Today we are releasing the Washington home prices survey data.
Washington homeowners, like many homeowners across the nation have slashed their valuation expections. In the first quarter Washington home values survey 52% of home owners believed that their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 43% who so believed in the current survey. (See question 2)
As Washington home owners are tempering their home valuation expectations, 50% of Washington home buyers now believe that homes are over priced by 10-20% vs 29% of Washington home buyers who so believed three months ago. (See question 3)
Sixty-seven percent of Washington Realtors predict stabilizing home prices in the next six months vs. 52% of Washington Realtors who predicted price decreases three months ago. Just 17% of Washington Realtors in the current home values survey think that Washington home prices will decrease in the coming six months. (See question 6)
Sixty-six percent of Washington Realtors approve of Obama’s performance as President vs. 57% of Realtors nationwide.
Set forth below is the Washington 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:
Q2WA/Q1WA(Q2NAT/Q1NAT)
Decreased:76%/100%(84%/90%)
Increased:6%/0%(3%/2%)
Stay the same:18%/0%(12%/8%)
2. On average, what do your homeowner clients believe that their home is worth?
Q2WA/Q1WA(Q2NAT/Q1NAT)
10-20% higher:43%/52%(35%/45%)
10-20% less:7%/14%(8%/10%)
1-9% higher:20%/*(24%/*)
1-9% less:3%/*(9%/*)
21-30% higher:7%/5%(8%/14%)
21-30% less:3%/*(3%/*)
At listing price you recommend:10%/14%(10%/14%)
More than 30% higher: 7%/0%(2%/4%)
More than 30% less:0%/*(2%/1%)
3. How do your home buyer clients feel that homes for sale are priced?
Q2WA/Q1WA(Q2NAT/Q1NAT)
Fairly priced:23%/19%(19%/18%)
Overpriced by 10-20%:50%/29%(30%/32%)
Overpriced by 21%+:3%/0%(4%/10%)
Overpriced by less than 10%:17%/29%(29%/21%)
Underpriced by 10-20%:2%/14%(8%/14%)
Underpriced by 21-30%:0%/0% (1%/2%)
Underpriced by 31%+: 0%/0%(1%/2%)
Underpriced by less than 10%: 0%/10%(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?
Q2WA(Q2NAT)
Greater than 11-20%:13%(7%)
Greater than 21%:3%(3%)
Greater than 5-10%:13%(10%)
Less than 11-20%:43%(23%)
Less than 21-30%:3%(5%)
Less than 5-10%:17%(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?
Q2WA(Q2NAT)
Greater than 11-20%:10%(4%)
Greater than 21%:0%(2%)
Greater than 5-10%:7%(5%)
Less than 11-20%:30%(27%)
Less than 21-30%:0%(4%)
Less than 5-10%:50%(53%)
Little or no difference in price:3%(5%)
6. In the next six months, do you think the values of homes in your market will:
Q2WA/Q1WA(Q2NAT/Q1NAT)
Decrease:17%/52%(29%/53%)
Increase:17%/0%(22%/11%)
Stay the same:67%/48%(49%/36%)
7. What percent of homes in your area are foreclosures?
Q2WA/Q1WA(Q2NAT/Q1NAT)
Less than 10%:47%/43%(26%/37%)
10%-20%:40%/38%(15%/26%)
21%-30%:3%/19%(12%/16%)
31%-50%:3%/0%(7%/15%)
51%-75%:0%/0%(3%/5%)
75%:7%/0%(3%/2%)
8. What is the average home price in your area?
Q2WA/Q1WA(Q2NAT/Q1NAT)
$151K-$300K:57%/52%(56%/59%)
$301K-$500K:23%/43%(20%/21%)
$501K-$800K:3%/0%(5%/6%)
$801K+:7%/5%(3%/2%)
Less than $150K:13%/0%(16%/11%)
9. In your opinion, what impact has the Obama Stimulus package had or will have on home values this year?
Q2WA/Q1WA(Q2NAT/Q1NAT)
Decreased home prices:7%/14%(8%/13%)
Increased home prices:3%/0%(3%/4%)
No impact:53%/24%(55%/45%)
Stabilized home prices:37%/62%(34%/38%)
10. How do you think Barack Obama is performing in his role as President?
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