According to the recent survey, Virginia home sellers continue to believe their homes are worth more than their agents’ recommended listing price. Seventy-eight percent of Virginia home owners believe their homes are worth more than their agents” recommended listing price vs. 82% who thought so in the Virginia 2009 fourth quarter home prices survey. Thirty-eight  percent of Virginia home sellers thought their homes should be priced 10-20% higher than their agents” recommended listing price.

In the second quarter Virginia home prices survey, 46% of Virginia home owners thought their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the third quarter 2009 Virginia home prices survey 29% of home owners thought their homes should be priced 10-20% higher and in the fourth quarter 47% thought their homes should be prices 10-20% higher (see question 2).

While Virginia home sellers are lowering their home price valuation expectations, Virginia buyers still believe home prices are over valued. Sixty-sevent percent of Virginia home buyers, believe that homes in their state are over priced, vs. 68% in the fourth quarter of 2009, 51% in the third quarter and 58% the second quarter. Twenty-one percent of Virginia home buyers believe that homes in their state are fairly valued vs. 23% in the fourth quarter of 2009,  17% in the third quarter and 22% in the second quarter (see question 3).

Twenty-three percent of Virginia agents and brokers believe that home prices will decline over the next six months vs. 21% who believed so in the fourth quarter of 2009, 40% who so believed so in the third quarter and 41% in second quarters. Fifty-eight percent of Virginia agents and brokers believe home prices will stay the same in the coming six months vs. 58% who believed the same in the fourth quarter of 2009 vs. 46% who believed so in the third quarter and 35% who thought the same in the second quarter. Nineteen percent of Virginia agents and brokers think home prices will increase in the next six months vs. 21% who thought so in the fourth quarter of 2009 vs.  14% who thought so in the third quarter and 24% who so thought in the second quarter. (see question 6).

President Obama’s approval rating continues to be negative with 61% of surveyed agents and brokers in Old Dominion disapproving of the Presidents performance vs. a 62% disapproval rating in the fourth quarter of 2009 and a 60% disapproval rating in the third quarter. (see question 10).