HomeGain Releases 2010 1st Quarter Arizona Home Prices Survey Results

Posted by: Louis Cammarosano on April 6th, 2010

Last month, HomeGain, one of the first companies 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. Our survey asked real estate agents and brokers their opinions on home values and what they thought of President Obama’s performance as President. 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 , New Jersey home prices survey , Illinois home prices survey, Georgia home prices survey and Pennsylvania home prices survey results.

Today we are also releasing the results of the 2010 1st quarter Arizona home prices survey.

Arizona has experienced some of the greatest depreciation in home prices in recent years. The values of Phoenix homes for sale have fallen fifty percent since 2006. Conditions in Arizona appear to be improving or stabilizing. In the 2nd quarter 2009 survey 61% of Arizona agents and brokers thought home prices in their state would decrease vs. 16% in 4th quarter 2009 Arizona home prices survey. In the current survey 26% of Arizona agents and brokers believe home prices will decrease over the next six months.

According to our 2009 2nd quarter Arizona home prices survey, 24% of Arizona Realtors expected home prices to increase in the next six months vs. just 11% of Realtors who expected an increase in home values in the first quarter survey. Twenty-eight percent of Arizona Realtors surveyed in the 2009 third and fourth quarter surveys expected home prices to rise in the next six months. Forty-seven percent of Arizona agents and brokers expected prices to remain the same in the 2009 Arizona third quarter home prices survey and 56%  believed home prices would stay the same in the 2009 fourth quarter survey.

In the current survey 52% of Arizona real estate professionals expect home prices to stay the same over the next six month and 22% expect them to increase. (see question 6)

Forty-four percent of Arizona home buyers believe that homes are fairly priced vs. 51% who  so believed in the fourth quarter of 2009, vs. 39% in the third quarter and 23% in the second quarter. Thirteen percent of Arizona home buyers believed that homes were 10-20% overpriced in the fourth quarter of 2009, vs. 32% who so believed in the second quarter. In the current survey 15% of Arizona agents and brokers believe homes are over priced by 10-15%.(see question 3)

While Arizona home buyers think home prices are becoming more reasonable, Arizona home sellers continue to believe their homes should be priced higher than their Realtors’ recommended listing price. In the fourth quarter of 2009, 46% of  Arizona home sellers believed that their homes should be priced 10-20% higher than their Realtors’ recommended listing price down slightly from 50% who so believed in the third quarter and 35% in the second quarter. Forty-five percent of Arizona home sellers in the current survey continue to believe their homes should be priced 10-20% higher (see question 2).

Arizona agents and brokers continue to give the President poor marks with 72% disapproving his performance as President up slightly from 71% who disapproved of the President’s performance in the fourth quarter of 2009. Sixty-four percent disapproved of Obama’s performance as President in the third quarter with 58% “strongly disapproving”. In the national survey 58% of Realtors disapproved of Obama’s performance. In the second quarter, 58% of Arizona Realtors somewhat approved or strongly approved of Obama’s performance as President vs. 57% of their national counterparts. (see question 10)

Set forth below is the 2009 and 2010 first quarter Arizona home values data with the first quarter 2010 national data:

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

Question 1:

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

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

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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 house?

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* Dash denotes no related data

Question 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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* Dash denotes no related data

Question 6:

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Question 7. What percent of homes in your area are foreclosures?

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

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Question 9:

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* Dash denotes no related data

Question 10:

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* Dash denotes no related data

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check Arizona home prices on Homegain.com

Phoenix home prices

Tucson home prices

Mesa home prices

Glendale home prices

Chandler home prices

Scottsdale home prices

Gilbert home prices

Tempe home prices

Peoria home prices

Flagstaff home prices

Yuma home prices

Prescott home prices

Maricopa home prices

Sun City West home prices

Paradise Valley home prices

Phoenix homes for sale

Phoenix real estate

View Arizona homes for sale

Search Arizona real estate

Find U.S. homes for sale and search U.S. real estate

Join the Phoenix real estate discussion on HomeGain Nation

HomeGain real estate home values survey results are based on responses of over 1,150 Realtors in the United States. State survey results for Q2 are available for the following states : Texas home prices survey, Florida home prices survey, California home prices survey, New York home prices survey, New Jersey home prices survey, Georgia home prices survey, Arizona home prices survey, North Carolina home prices survey,Virginia home prices survey , Massachusetts home prices survey ,Washington home prices survey,Colorado home prices survey

Louis Cammarosano

homegain.com

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