Last week, HomeGain released the national and regional results of a survey of more than 1,150 current and former HomeGain members. The survey 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, New York home prices, New Jersey home prices, Illinois home prices, Georgia home prices,  Arizona home prices, North Carolina home prices, Virginia home prices and Washington home prices surveys.

Today we are releasing the Massachusetts home prices survey data.

Unlike home owners in the rest of the country, Massachussetts home owners have not lowered their pricing expectations. Three months ago, according to Massachussets Realtors surveyed, 29% of home owners believed that their homes were worth 10-20% more than the recommended listing price. In the current survey that percentage has risen to 31% (see question 2).

A greater percentage of potential home buyers in Massachussets now believe that homes are overpriced. In the first quarter HomeGain Realtor home prices survey 29% of home buyers thought home prices were over valued by 10-20%. In the current survey that percentage has risen to 35%. Three months ago 36% of Massachussets home buyers thought homes were fairly priced in their state vs. 31% who now believe so according to the current survey. (see question 3)

In the first quarter survey, 71% of Massachusetts Realtors believed that home prices would decline in the next six month. The current survey shows a decided shift in sentiment with only 35% of Massachusetts Realtors thinking that home prices will decline in the next six months and 58% believing they will stay the same.

Sixty-five pecent of Massachusetts Realtors somewhat approve or strongly approve of Obama’s performance as President vs. 57% of Realtors nationwide.

Set forth below is the Massachusetts home prices survey results with the national data in parenthesis:

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

Q2MA/Q1MA (Q2NA/Q1NA)

Decreased: 88%/100% (84%/90%)

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

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

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

Q2MA/Q1MA (Q2NA/Q1NA)

10-20% higher: 31%/29% (35%/45%)

10-20% less: 8%/7% (8%/10%)

1-9% higher: 35%/* (24%/*)

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

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

21-30% less: 0%/* (3%/*)

At listing price you recommend: 4%/0% (10%/14%)

More than 30% higher: 4%/14% (2%/4%)

More than 30% less: 0%/* (2%/1%)

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

Q2MA/Q1MA (Q2NA/Q1NA)

Fairly priced: 31%/36% (19%/18%)

Overpriced by 10-20%: 35%/29% (30%/32%)

Overpriced by 21%+: 4%/7% (4%/10%)

Overpriced by less than 10%: 31%/21% (29%/21%)

Underpriced by 10-20%: 0%/7% (8%/14%)

Underpriced by 21-30%: 0%/0% (1%/2%)

Underpriced by 31%+: 0%/0% (1%/2%)

Underpriced by less than 10%: 0%/0% (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?

Q2MA (Q2NA)

Greater than 11-20%: 15% (7%)

Greater than 21%: 4% (3%)

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

Less than 11-20%: 27% (23%)

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

Less than 5-10%: 31% (43%)

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

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

Q2MA (Q2NA)

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

Greater than 21%: 4% (2%)

Greater than 5-10%: 4% (5%)

Less than 11-20%: 19% (27%)

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

Less than 5-10%: 62% (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:

Q2MA/Q1MA (Q2NA/Q1NA)

Decrease: 35%/71% (29%/53%)

Increase: 8%/0% (22%/11%)

Stay the same: 58%/29% (49%/36%)

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

Q2MA/Q1MA (Q2NA/Q1NA)

Less than 10%: 42%/36% (26%/37%)

10%-20%: 42%/21% (15%/26%)

21%-30%: 4%/21% (12%/16%)

31%-50%: 4%/21% (7%/15%)

51%-75%: 4%/0% (3%/5%)

75%: 4%/0% (3%/2%)

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

Q2MA/Q1MA (Q2NA/Q1NA)

$151K-$300K: 50%/64% (56%/59%)

$301K-$500K: 19%/21% (20%/21%)

$501K-$800K: 19%/0% (5%/6%)

$801K+: 4%/0% (3%/2%)

Less than $150K: 8%/0% (16%/11%)

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

Q2MA/Q1MA (Q2NA/Q1NA)

Decreased home prices: 12%/14% (8%/13%)

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

No impact: 62%/57% (55%/45%)

Stabilized home prices: 27%/29% (34%/38%)

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

Q2MA(Q2NA)

Somewhat approve – 42% (31%)

Somewhat disapprove – 15% (26%)

Strongly approve – 23% (19%)

Strongly disapprove – 19% (24%)

* Data not available