On Monday May 18, HomeGain, the first company to provide free online instant home valuations, released the national and regional results of our survey of 1150 former and current HomeGain members. We asked their opinions on home prices and of President Obama’s performance as President. On this blog we published the national and regional 2nd Qtr results. This week we published the results of the California home prices, Texas home prices, Florida home prices, New York home prices, New Jersey home prices, and Illinois home prices surveys.
Today we release the results of the Arizona home prices survey.
Arizona is one of the states that has experieced the greatest depreciation in home prices in recent years. The values of Phoenix homes for sale have fallen fifty percent since 2006. Three months ago according to our home prices survey, 61% of Realtors believed that home values would continue their descent. In the recent home values survey just 24% of Realtors expect further declines in home prices in the next six months, with 52% believing that home values will stabilize. (see question 6)
An increasing percentage of Arizona home buyers believe that homes are overpriced with 32% believing that homes are 10-20% overvalued vs. 11% who believed so three months ago. (see question 3).
Thirty-five percent of Arizona home sellers continue to believe that their homes are worth 10-20% more than their Realtors’ recommend listing price (vs. 33% in the first quarter). Eight percent of Arizona home owners believe that their homes are worth 21-30% higher than the price their Realtors’ recommend. (vs. 17% in the first quarter).
Fifty-eight percent of Arizona Realtors somewhat approve or strongly approve of Obama’s performance as President vs. 57% of their national counterparts.
Set forth below is the Arizona home values data with the national data in parenthesis: Arizona/National
1. On average, in the last year do you think your homeowner clients home values have:
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
Decreased: 80%/89% (84%/90%)
Increased: 8%/6% (3%/2%)
Stay the same: 12%/6% (12%/8%)
2. On average, what do your homeowner clients believe that their home is worth?
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
10-20% higher: 35%/33% (35%/45%)
10-20% less: 8%/17% (8%/10%)
1-9% higher: 27%/* (24%/*)
1-9% less: 6%/* (9%/*)
21-30% higher: 8%/17% (8%/14%)
21-30% less: 3%/* (3%/*)
At listing price you recommend: 12%/11% (10%/14%)
More than 30% higher: 0%/6% (2%/4%)
More than 30% less: 2%/* (2%/1%)
3. How do your home buyer clients feel that homes for sale are priced?
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
Fairly priced: 23%/28% (19%/18%)
Overpriced by 10-20%: 32%/11% (30%/32%)
Overpriced by 21%+: 3%/6% (4%/10%)
Overpriced by less than 10%: 27%/11% (29%/21%)
Underpriced by 10-20%: 6%/33% (8%/14%)
Underpriced by 21-30%: 3%/6% (1%/2%)
Underpriced by 31%+: 0%/0% (1%/2%)
Underpriced by less than 10%: 6%/6% (5%/5%)
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?
Q2AZ (Q2NAT)
Greater than 11-20%: 6% (7%)
Greater than 21%: 2% (3%)
Greater than 5-10%: 9% (10%)
Less than 11-20%: 21% (23%)
Less than 21-30%: 2% (5%)
Less than 5-10%: 47% (43%)
Little or no difference in price: 14% (8%)
5. What is the average difference in price between what the home is listed at and what the home sells for?
Q2AZ (Q2NAT)
Greater than 11-20%: 3% (4%)
Greater than 21%: 3% (2%)
Greater than 5-10%: 2% (5%)
Less than 11-20%: 26% (27%)
Less than 21-30%: 2% (4%)
Less than 5-10%: 58% (53%)
Little or no difference in price: 8% (5%)
6. In the next six months, do you think the values of homes in your market will:
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
Decrease: 24%/61% (29%/53%)
Increase: 24%/11% (22%/11%)
Stay the same: 52%/28% (49%/36%)
7. What percent of homes in your area are foreclosures?
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
Less than 10%: 35%/33% (26%/37%)
10%-20%: 27%/17% (15%/26%)
21%-30%: 12%/17% (12%/16%)
31%-50%: 15%/6% (7%/15%)
51%-75%: 11%/11% (3%/5%)
75%: 0%/17% (3%/2%)
8. What is the average home price in your area?
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
$151K-$300K: 56%/72% (56%/59%)
$301K-$500K: 15%/12% (20%/21%)
$501K-$800K: 5%/0% (5%/6%)
$801K+: 2%/0% (3%/2%)
Less than $150K: 23%/17% (16%/11%)
9. In your opinion, what impact has the Obama Stimulus package had or will have on home values this year?
Q2AZ/Q1AZ (Q2NAT/Q1NAT)
Decreased home prices: 6%/6% (8%/13%)
Increased home prices: 2%/6% (3%/4%)
No impact: 56%/61% (55%/45%)
Stabilized home prices: 36%/28% (34%/38%)
10. How do you think Barack Obama is performing in his role as President?
Q2AZ (Q2NAT)
Somewhat approve – 35% (31%)
Somewhat disapprove – 14% (19%)
Strongly approve – 23% (26%)
Strongly disapprove – 29% (24%)
* Data not available
See National and Regional Survey Results
Try HomeGain’s Instant Home Values tool
Check Arizona home prices
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
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