HomeGain Releases 2nd Quarter 2010 Georgia Home Prices Survey Results

Posted by: Louis Cammarosano on July 9th, 2010

Last week, HomeGain, one of the first companies to provide free online instant home valuations, released the second quarter results of our nationwide survey of over 900 HomeGain current and former members and 3,500 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this blog we published the complete 2nd quarter 2010 national results as well as the complete 2nd quarter 2010 regional results, including commentary from real estate agents and brokers.

We also have released the second quarter 2010 California home prices survey the second quarter 2010 Florida home prices, the second quarter 2010 Texas home prices survey the second quarter 2010 New York home prices survey, the second quarter 2010 New Jersey home prices survey results.

Today we release the result of the second quarter Georgia home prices survey.

In the first quarter 2009 Georgia home values survey, just 5% of home buyers thought homes were fairly priced. In the second quarter 2009 Georgia home prices survey not much changed with just 8% of Georgia home buyers believing that homes were fairly priced. In the third quarter 2009 Georgia home prices survey, only 5% of Georgia home buyers believed that homes were fairly priced. Little changed in the fourth quarter 2009 Georgia home prices with 7% saying that homes were fairly priced and 35% saying homes were overpriced by 10-20%. In the first quarter 2010 Georgia home prices survey just 6% of home buyers thought home prices were fairly priced and 37% thought homes were over priced by 10-20%.

According to the 2nd quarter 2010 survey, Georgia agents and brokers believe that Georgia home buyers are of the increasing opinion that homes are fairly valued in their state with 32% believing that homes are fairly priced and 16% believing that homes are 1-9% over valued. (see question 3)

Georgia home sellers continue to disregard what their agents and brokers are telling them about the value of their homes. Just 3% of Georgia home owners agreed with their Realtors’ recommended listing price vs. 6% in the first quarter of 2010 and vs. 5% in the fourth quarter of 2009. Thirty-two percent of Georgia homeowners believe their homes should be priced 10-20% higher than their Realtors’ recommended listing price, down from 46% in the first quarter of 2010 vs. 48% in the fourth quarter of 2009 and 39% in the third quarter of 2009. (see question 2)

Not surprising, 87% of homes in Georgia, according to Realtors surveyed, sell below the listings price. (see question 5)

In the current survey 36% of Georgia agents and brokers expected home prices to decline over the next six months vs. 25% in the first quarter of 2010 vs. 30% in the fourth quarter of 2009 vs. 32% in the third quarter of 2009 and vs. 27% in the second quarter of 2009. In the current survey 54% of Georgia agents and brokers expect home prices to remain the same over the next six months. Fifty one percent of Georgia home owners expect home prices to remain the same over the next six months and 27% believe they will decline. (see question 6)

Georgia real estate professionals surveyed have soured on President Obama, with 69% disapproving his performance (64% “strongly disapproving”) In the first quarter of 2010 58% of surveyed Georgia agents and brokers disapproved of the President’s performance . (see question 10) Sixty percent of Georgia home owners surveyed disapprove of the President’s performance with 48% “strongly disapproving”. (see question 10)

Set forth below is the agents and brokers second quarter 2009 and 2010 Georgia home prices and the national second quarter 2010 data, Also set forth below for selected questions is the home owner response data for the second quarter of 2010. Click on each question to see complete results: