HomeGain Releases 1st Quarter 2010 Texas Home Prices Survey Results

Posted by: Louis Cammarosano on March 26th, 2010

Earlier this week, HomeGain, one of the first companies to provide free instant home valuations online, released the first quarter results of our nationwide survey of over 1,400 HomeGain current and former members. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this blog we also published the complete national results and regional results including commentary of real estate professionals.

Yesterday we also published the results of the first quarter 2010 California home prices survey.

texas-state1

The Texas results reflect a far more optimistic view of the direction of home prices in the Lone Star State. Forty-one percentage of surveyed real estate agents and brokers believe that home values will increase in their state vs. 11% who believe they will decrease. This contrasts sharply with the national results where 23% think home prices will increase vs. 29% think that home prices will decrease.The national results of the first quarter survey of Realtors on home values painted a very pessimistic picture. The 1st quarter Texas survey data, however, revealed far less pessimism. In the second quarter the national results indicated some improvement in the housing market, while Realtors in Texas believed their markets to be relatively stable.

Texas home owners reduced their valuation expectations in the third quarter survey. Seventy-three percent of Texas homeowners in the third quarter believed their homes were worth either what their Realtors recommended or within 1-9% higher or lower vs. 45% who believed the same in the second quarter. (see question 2). In the fourth quarter 2009 Texas home prices survey, however, Texans started to think their homes were worth more than their Realtors were telling them with 36% percent thinking their homes are worth 10-20% more than the Realtor recommended listing prices vs. 23% who thought so in the third quarter. In the current survey 72% of Texas home owners believed their homes are worth more than their Realtors’ recommended listing price. (see question 2)

Sixty-six percent of home buyers in Texas now believe that home prices are either fairly priced or over valued by less than 10% , down from 69% who so believed in the fourth quarter of 2009. (see question 3)

Forty-one% of Texas real estate agents and brokers think home prices will increase over the next six months and 11% think that they will decrease. (see question 6)

President Obama’s approval rating among Texas Realtors dropped to 42% with 38% of Texas Realtors “strongly disapproving” and 20% “somewhat disapproving” of the President’s performance. (see question 10)

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