HomeGain Releases 2nd Qtr Virginia Home Prices Survey Data

Posted by: Louis Cammarosano on May 25th, 2009

Early last week, HomeGain released 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, Florida home prices, New York home prices, New Jersey home prices, Illinois home prices, Georgia home pricesArizona home prices and North Carolina home prices surveys.

Today we are releasing the Virginia home prices survey data.

According to the recent survey, Virginia home buyers do not believe home prices in their state are that unreasonable. Twenty-two percent of Virginia home buyers believe homes are fairly priced vs. 6% who believed the same according to the first quarter Virginia home values survey.  Fourteen percent of Virginia home buyers believe that homes are underpriced by 10-20%. (see question 3).

Homeowners in Virginia continue to believe in large percentages that their homes are worth more than their Realtors’ are telling them with 46% of Virginia home sellers thinking that their homes are worth 10-20% higher than their Realtors’ recommended listing price.  Eleven percent of Viginia home owners believe their homes are worth 21-30% higher than their Realtors recommend they list them for vs. 6% who believed the same in the first quarter. (see question 2).

In the first quarter Virginia home vaues survey, just 6% of  Virginia Realtors believed that prices would increase in the next six months. In the current survey 24% of Virginia Realtors believe that home prices will increase in the next six months and 35% believe they will stay the same (see question 6).

Fifty-four percent of Virginia Realtors approve of Obama’s performance as president vs. 57% of Reatlors nationwide.

Set forth below is the Virginia 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:


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

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

Stay the same: 3%/6% (12%/8%)

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


10-20% higher: 46%/47% (35%/45%)

10-20% less: 5%/18% (8%/10%)

1-9% higher: 14%/* (24%/*)

1-9% less: 8%/* (9%/*)

21-30% higher: 11%/6% (8%/14%)

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

At listing price you recommend: 8%/12% (10%/14%)

More than 30% higher: 0%/6% (2%/4%)

More than 30% less: 5%/* (2%/1%)

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


Fairly priced: 22%/6% (19%/18%)

Overpriced by 10-20%: 22%/29% (30%/32%)

Overpriced by 21%+: 3%/0% (4%/10%)

Overpriced by less than 10%: 32%/41% (29%/21%)

Underpriced by 10-20%: 14%/12% (8%/14%)

Underpriced by 21-30%: 0%/12% (1%/2%)

Underpriced by 31%+: 5%/0% (1%/2%)

Underpriced by less than 10%: 3%/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?


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

Greater than 21%: 3% (3%)

Greater than 5-10%: 11% (10%)

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

Less than 21-30%: 8% (5%)

Less than 5-10%: 35% (43%)

Little or no difference in price: 5% (8%)

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


Greater than 11-20%: 5% (4%)

Greater than 21%: 0% (2%)

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

Less than 11-20%: 16% (27%)

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

Less than 5-10%: 59% (53%)

Little or no difference in price: 8% (5%)

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


Decrease: 41%/59% (29%/53%)

Increase: 24%/6% (22%/11%)

Stay the same: 35%/35% (49%/36%)

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


Less than 10%: 41%/24% (26%/37%)

10%-20%: 27%/41% (15%/26%)

21%-30%: 14%/6% (12%/16%)

31%-50%: 11%/18% (7%/15%)

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

75%: 5%/6% (3%/2%)

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


$151K-$300K: 62%/59% (56%/59%)

$301K-$500K: 16%/24% (20%/21%)

$501K-$800K: 8%/12% (5%/6%)

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

Less than $150K: 14%/6% (16%/11%)

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


Decreased home prices: 5%/18% (8%/13%)

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

No impact: 65%/53% (55%/45%)

Stabilized home prices: 30%/29% (34%/38%)

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


Somewhat approve – 32% (31%)

Somewhat disapprove – 22% (19%)

Strongly approve – 22% (26%)

Strongly disapprove – 24% (24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Prices Tool

Check Home Prices in Virginia cities:

Virginia Beach home prices

Norfolk home prices

Chesapeake home prices

Richmond home prices

Arlington home prices

Newport News home prices

Hampton home prices

Alexandria home prices

Portsmouth home prices

Roanoke home prices

Lynchburgh home prices

Reston home prices

Find Chesapeake homes for sale

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Find Richmond homes for sale

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Find Norfolk homes for sale

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Find Viginia Beach homes for sale

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View Virginia homes for sale.

Find U.S. homes for sale and search U.S. real estate

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 ,Colorado home prices survey ,Massachusetts home prices survey , Washington home prices survey

Louis Cammarosano




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