In July, HomeGain, the first company to provide free instant home valuations online, 
released the second quarter results of our nationwide survey of over 3500 home owners and 900 HomeGain current and former members. 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 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, the second quarter 2010 Georgia home prices survey, second quarter 2010 Illinois home prices survey, second quarter 2010 North Carolina home prices survey and the second quarter 2010 Virginia results home prices survey results.
Today we are releasing the Massachusetts home prices survey data.
In the second quarter of 2010, 90% of Massachusetts homeowners believed their homes were worth more than their Realtors’ recommended listing price. Thirty-eight percent believed that their homes should be prices 10-20% higher than their Realtors’ recommended listing price and 40% thought their homes should be priced 1-9% higher. In the third quarter 2009 Massachusetts home values survey, 47% of Bay State home owners though that their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the fourth quarter 2009, 35% thought their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the first quarter 2010 Massachusetts home prices survey 38% of homeowners thought that their homes should be priced 10-20% higher than their Realtors’ recommended listing price. (See question 2)
In the current survey only 5% of Massachusetts home buyers thought homes were fairly valued vs. 21% of home buyers who thought that home prices were fairly valued in Massachusetts in the first quarter of 2010, vs. 25% in the fourth quarter of 2009; 6% in the third quarter of 2009 and 31% in the second quarter of 2009. In the current survey 85% of home buyers think homes are over priced and ten percent think they are underpriced. Sixty-one percent of Massachusetts home buyers thought that homes were overpriced in the first quarter of 2010 up from 55% in the fourth quarter of 2009 and down from 65% in the third quarter of 2009. (see question 3)
Fifty percent of Massachussets real estate agents and brokers think that homes prices will remain the same over the next six months and 35% think they will fall. In the first quarter 2010 34% of Massachusetts agents and brokers believed that home prices would fall in the next six months, down from 40% in the fourth quarter of 2009 and up from 24% in the third quarter of 2009. Surveyed Massachussets home owners were more optimisitc about the direction of home values over the next six months. While 50% of home owners think home prices will remain the same over the next six months, only 12% think they will fall. (See question 6)
Surveyed Massachusetts agents and brokers gave President Obama lower marks in the second quarter with 70% indicating they disapproved of the President’s performance (with 55% “strongly disapproving”). In the first quarter 56% of Massachusetts agents and brokers surveyed approved the President’s performance . Massachusetts home owners rated the President higher than their real estate professional counterparts, with 56% approving his performance. (See question 10)
Set forth below is the agents and brokers second quarter 2009 and 2010 Massachusetts home values 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:
Have home prices increased, decreased or stayed the same in the last year?
- On average, what do homeowners believe that their home is worth?
- How do buyers feel that homes for sale are priced?
- What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
- What is the average difference in price between what a home is listed at and what a home sells for?
- In the next six months, will the values of homes in your market increase, decrease or stay the same?
- What percentage of homes for sale are foreclosures in your area?
- What is the average home price in your area?
- What percentage of your clients are first-time buyers?
- How do you think Barack Obama is performing in his role as President?
Question 1:
Question 2. On average, what do your homeowner clients believe that their home is worth?
Question 3. How do your home buyer clients feel that homes for sale are priced?
Question 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?
* Dash denotes no related data
Question 5. What is the average difference in price between what the home is listed at and what the home sells for?
* Dash denotes no related data
Question 6:
Question 7. What percent of homes in your area are foreclosures?
Question 8. What is the average home price in your area?
Question 9:
* Dash denotes no related data
Question 10:
* Dash denotes no related data
See National and Regional Survey Results
Try HomeGain’s Instant Home Prices Tool
Search Boston real estate
Search Worcester real estate
Find Massachusetts homes for sale
Search Massachusetts real estate
Find U.S. homes for sale and search U.S. real estate
Join the Boston Real estate market discussion on HomeGain Nation
I have always thought the home prices in Mass were outrageous. They were that way back in the 1980′s when I lived there. I literally saw shacks in the worst places that were in the hundreds of thousands of dollars.
Most home owners think their houses are worth far more than they really are anyway. That’s only common sense in real estate. When you are wearing the hat of buyer, then you tell everyone the real estate is too much. When you are wearing the selling hat, of course, you are going to tell everyone it is worth a lot.
August 5th, 2010 at 2:40 pm
great survey! very detailed info..
August 7th, 2010 at 4:57 pm
Very interesting results re buyers’ and sellers’ perceptions of home prices. It’s painful as a seller when your house isn’t selling for what you hoped it would. Prices have seemed very high to buyers for years but I often find myself thinking “what a great time to be a buyer” – prices are down and interest rates are absurdly low. Sure beats 2005 when I bought!
August 19th, 2010 at 7:34 pm