HomeGain Releases 2nd Qtr Illinois Home Prices Survey Data

Posted by: Louis Cammarosano on May 22nd, 2009

On Monday May 18, HomeGain, the first company to provide free online instant home valuationsreleased the national and regional results of a survey of more than 1150 current and former HomeGain members. We asked their opinions on home prices and what they thought of President Obama’s performance as President.  On this real estate blog we published the national and regional 2nd Qtr results.  Earlier this week we published the results of the California home prices, Texas home prices, Florida home prices and New York home prices surveys.

Today we are releasing the Illinois home prices survey data.

The Illinois survey data shows a sharp drop in the percentage of sellers who believe that their homes should be priced higher than the Realtor recommended listing price. In the first quarter Illinois home values survey,  21% of home sellers believed their homes should be priced 21-30% higher than the Realtor recommended listings price vs. 6% in the current survey. (see question 2)

According to the second quarter Illinois home prices survey results, a lesser percentage of Illinois home buyers believe that Illinois homes are over priced with 18% of home buyers believing that homes are fairly priced vs 9% who believed so in the first quarter. Forty-five percent of Illinois home buyers in the first quarter believed that home were overpriced by 10-20% vs. 33% in the second quarter. (see question 3)

Illinois Realtors were far more pessimistic about the direction of home values with 49% of them thinking that homes would decrease in value in the next six months vs. 29% of Realtors nationwide. (see question 6)

Forty-six percent of Illinois Realtors somewhat or strongly approve of President Obama’s  performance as President vs. 57% of Realtors nationwide who somewhat or strongly approve of the former Illinois Senator’s performance as President. (see question 10)

Set forth below is the Illinois home prices data with the national data in parenthesis:  Illinois (National)

1. On average, in the last year do you think your homeowner clients home values have:

Q2IL/Q1IL (Q2NAT/Q1NAT)

Decreased: 94%/97% (84%/90%)

Increased: 0%/3% (3%/2%)

Stay the same: 6%/0% (12%/8%)

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

Q2IL/Q1IL (Q2NAT/Q1NAT)

10-20% higher: 37%/51% (35%/45%)

10-20% less: 12%/12% (8%/10%)

1-9% higher: 20%/* (24%/*)

1-9% less: 4%/12% (9%/*)

21-30% higher: 6%/21% (8%/14%)

21-30% less: 4%/* (3%/*)

At listing price you recommend: 8%/0% (10%/14%)

More than 30% higher: 2%/0% (2%/4%)

More than 30% less: 6%/3% (2%/1%)

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

Q2IL/Q1IL (Q2NAT/Q1NAT)

Fairly priced: 18%/9% (19%/18%)

Overpriced by 10-20%: 33%/45% (30%/32%)

Overpriced by 21%+: 4%/* (4%/10%)

Overpriced by less than 10%: 24%/21% (29%/21%)

Underpriced by 10-20%: 8%/15% (8%/14%)

Underpriced by 21-30%: 4%/6% (1%/2%)

Underpriced by 31%+: */* (1%/2%)

Underpriced by less than 10%: 8%/* (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?

Q2IL (Q2NA)

Greater than 11-20%: 14% (7%)

Greater than 21%: 4% (3%)

Greater than 5-10%: 12% (10%)

Less than 11-20%: 20% (23%)

Less than 21-30%: 4% (5%)

Less than 5-10%: 41% (43%)

Little or no difference in price: 4% (8%)

5. What is the average difference in price between what the home is listed at and what the home sells for?

Q2IL (Q2NA)

Greater than 11-20%: 4% (4%)

Greater than 21%: 4% (2%)

Greater than 5-10%: 10% (5%)

Less than 11-20%: 24% (27%)

Less than 21-30%: 10% (4%)

Less than 5-10%: 43% (53%)

Little or no difference in price: 4% (5%)

6. In the next six months, do you think the values of homes in your market will:

Q2IL/Q1IL (Q2NA/Q1NA)

Decrease: 49%/52% (29%/53%)

Increase: 20%/9% (22%/11%)

Stay the same: 31%/39% (49%/36%)

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

Q2IL/Q1IL (Q2NA/Q1NA)

Less than 10%: 16%/36% (26%/37%)

10%-20%: 27%/36% (15%/26%)

21%-30%: 8%/15% (12%/16%)

31%-50%: 18%/9% (7%/15%)

51%-75%: 8%/3% (3%/5%)

75%: 6%/0% (3%/2%)

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

Q2IL/Q1IL (Q2NA/Q1NA)

$151K-$300K: 37%/54% (56%/59%)

$301K-$500K: 31%/27% (20%/21%)

$501K-$800K: 4%/6% (5%/6%)

$801K+: 8%/3% (3%/2%)

Less than $150K: 20%/9% (16%/11%)

9. In your opinion, what impact has the Obama Stimulus package had or will have on home values this year?

Q2IL/Q1IL (Q2NA/Q1NA)

Decreased home prices: 6%/12% (8%/13%)

Increased home prices: 4%/0% (3%/4%)

No impact: 57%/42% (55%/45%)

Stabilized home prices: 33%/45% (34%/38%)

10. How do you think Barack Obama is performing in his role as President?

Q2IL (Q2NA)

Somewhat approve – 22% (31%)

Somewhat disapprove – 29% (19%)

Strongly approve – 24% (26%)

Strongly disapprove – 24% (24%)

* Data not available

See National and Regional Survey Results

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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 surveyGeorgia 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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