On 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 are releasing the New Jersey home prices survey data.
The second quarter New Jersey home values survey shows that home owners in the Garden State have reduced their valuation expectations with 25% of homeowners thinking that their homes are worth 10-20% more than their Realtors’ recommend vs. 68% who beleived the same in the first quarter.
Twenty-three pecent of New Jersey home buyers believe that homes are fairly priced vs. 8% who thought so in the first quarter. Still 59% of New Jersey home buyers believe that homes in their state are over priced, down however, from 76% who believed so in the first quarter.
The majority (52%) of surveyed New Jersey Realtors believe home prices will remain the same of the next six months vs. 64% of New Jersey Realtors who believed in the first quarter survey that home prices would decline.
Fifty-two of New Jersey Realtors believe that the Obama stimulus package has not had or will not have an impact on home prices and 50% strongly approve or somewhat approve of Obama’s performance as President, vs 57% of surveyed Realtors nationwide.
Set forth below is the New Jersey home values data with the national data in parenthesis: New Jersey/ (National)
1. On average, in the last year do you think your homeowner clients home values have:
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
Decreased: 82%/100% (84%/90%)
Increased: */0% (3%/2%)
Stay the same: 18%/0% (12%/8%)
2. On average, what do your homeowner clients believe that their home is worth?
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
10-20% higher: 25%/68% (35%/45%)
10-20% less: 5%/12% (8%/10%)
1-9% higher: 41%/* (24%/*)
1-9% less: 7%/* (9%/*)
21-30% higher: 5%/8% (8%/14%)
21-30% less: 2%/* (3%/*)
At listing price you recommend: 9%/4% (10%/14%)
More than 30% higher: */* (2%/4%)
More than 30% less: 7%/* (2%/1%)
3. How do your home buyer clients feel that homes for sale are priced?
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
Fairly priced: 23%/8% (19%/18%)
Overpriced by 10-20%: 34%/44% (30%/32%)
Overpriced by 21%+: 2%/0% (4%/10%)
Overpriced by less than 10%: 25%/28% (29%/21%)
Underpriced by 10-20%: 5%/4% (8%/14%)
Underpriced by 21-30%: 0%/4% (1%/2%)
Underpriced by 31%+: 0%/0% (1%/2%)
Underpriced by less than 10%: 11%/12% (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?
Q2NJ (Q2NAT)
Greater than 11-20%: 2% (7%)
Greater than 21%: 2% (3%)
Greater than 5-10%: 9% (10%)
Less than 11-20%: 18% (23%)
Less than 21-30%: 7% (5%)
Less than 5-10%: 50% (43%)
Little or no difference in price: 11% (8%)
5. What is the average difference in price between what the home is listed at and what the home sells for?
Q2NJ (Q2NAT)
Greater than 11-20%: 5% (4%)
Greater than 21%: 2% (2%)
Greater than 5-10%: 2% (5%)
Less than 11-20%: 30% (27%)
Less than 21-30%: 5% (4%)
Less than 5-10%: 55% (53%)
Little or no difference in price: 2% (5%)
6. In the next six months, do you think the values of homes in your market will:
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
Decrease: 27%/64% (29%/53%)
Increase: 20%/0% (22%/11%)
Stay the same: 52%/36% (49%/36%)
7. What percent of homes in your area are foreclosures?
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
Less than 10%: 30%/44% (26%/37%)
10%-20%: 30%/32% (15%/26%)
21%-30%: 18%/24% (12%/16%)
31%-50%: 14%/0% (7%/15%)
51%-75%: 5%/0% (3%/5%)
75%: 5%/0% (3%/2%)
8. What is the average home price in your area?
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
$151K-$300K: 48%/40% (56%/59%)
$301K-$500K: 32%/56% (20%/21%)
$501K-$800K: 2%/4% (5%/6%)
$801K+: 0%/0% (3%/2%)
Less than $150K: 18%/12% (16%/11%)
9. In your opinion, what impact has the Obama Stimulus package had or will have on home values this year?
Q2NJ/Q1NJ (Q2NAT/Q1NAT)
Decreased home prices: 14%/4% (8%/13%)
Increased home prices: 9%/0% (3%/4%)
No impact: 52%/60% (55%/45%)
Stabilized home prices: 25%/36% (34%/38%)
10. How do you think Barack Obama is performing in his role as President?
Q2NJ (Q2NAT)
Somewhat approve – 27% (31%)
Somewhat disapprove – 30% (19%)
Strongly approve – 23% (26%)
Strongly disapprove – 20% (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 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
Thanks for this comprehensive dose of information.
At least buyers feel that prices in the state are a bit more fairly priced. Hopefully that will bode well for homeowners, realtors and those companies that support them.
July 3rd, 2009 at 11:28 am
This is the great news for New Jersey’s people. I also want to buy a new house in New Jersey. This is very informative blog for me. Thanks for sharing it.
August 25th, 2011 at 1:55 am