HomeGain Releases 1st Quarter 2010 Illinois Home Prices Survey Results

Posted by: Louis Cammarosano on April 1st, 2010

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Last week, HomeGain, the first company to provide free instant home valuations online, released the national and regional results of our first quarter home prices survey of more than 1,400 HomeGain current and former members. The survey asked their opinions on home values and what they thought of President Obama’s performance as President so far. On the HomeGain real estate blog we published the full survey results, including agent and broker commentary and charts. Earlier, we published the results of the first quarter 2010 Texas home prices survey, Florida home prices survey , California home prices survey, New York home prices survey and New Jersey home prices survey results.

Today we are publishing the Illinois home prices survey data.

In the first quarter 2009 Illinois home values survey, 51% of home sellers believed their homes should be priced 10-20% higher than than the Realtor recommended listings price and 21% thought their homes should be priced 21-30% higher. In the second quarter 2009 Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher and only 6% thought their homes should be priced 21-30% higher. The second quarter drop in Illinois home owners’ pricing expectations was temporary. In the third quarter 2009 survey 53% of home sellers in Illinois believe their homes should be priced 10-20% higher and 11% believe they should be priced 21-30% higher.

In the fourth quarter2009 Illinois home prices survey home sellers returned to the more moderate home price expectations that they had in the second quarter. Thirty-seven percent of Illinois home owners believe that their homes should be priced 10-20% higher and just 3% thought their homes should be priced 21-30% higher than their Realtors’ recommended listing price.

In the first quarter 2010 Illinois home prices survey 43% of home owners thought that their homes should be priced 10-20% higher than the recommended listing price. (see question 2).

An increasing percentage of Illinois home buyers believe that homes are more fairly priced than they were last year. Twenty one percent of Illinois home buyers believe that homes are fairly priced vs. 9% oIn the current survey 32% home buyers thought home prices were over valued by 10-20% vs 39% in the fourth quarter vs. 40% in the third quarter and 45% in the first quarter. Twenty one percent of Illinois home buyers now think homes are fairly priced vs. just 9% who thought so in the first quarter of 2009. (see question 3).

Just 18% of Illinois real estate professionals expect home prices to increase in their state over the next six months vs. 21% who thought so in the fourth quarter of 2009. Fifty-three percent of Illinois agents and brokers expect home prices in their state to decrease over the next six months vs. 42% who expected price decreases in the fourth quarter survey. (see question 6)

President Obama’s approval rating among Illinois agents and brokers fell in the first quarter with 53% disapproving his performance vs. 53% who approved his performance in the fourth quarter of 2009. (see question 10).

Set forth below is the 2009 and 2010 first quarter Illinois home prices data with the first quarter national data — click on each question to see complete results: