President’s Approval Rating Plummets Among Real Estate Professionals

HomeGain, one of the first websites to provide free instant home values, today announced the results of its nationwide home prices survey of nearly 1,100 current and former HomeGain Realtor® members.

The results of the third quarter HomeGain Realtor Survey on Home Prices published below show generally that since the first quarter HomeGain Realtor Survey on Home Prices, HomeGain members are of the opinion that home prices are stabilizing and will continue to do so.

Sixty-nine percent (69%) of HomeGain members believe that home prices will remain the same in the next six months down slightly from the 71% of HomeGain members who so believed in the second quarter survey.

In the first quarter survey just 46% of HomeGain members believed that home prices would increase or remain the same with only 11% thinking home values would increase.

According to the recent survey, HomeGain members think that 36% of home buyers believe that homes for sale are fairly priced or under priced vs. 36% who believed the same in the second quarter and 43% who believed the same in the first quarter. Conversely, 38% of homeowners think that their homes should be listed 10-20% higher than what their Realtors recommend up from 36% in the second quarter and down from 45% in the first quarter.

In short, buyers still expect bargains and sellers still believe their homes are worth more than buyers think they are and more than what their Realtors are telling them they are worth.

We also asked our members whether they approved or disapproved of President Obama’s performance so far — 42% approved and 58% disapproved. These results reflect a significant decline in the President’s approval rating which stood at 57% among HomeGain members in the second quarter. The results reflected a departure from the nationwide results of the Rasmussen Daily Presidential Approval Rating Tracking Poll conducted during the same time period as the HomeGain poll that showed the President’s approval rating between 47% and 49%.

The HomeGain 3rd Quarter Realtor® Survey on Home Prices was conducted from August 11-17.

Here are the complete results of the third quarter 2009 HomeGain Realtor® Home Values Survey, including real estate agent commentary.

1. On average, in the last year do you think your homeowner clients home values have:

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REGIONAL RESULTS

2. On average, what do your homeowner clients believe that their home is worth?

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Surveyed HomeGain Agents’ Commentary:

• “While sellers accept that the market has a decreased value, they believe their property is the exception and it’s still a struggle to convince them to list their houses in the right price range. Eventually, they lower their price and the house sells.” – Sue Vaterlaus of RE/MAX Star Properties in Pacifica, California
• “Whether or not HomeGain sellers, all feel their home is far better than the ones just like theirs that have sold for less than they wish to attain Buyers want perfection for little cost.” – Char Cook, Keller Williams Premier, Libertyville, Illinois
• “Buyers and sellers both understand that the market has changed, Nobody seems overly excited or disappointed.” – Darrell Isaacs, Darrell Isaacs Team Professionals, Stockton, California
• “Problems are with Appraisals. The Seller thinks his house is worth much more than the comps show. The buyer thinks it is overpriced looking at all the bank owned Sold properties.” – Hayley Einseln, Weichert Realtors, Fairfax County, Virginia
• “Sellers tend to think their homes are worth less because of the news media. However, they are happy to hear that they can expect a bit more …and we sell homes on average about 94%% of asking price.” – Robert O’ Hara, O’ Hara and Terry Real Estate Services, Vestal, New York

3. How do your buyer clients feel that homes for sale are priced?

Surveyed HomeGain Agents’ Commentary:

• “Lenders are very sluggish with processing offers on short sales. A lot of buyers get discouraged, walk away and give up.” – Edward Plaskacz of Prudential Starck, Realtors in Barrington, Illinois
• “Credit needs to be easier for my clients to get before the market will rebound.” – Scott Metzger, Maine Coast Properties, Saco, Maine
• “I believe the market is leveling out and that sellers are getting more realistic about pricing their homes. However, we still have Buyers who think that they should get a “steal”.” – Christine Mitchell RE/MAX Real Estate Partners, New Orleans, LA
• “Lack of info about the buying boom across the country and the banks’ underpricing of homes has led to the misconception that it is still a buyers’ market. It is not.” – Alexander Bogenn, Long and Foster, Centreville, VA
• “One of the things happening in our area is buyer’s asking for rebates toward closing costs and prepaids.” – Irving Krellwitz, Town & Country Real Estate, Ishpeming, Michigan
• “Buyers are still thinking they can buy 50% of Listing Price and we are seeing more like $85/95% of asking price.” – Mel Neely, Island Vacation Properties Inc.,  Anna Maria Island, Florida
• “The buyers want to buy, but the lenders are making it so difficult, we can’t get them closed. It is very tough, but we are pushing them through.” – Bethanne Baer, Keller Williams at the Parks,  Orlando, Florida
• “Many of my buyers still lack the confidence within our economy to purchase at this time. While several has decided to move forward at this time, many more continue to wait.” – Susan Miller, Lake Havasu City, Arizona
• “The media has caused the buyers to believe they can ‘steal’ a home. Most buyers initially very unrealistic on offers, until they lose a few.” – Judith Ludlam, Century 21 Cape Shore Realty, North Cape May, New Jersey

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?

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REGIONAL RESULTS

5. What is the average difference in price between what the home is listed at and what the home sells for?

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Surveyed HomeGain Agents’ Commentary:

• “Homes are selling at approx 5 to 10% below their current listing price BUT the home usually has had a couple of price adjustments over the time it was listed.” – Carolyn Sullivan, C21 American Homes, Massapequa, New York
• “Difference in listing price and selling price, is 5-10%. Buyers are looking in their price range, so they do see some homes that they would not give that much money for, and they see some homes that are a bargin. They are not looking at expensive homes.” – Jerry Butterbrodt, Century 21, Cottonwood, Arizona

6. In the next six months, do you think the values of homes in your market will:

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REGIONAL RESULTS

Surveyed HomeGain Agents’ Commentary:

• “I believe that we are close to the bottom in home price corrections and that we will see a much more robust marketplace in 2010.” – Lynn “Peanut” Newcomb Property & Mortgage Network, Inc. in Bellevue, Washington
• “We are beginning to see price stabilization in some areas of Northern Virginia.” – Patrick H. Page, GRI Page & Associates Real Estate LLC in Fairfax, Virginia
• “There are currently multiple offers and not enough inventory, so prices are rock bottom and then sell higher.” – Lori Reisdorf,  San Diego, California
• “The market has turned! We are seeing double digits numbers of offers on many homes. Homes are selling for as much as $40,000 above asking price.” – Mike Coleman Value Real Estate, Tracy, California
• “There has been a tremendous increase in closed sales over the past 90 days and I strongly believe that is finally safe to say that home prices on Miami Beach have hit bottom. ” – Rod Schimko, South Beach Inv. Realty, Miami Beach, Florida
• “I expect the El Paso market to turn upward during the second half of this year due to a large demand for housing from a huge influx of military troops to the area and by the $8000 tax rebate.” – Barry Karch Prudential BKB, REALTORS in El Paso, Texas
• “Hawaii, specifically Oahu/Honolulu County has erupted into a frenzy of buyers looking to take advantage of the tax credit by November.” – Orin Sherman, Nathalie Mullinix Realty Universal Inc., Honolulu, Hawaii
• “Home prices in our market seem to have stabilized. We have a great workforce and relatively low unemployment that has allowed us to weather the storm better than others! – Scott Alexander, ABR RE/MAX Associates, Salt Lake City, Utah
• “The market is very strong with many nice homes that are well priced securing multiple offers. Short sales are causing anxiety in the market, as they take so long with no positive results.” – Jeffrey Bastress, Startpoint Realty in Boston, Massachusetts
• “Real estate activity is picking up, while prices continue to decline.” – Cary Porter, The Cascade Team, Issaquah, Washington
• “I’ve been in the business 22 years and I’ve seen some ups and downs. I see the signs like before that we are now bouncing along the bottom of this market.” – Mitch Muller ProStead Realty in Charlotte, North Carolina
• “Honolulu has shown that it is one of the lowest foreclosure state in the US. Overall on the island, we are only down 0.1% from 1st quarter on SF and up 2.5% on condo’s for median price. Total # of sales are still down.” – Judy Gervin, East Oahu Realty, Honolulu, Hawaii
• “To everyone that says the market is recovering and we’ve hit bottom… keep on saying it, maybe more will believe it and we can get the wait and see’s to start buying.” – Marc Cato Green Street Realty, The Short Sale Experts, Phoenix, Arizona
• “I personally feel the market has stabilzed in the San Francisco Bay Area-Northern California in 2009 and with the forclosures & short sales inventory depleting it will lead to increases in the 1st & 2nd quarters of 2010.” – Scott Winburne, Coldwell Banker, Orinda, California
• “Due to the lower inventory I feel that we will see increases in prices in the next 6 months. We have lowered numbers of foreclosures which were bringing down the prices in the past.” – Sue Vaterlaus RE/MAX Star Properties, Pacifica, California
• “Our prices have been pretty stable over the last six months and the number of sales has increased. However, a large portion (1/3 appx) of the sales have been below-market priced foreclosures and short sales.” – Karyl Moore, HomeSmart, Prescott, Arizona
• “Sugar Land TX is holding values compared to the rest of the nation according to the National Association of Realtors and our local Houston Association of Realtors.” – Patricia Stewart, Trend Setter Realty, Sugar Land, Texas
• “I think the Albuquerque market is holding as far as prices go and the 8,000.00 tax rebate has really helped.” – Mike Haley, Coldwell Banker Legacy, Albuquerque, New Mexico
• “I believe home prices are increasing in certain areas.” – Diane Gordon, Samson Properties, Oak Hill, Virginia
• “San Mateo County real estate appears to be bottoming out, particularly in the lower price ranges (under $600K). FHA buyers are finding it difficult to compete against conventional loan buyers.” – Robin & Les Wrigley, Alain Pinel Realtors, San Mateo, California
• “The Houston area has done well during the rough times. There are good deals for Buyers right now.” – Clinton Lege, Lege Properties, Houston, Texas
• “Austin remains strong!” – Jerry Hunter, Austin Texas Dream Homes, Austin, Texas
• “I believe the New Castle County market is stabilizing.” – Debbie Stiles Phipps, Keller Williams Realty, Newark, Delaware
• “The Minneapolis/St. Paul area & suburbs are enjoying a strong comeback! Properties are seeing multiple offers, local mortgage applications and home sales are up for the 5th consecutive month and buyers are aware of the November Obama incentive deadline.” – Donna Ryan, St. Paul, Minnesota
• “Housing market has improved due in part to the 1st time homebuyer Tax Credit and lower prices. * Need banks to work more quickly on short sales and foreclosure offers so we can get these sold!” – Bethena Smith, Realtor Coldwell Banker Apex Realtors, Rowlett, Texas
• “Values are down at least 10%, and I believe the values will hold fairly steady for sometime to come.” – Mike Adler, Restaino and Associates, Madison, Wisconsin
• “I believe the end of the downward spiral is near.” – Elizabeth Robb Affiliate of Dielmann Sotheby’s International Realty, St. Louis, Missouri
• “Denver is recovering nicely! I am anticipating increased home sales next year. We are currently seeing this in Boulder and Denver. It will be a great year for our market!” – Heather McNicholas, Realtor Sales Specialist Keller Williams Realty Professionals, Broomfield, Colorado
• “Vermont has been one of the few states to give out questionable loans and as a result we have one of the lowest foreclosure rates in the nation. Vermon’t home prices never greatly appreciated so our drop in prices was much less.” – Ray Fortier, Vergennes, Vermont
• “In the western New York area – we didn’t have large upswings and therefore not terrible reductions.” – Ralph Diederich, Buffalo, New York
• “Recently, the market has picked up a lot. However, I don’t know if this is just a flurry of activity or if buyers will continue to buy. I know that first time buyers are very motivated by the $8000 tax credit.” – Tracey Harris, Southern Realty, LLC, Vineland, New Jersey
• “Prices are still on the decline the bottom has to be on the way soon. Foreclosures are still hitting the market might be slowing. I believe it is a great time to invest.” – Paul Schroeder Century 21 McAlpine, Myrtle Beach, South Carolina
• “I believe that home prices have stabilized for the most part. I think we will begin to see appreciation in the spring market. Pocket markets are showing price increases, but this is mostly in areas that took the greatest hit in value to begin with.” – Courtney Donato-Griffiths, Keller Williams Metro Realty, Gaithersburg, Maryland
• “Our Las Vegas market is finally turning around. We have hit the bottom and are starting to rise.” – Kevin Cotton / Realty One Group, Las Vegas, Nevada
• “FTHB program is working.” – Realtor in Tequesta, FL
• “Real Estate Prices seem to be stabilizing. When a home is underpriced, it receives multiple offers, often above list price. Fairly priced homes sell quickly.” – Linda Midkiff, Coldwell Banker Premier Jerry Boyer, Long and Foster Realtors
• “Homes sales appear to have leveled off in most areas in general. High foreclosure areas continue to decline.”
• “Increasing ‘pending’ inventory with increased owner occupied listings and sales coupled with an increase in investor activity indicate a bottoming out of the market.” – Ed Pierce RE/MAX on Track Germantown, Memphis Tennessee
• “I don’t think we have seen the bottom of the market here in the San Francisco Bay Area in terms of sales prices. Foreclosures and unemployment will continue to be a factor in the housing market here.” – Kim McIntosh, The Schubb Group, Walnut Creek, California
• “The best thing that has happened is the $8000 tax rebate. It has brought the first timers out and the inventory of lower priced foreclosures and short sales has been dramatically reduced.” – John Ellsworth, Homes Connection, Ashland, Massachusetts
• “I stay focused in my business and my business is good. Price the houses according to recent sales in the immediate area w/n the last 90 days and you can’t go wrong!” – Gail Gladstone, Long Island Business Brokerage/Gladstone Real Estate Corp, New York
• “The market in NYC is somewhat stabilizing. We are watching employment levels and general psychology before we could say we are out of the woods. However, there might be further unexpected downward corrections if interest rates begin to rise too fast.” – Gabriella Albano, New York, New York
• “I’ve been in the business 22 years and I’ve seen some ups and downs. I see the signs like before that we are now bouncing along the bottom of this market.” – Mitch Muller, ProStead Realty, Charlotte, North Carolina

7. What percentage of homes for sale in your area are foreclosures?

NATIONAL RESULTS

REGIONAL RESULTS

Surveyed HomeGain Agents’ Commentary:

• “Bank owned homes are extremely popular and are getting multiple offers. Short sale homes are still taking way too long to close”. – Larry Davis, ERA American Brokers, Kent, Washington
• “We should also have a program that monitors the short sales and foreclosures so that it can be separated for appraisal purposes.” – Andrew Sears, SF Financial, Westminster, Massachusetts
• “Whoever said that no one is buying houses right now is just plain wrong! However the foreclosures go within days and its getting harder to find them. We are starting to see a slight increase in home values and sales prices as a result.” – Liane Jamason, Brandon, Florida
• “Central Florida’s market is seeing positive numbers – the inventory is decreasing and sales are increasing. We still have foreclosures to come.” Lisa D’Aloise – Keller Williams Advantage Realty, Orlando, Florida
• “It will be impossible for the market to turn around until we stop having foreclosure homes sales included in the valuation of remaining homes.” – Jerry Davis, National Realty, Belleville, Michigan
• “This is the second time I have seen foreclosures dominate the market. It is rough but if you stay flexible you can make money and ride this economy out.” – Chayo Frappied, Troth Realtors/GMAC Real Estate, Lancaster, California
• “The prices in the Atlanta market are the lowest that they have been in years and the interest rates are still very low. I am also receiving more inquiries recently regarding short sales from distressed sellers.” – Diana McBride, RE/MAX Unlimited, Atlanta Metro Area, Georgia
• “Most of the REO’s sold go to all-cash investors. More incentives should be given to the REO banks to sell to well-qualified owner-occupied buyers.” – Lori Mason, USA Realty & Loans, Chula Vista, California
• “The homes that are selling seem to be either foreclosed properties, selling at a 25-40% discount over previously listed pricing, and resales that are 5-10% under their competition.” – Elesa Hembree RE/MAX Around Atlanta, Marietta, Georgia

8. What is the average home price in your area?

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REGIONAL RESULTS

9. How do you think Barack Obama is performing in his role as President?

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REGIONAL RESULTS

• “Barack Obama is ruining this country along with his co-horts in Congress.” – Alisha Wade, Realty ONE Group Inc., Las Vegas, Nevada
• “Obama does NOT support working for a living, earning a decent living, and being successful. The government does not support home ownership and regulate the mortgage business in the past. All of this together will increase TAXES for the successful.” – Dennis Johnson, Breckenridge, Colorado
• “Obama will buy the United States! The public will soon find that the potential excessive taxes (everywhere) will bury them in debt and create a re-visit to the 1930′s. THEY WANTED CHANGE, THEY GOT IT!!!” – Ken Fisher, Ken R. Fisher & Associates Inc., Fishers, Indiana
• “I feel the President is trying to boost consumer confidence, and has taken good steps in the right direction. It took years to get here, and it will probably take a long time to get back to a prosperous economy.” – Jerry Boyer, Long and Foster Realtors, Columbia, Maryland
• “I approve President’s policies but banks need to start lending. Housing market will improve quickly if banks keep rates around 5% for first time home buyers to qualify.” – Asha Goel, Long and Foster, Baltimore, Maryland
• “Barack Obama needs someone to tell him that the banks are sandbagging and are inefficient goliath organizations. The banking system is defunct and needs overhauled.” – Christine Willard, Greater Triad Homes, Greensboro, North Carolina
• “With Obama in office and the with all the debt and with no job creation in site. I think homes will drop for another couple of years and be flat for another 3-5 years.” – Ray Jones, Weddington, North Carolina
• “I like a lot of Obama’s ideas. I do think he is trying to do too much too soon, and trying to please everyone, which is not going to happen.” – Bobby Morrison, Metro Brokers GMAC, Atlanta, Georgia
• “Obama is not out on the street daily like I am. He claims market is getting better. Not true!” – Joe Malecki, Realty Executives New Image, Tinley Park, Illinois
  

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HomeGain real estate home values survey results are based on responses of nearly 1,100 Realtors in the United States.

*Regions are divided as follows:

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HomeGain real estate home values survey results are based on responses of nearly 1,100 Realtors in the United States.