According to the home values survey, North Carolina home owners significantly tempered their home valuation expectations. In the first quarter survey North Carolina Realtors thought that 63% of their home owner clients believed that their homes should be listed 10-20% higher than they recommended. In the current survey, 27% of North Carolina home owners believed that their homes should be listed 10-20% higher that their Realtors’ recommended listing price. (see question 2)

A greater percentage of North Carolina home buyers now believe that homes are more reasonably priced.  In the first quarter survey 63% of North Carolina buyers thought that homes were overvalued, with 37% thinking that homes were over priced by 10-20% and 26% thinking that homes were over priced by less than 10%. In the current survey 56% of  home buyers believe that homes are overpriced, with 24% thinking that homes were over priced by 10-20% and 32% thinking that homes were over priced by less than 10%. (see question 3)

North Carolina Realtors expressed increased optimism on the direction of home prices. In the first quarter 48% of North Carolina Realtors thought that home prices would decline in the next six month. In the current survey, only 22% expected home values to decline in the next six months with the majority or North Carolina Realtors (51%) believing that home prices would stay the same over the next six months. (see question 6)

Fifty-eight percent of North Carolina Realtors strongly approve (34%)  or somewhat approve (24%) of Obama’s performance as President. (see question 10)

Set forth below is the North Carolina home prices survey data with the national data in parenthesis:

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

Decreased: 80%/81% (84%/90%)

Increased: 5%/7% (3%/2%)

Stay the same: 15%/11% (12%/8%)

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

10-20% higher: 27%/63% (35%/45%)

10-20% less: 12%/15% (8%/10%)

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

1-9% less: 10%/* (9%/*)

21-30% higher: 15%/11% (8%/14%)

21-30% less: 2%/* (3%/*)

At listing price you recommend: 10%/11% (10%/14%)

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

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

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

Fairly priced: 15%/19% (19%/18%)

Overpriced by 10-20%: 24%/37% (30%/32%)

Overpriced by 21%+: 7%/0% (4%/10%)

Overpriced by less than 10%: 32%/26% (29%/21%)

Underpriced by 10-20%: 7%/15% (8%/14%)

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

Underpriced by 31%+: 7%/0% (1%/2%)

Underpriced by less than 10%: 5%/4% (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?

Q2NC (Q2NAT)

Greater than 11-20%: 5% (7%)

Greater than 21%: 10% (3%)

Greater than 5-10%: 20% (10%)

Less than 11-20%: 15% (23%)

Less than 21-30%: 2% (5%)

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

Little or no difference in price: 7% (8%)

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

Q2NC (Q2NAT)

Greater than 11-20%: 0% (4%)

Greater than 21%: 5% (2%)

Greater than 5-10%: 2% (5%)

Less than 11-20%: 29% (27%)

Less than 21-30%: 7% (4%)

Less than 5-10%: 56% (53%)

Little or no difference in price: 0% (5%)

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

Decrease: 22%/48% (29%/53%)

Increase: 27%/19% (22%/11%)

Stay the same: 51%/33% (49%/36%)

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

Less than 10%: 39%/63% (26%/37%)

10%-20%: 27%/33% (15%/26%)

21%-30%: 15%/4% (12%/16%)

31%-50%: 10%/0% (7%/15%)

51%-75%: 10%/0% (3%/5%)

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

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

$151K-$300K: 66%/85% (56%/59%)

$301K-$500K: 12%/7% (20%/21%)

$501K-$800K: 2%/0% (5%/6%)

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

Less than $150K: 20%/7% (16%/11%)

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

Q2NC/Q1NC (Q2NAT/Q1NAT)

Decreased home prices: 7%/19% (8%/13%)

Increased home prices: 0%/6% (3%/4%)

No impact: 46%/59% (55%/45%)

Stabilized home prices: 46%/22% (34%/38%)

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

Q2NC (Q2NAT)

Somewhat approve - 34% (31%)

Somewhat disapprove - 13% (26%)

Strongly approve - 24% (26%)

Strongly disapprove - 28% (24%)

* Data not available