HomeGain Releases 2nd Qtr New York Home Prices Survey Data

Posted by: Louis Cammarosano on May 21st, 2009

On 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. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President.  On the HomeGain 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 and Florida home prices surveys.

Today we are releasing the New York home prices survey data.

The survey data shows that New York experienced its home prices decline later than the rest of the country. In the first quarter New York home values survey 20% of Realtors surveyed believe that the value of their homeowner clients homes actually increased over the past year vs. only 3% who believed the same in the current quarter.

Despite the recent home price depreciation in New York, Realtors from the Empire State were more optimistic than their national counterparts on the direction of home prices. Thirty-six percent of New York Realtors surveyed believe that home values will rise in the next six months vs. 22% of Realtors surveyed nationally.  (Question 6)

In the first quarter New York home prices survey,  66% of Realtors expected home prices to decline in the next six months. In the current survey just 24% of New York Realtors expect home prices to decline in the next six months.

Fifty-four percent of New York homebuyers believe that home prices in their state are fairly or undervalued vs. 34% of the national home buyers who believe the same.  (Question 2).

Sixty-seven percent of New York realtors believe that the Obama Stimulus Package has had or will not have any impact on property values vs. 55% of Realtors nationally who believe the same.

Fifty-four percent of New York Realtors strongly or somewhat approve of Obama’s performance as President vs. 57% nationally.

Set forth below is the New York home prices data with the national data in parenthesis:

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

Q2NY/Q1NY (Q2NA/Q1NA)

Decreased: 85%/79% (84%/90%)

Increased: 3%/20% (3%/2%)

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

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

Q2NY/Q1NY (Q2NA/Q1NA)

10-20% higher: 36%/46% (35%/45%)

10-20% less: 12%/6% (8%/10%)

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

1-9% less: 6%/4% (9%/*)

21-30% higher: 12%/21% (8%/14%)

21-30% less: 12%/* (3%/*)

At listing price you recommend: 9%/21% (10%/14%)

More than 30% higher: */8% (2%/4%)

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

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

Q2NY/Q1NY (Q2NA/Q1NA)

Fairly priced: 21%/16% (19%/18%)

Overpriced by 10-20%: 24%/33% (30%/32%)

Overpriced by 21%+: 6%/4% (4%/10%)

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

Underpriced by 10-20%: 15%/21% (8%/14%)

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

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

Underpriced by less than 10%: 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?

Q2NY (Q2NA)

Greater than 11-20%: 9% (7%)

Greater than 21%: * (3%)

Greater than 5-10%: 15% (10%)

Less than 11-20%: 21% (23%)

Less than 21-30%: 6% (5%)

Less than 5-10%: 42% (43%)

Little or no difference in price: 6% (8%)

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

Q2NY (Q2NA)

Greater than 11-20%: 3% (4%)

Greater than 21%: * (2%)

Greater than 5-10%: 6% (5%)

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

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

Less than 5-10%: 55% (53%)

Little or no difference in price: 9% (5%)

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

Q2NY/Q1NY (Q2NA/Q1NA)

Decrease: 24%/67% (29%/53%)

Increase: 36%/12% (22%/11%)

Stay the same: 39%/21% (49%/36%)

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

Q2NY/Q1NY (Q2NA/Q1NA)

Less than 10%: 42%/66% (26%/37%)

10%-20%: 21%/25% (15%/26%)

21%-30%: 6%/0% (12%/16%)

31%-50%: 15%/0% (7%/15%)

51%-75%: 6%/4% (3%/5%)

75%: 9%/0% (3%/2%)

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

Q2NY/Q1NY (Q2NA/Q1NA)

$151K-$300K: 58%/32% (56%/59%)

$301K-$500K: 24%/33% (20%/21%)

$501K-$800K: 3%/23% (5%/6%)

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

Less than $150K: 15%/12% (16%/11%)

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

Q2NY/Q1NY (Q2NA/Q1NA)

Decreased home prices: 9%/17% (8%/13%)

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

No impact: 67%/50% (55%/45%)

Stabilized home prices: 21%/33% (34%/38%)

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

Q2NY (Q2NA)

Somewhat approve – 33% (31%)

Somewhat disapprove – 21% (19%)

Strongly approve – 21% (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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