama even set foot in the oval office. He inherited these problems so please stop saying he did not. You can’t fix in 18 months something that took years to break. Our economy collapsed once before and when it did, Realtors and a lot of other folks were selling apples and pencils on the street corners. Maybe you should thankful Obama took office when he did.
June 30th, 2010 at 11:19 am