Thirty-nine percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Sixty-four percent disapprove of Obama’s performance as President.
HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide first quarter 2011 home values survey. Over 750 real estate agents and brokers and over 1,600 homeowners were surveyed.
Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the middle of the year. Thirty-nine percent of agents and brokers and thirty percent of homeowners think that home values will decrease over the next six months.
In the fourth quarter 2010 HomeGain National Home Values Survey, forty-six percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.
Forty-four percent of real estate agents and brokers and 46 percent of homeowners think that home values will remain the same in the coming six months.
Seventeen percent of real estate professionals expect home values to increase in the next six months, up from 12 percent last quarter. Twenty-four percent of homeowners expect home values to increase in the next six months, up from 22 percent last quarter.
According to surveyed agents and brokers, 76 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 69 percent of home buyers believe homes are overpriced.
“Optimism regarding the direction of home prices among real estate professionals remains muted and relatively unchanged from last quarter. Home buyers and sellers continue to disagree on what homes are worth with buyers expecting lower prices and sellers continuing to believe their homes are worth more than their agents and brokers are telling them,” said Louis Cammarosano, General Manager of HomeGain.
Forty-nine percent of agents and brokers surveyed indicated that they “strongly disapproved” and 19 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 68 percent disapproval rating versus the 67 percent disapproval rating of agents and brokers surveyed in the fourth quarter last year. Last quarter the President had a 67 percent disapproval rating among agents and brokers.
Forty-three percent of agents and brokers surveyed indicated that they “strongly disapproved” and 21 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 64 percent disapproval rating versus the 58 percent disapproval rating of agents and brokers surveyed in the first quarter last year. Last quarter the President had a 68 percent disapproval rating among agents and brokers.
Thirty-nine percent of homeowners “strongly disapproved” and 19 percent “somewhat disapproved” of the President’s performance, earning him a 58 percent disapproval rating. The President had a 60 percent disapproval rating last quarter among surveyed homeowners with 42 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain First Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 52 percent with an average of 39 percent “strongly disapproving” of his performance.
Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:
Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:
The survey was conducted from March 1-8, 2011.
View all prior HomeGain national and state home prices surveys.
The first quarter 2011 regional results are available by clicking here.
Set forth below are the results of the first quarter 2010 and 2011 national home prices survey as well as the results of the fourth quarter 2010 survey. Also set forth below for selected questions is the national home owner response data for the first quarter of 2011. Click on each question to see complete results:
Questions and National 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?
Commentary From Question 1 — Have home prices increased, decreased or stayed the same in the last year?
“Our local market is showing signs that it’s starting to stabilize. Our hope is the increasing interest rates don’t start us back down.”
“”Psychology says that things are always bleakest at the bottom and we believe we are at the bottom of the real estate cycle. Improvement will require looser lending and lower credit card interest rates.”
“In some areas of the Orange county market it seems as prices are stabilizing even appreciating, while in other areas we continue to see a weak market with home prices continuing to depreciate.”
“This market seems to have stagnated. Home prices are staying the same, no increase or decrease.”
“Our home was appraised at $360,000+ in 2005, so we put it up for sale in 2010 for $325,000. In 5 really short months it has gone down to $275,000, and we still have no takers.” – Homeowner in Washington (state)
“My beautiful home is now worth significantly less than what it cost me to build it back in 1999. My neighborhood has changed in so many ways over the course of that time. Poor lending practices have destroyed many nice neighborhoods in this country and now there is no way out for people like me that take good care of their homes and regard their home as a lifetime investment. Going back to 20% down to buy will restore investment in home-ownership. Zero down means nothing to lose. When one is invested, it makes all the difference and our neighborhoods thrive.” – Homeowner in Florida
Overall, 78% of home sellers believe their homes are worth more than their agents’ recommended selling price.
Overall, 68% of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced.
See regional results
Commentary From Question 3 — How do buyers feel that homes for sale are priced?
“Conflicting messages continue to confuse buyers & sellers. Too much focus remains on buyers obtaining the absolute bottom line price, without regards for the unintended consequences for neighboring homes.”
“Your new home will be your castle so don’t expect to pay only for a dog house.”
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?
“Only about 50 percent of my listings have actually sold because many sellers refuse to take my advice on pricing. Then they move on to another agent, and another agent. -Pam Primiani, Keller Williams Realty, Cherry Hill NJ
Overall, nationwide, agents indicate that 84% of homes sell for less than the price they are listed at.
Overall, the majority of agents and brokers think home prices will stay the same in the next six months.
Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?
“I think the economy is stabilizing, and people are slowly coming back to the real estate market. People are still looking for bargains however, and when the prices start to move up, I think things will start to move quickly.”
“It is believed that home prices will decline slightly in the coming months. Buyers are advised to strongly consider purchasing now to take advantage of the lowest ever mortgage rates.” - Randall Wiggins, NuView Realty, Inc.
“Home prices will continue to climb despite media declarations to the contrary. Buying a home will cost more to those who wait.” – John Accornero, Prudential California, Realty
“I’ve had a few buyers question me about the proposed elimination of the Mortgage Interest Tax Credit. Those buyers feel prices will fall drastically.” - Richard Daskam, Keller Williams Realty
“We are influenced heavily by the nearby military base. We lost a squadron and until another is brought in our market will probably experience more of a decline in prices.”
“The banks in my area are selling their homes at distressed prices which is causing home prices to drop and buyers to think homes are over valued.”
“We have seen an increase in sales and showings in the past month and a half. Signs are looking up for a busy Spring season.”
“Prices are definitely stabilizing although certain market sectors have yet to find the bottom. Yet in other market sectors, properties price well are seeing multiple offers.”
“I believe that the market will drop again after this spring market.”
“We have put a lot of time, effort and money into our home over the past year and I believe this has aided in the value of our home. However it is far from where it would be based on what we paid for it seven years ago.” – Homeowner in Michigan
“I believe home prices will remain at or near flat for the next 6 months in the New York City region. Unemployment is a key factor in the recovery of home prices.” – Homeowner in New York
“Home prices will stay stable until QE2 expires.” – Homeowner in Illinois
Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?
“Need to stop foreclosures and get people jobs.”
“Our market is still being controlled by bank foreclosures and short sales.” - Cel Durant, Davis & Davis Associates
“Major banks are predicting this year will top last year for foreclosures. This will also contribute to a decrease in overall property value.” - Rosemarie Rivicci, Appleseed Homes
“There are a huge number of foreclosures coming on our market now, with even more to come over the spring & summer.” – Homeowner in Tennessee
Agent Commentary From Question 9 — In the past three months, what percentage of your clients were first-time buyers?
“First Time Homebuyers need to get back into the home buying process and increasing their closing costs and costs to buy are not helping – FHA buyers with good credit and time on the job were not the problem, stop fixing something that was not broken.”
“I am disappointed with the difficulty 1st time buyers are having getting a loan. Ever changing rules and requirements make it very frustrating for agents and their clients.” – Carol Wilson, RE/MAX Select, REALTORS
“Lending has become extremely conservative, no programs for 1st time buyers and sellers are losing alot of their equity in this market, if they can even sell, as most sellers are upside down.”
“Buyers listen to CNN and other network news, they hear these numbers, and they think it must be so locally, and nothing can be further than the truth.”
“Reform might be great, but this cumbersome journey to be accepted for a loan is more than many first time buyers can handle.” – Marilou Strickland, Lamprey River Real Estate
“I see 6 years of pent up demand, the only thing holding it off is the current govenment and banks too afraid of lending.”
Overall, 64% of surveyed real estate agents and brokers disapprove of President Obama’s performance.
Forty-three percent of agents and brokers surveyed indicated that they “strongly disapproved” and 21 percent “somewhat disapproved” of Barack Obama’s performance as President earning him a 64 percent disapproval rating vs. the 68 percent disapproval rating of agents and brokers surveyed in the fourth quarter of 2010. In the first quarter 2010 HomeGain survey, the President had a 58% disapproval rating from agents and brokers.
Thirty-nine percent of home owners “strongly disapproved” and 19 percent “somewhat disapproved” of the President’s performance earning the President a 58 percent disapproval rating. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain survey indicated that President’s disapproval rating was 52 percent with an average of thirty-nine percent “strongly disapproving” of the President’s performance.
Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?
“Total mishandling of the real estate meltdown. Assistance was needed by people and for less money could have given needy an exit and cover some losses to banks to offset their pain.”
“He is doing the best with what he was left with!”
“Obama has continued to create uncertainty in the market. Hamp and Hafa have not gotten the results we need to stabilize the Real Estate market. His new proposals for decreasing equity positions is doomsday for the market.” - Mike Costanza
“I believe Obama is a Muslim set on destroying this country and if he is not a Muslim, he is the product of our very flawed education system.” – Jerry Wood, RE/MAX Northwest, Inc.
“Obama didn’t make this mess, but he’s still in the pocket of Wall Street.”
“Obama inherited all of this and is busting his butt to try to fix it. It will take time since the system has been so screwed up for years.”
“Mr. Obama has no financial or management experience whatsoever. He is relying on his Socialist friends for the wrong direction of the country.”
“Government attempts to solve the housing crisis are about 30% effective in my opinion. The big banks and politicians are too cozy. They’re the only ones that made out on the tarp funds debacle.”
“Obama is NOT a businessman, has no clue how to run a business. Does anyone in their right mind think that spending more than one makes works? Let a businessman run for President. Enough already!” – Karen Brooks, San Juan Realty
“We need a strong leader to stop this overspending and get our fiscal house in order.” - Bethanne Baer, Keller Williams
“The powers in Washington need to hear from those of us with ‘boots on the ground’ and that included NAR representatives. In the field we see the end product of the decisions made by the Big Banks & Government.”
“Economy was bad before President Obama became President, but bail outs for banks, car dealerships, etc. have not helped anyone.”
“From a real estate perspective, this president bought a giant fixer upper” and needs time and resources to make it beautiful again.”
“The president can not do but so much. The president before him, did most of the damage. So, you all want the president to fix things in a jiffy. It does not work like that.” – Homeowner in Georgia
“Although I do not agree with the President’s approach in many areas, home values are decreasing due to the irresponsibility and overall greed of the banking system. They allowed people to purchase homes who could not afford them and when these people defaulted, we all suffered. These financial ‘wizards’ should face jail time for what they did to the people who mistakenly believed they could afford their houses down the road. If it isn’t illegal, it is ceratinly immoral to treat people this way, not to mention the backlash on the rest of us.”
“One man cannot singlehandedly right the wrongs resulting from the overwhelming greed of the already wealthy individuals who get a free ride at the expense of us so-called middle class. We are rapidly descending to lower class despite all of our efforts to simply keep afloat.” – Homeowner in Arizona
“I believe the president and congress have done what they had to do to keep the economy from cratering, but I am deeply concerned about looming inflation.” – Homeowner in Oklahoma
“I feel that this ’Market Correction’ has a long way to go yet . The big corporations have got their fingers in the cash register even after the masive bail-out. They created this problem by telling the ” credit hungry ” people that they had much more equity than they really had and let’s be honest, THEY SHOULD BE HELD ACCOUNTABLE along with all of the government departments involved in monitoring or in anyway involved in the housing system in this country . Of course this was also snowballed around the world where greed got first place over HELPING people succeed in their search for their dreams of home ownership . THIS will come around and HAUNT the thieves eventually. Bernie Madhoff can tell you that.” – Homeowner in Oregon
*Regions are divided as follows:
- Northeast: Maine, New Hampshire, Massachusetts, 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 Tennessee
- 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, Utah, Idaho and Montana
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