UPDATE: THIRD QUARTER RESULTS NOW AVAILABLE- Click here
HomeGain®, one of the first websites to provide free instant home values, today announced the results of its nationwide home prices survey of over 900 current and former HomeGain members and more than 3,500 homeowners. We also released the regional results of our survey and will release selected state survey data in the coming days.
The results of the HomeGain Second Quarter 2010 Home Prices Survey indicates that real estate agents and brokers and homeowners continue to differ on the current values of homes and the direction of home prices.
Real estate agents and brokers as well as homeowners gave Barack Obama low marks with 65% of real estate professionals and 58% of home owners disapproving of the President’s performance. (see question 10 below)
Seventy-seven percent of homeowners think their homes are worth more than the recommended agent listing price, unchanged from the HomeGain First Quarter 2010 Home Prices Survey and up from 69% in the HomeGain Second Quarter 2009 Home Prices Survey. Forty-seven percent of real estate agents and brokers and 49% of homeowners think that home prices will remain the same in the coming six months.
Twenty-eight percent of homeowners think that the values of their homes will increase over the next six months vs. just 20% of real estate agents and brokers who think the same. Thirty-three percent of real estate agents and brokers and 23% of home owners think that home prices will decrease over the next six months. (see question 6 below)
Sixty-three percent of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced.
It is not surprising to see that home owners are slightly more optimistic about the direction of home prices than real estate professionals and that neither group is predicting a rise in home prices over the next six months. Real estate industry watchers tracking the direction of home prices will continue to focus on the impact of the expiration of the home buyer tax credit, the direction of interest rates and unemployment, foreclosure and shadow inventory data.
Set forth below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:
We also asked real estate professionals of whether they approved Obama’s performance as President. Sixty-four percent disapproved while 36% approved. Among homeowners 58% disapproved while 42% approved. The results varied by state as set forth below.
Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:
Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:
The survey was conducted from June 8-18.
View all prior HomeGain national and state home prices surveys.
The second quarter 2010 regional results are available by clicking here.
Questions and National 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 as a Realtor think Barack Obama is performing in his role as President?
Agent Commentary From Question 1 — Have home prices increased, decreased or stayed the same in the last year?
“Home prices in the Charleston, SC area are starting to stabilize after moving back to 2004 levels. Homes along the coast could see a small amount of appreciation over the next year.” – Cheryll Woods-Flowers, Keller Williams Realty, Mount Pleasant, South Carolina
“The market has stabilized over past six months with values staying steady and even increasing in some cases. 2010 should continue a stable trend as inventory has decreased, and interest rates remain low.” – Dan Lesher, Realty World Select, Fredericksburg, Virginia
“In the Metro Portland, Oregon area, the average sale price for April 2010 decreased 3.1% compared to April 2009, while the median sale price went down 4%.” – Dorinda Marlatt, John L. Scott, Banks Forest Grove, Oregon
“Our market has been relatively stable. However, homes that are at the lower end have seen a decline in value due to the forclosure sales, and the homes at the higher end have been affected by the limited number of buyers.” – J.R. Siewert, Coldwell Banker, Wisconsin Rapids, WI
“Fortunately, Baton Rouge has not had the ‘down’ market that other areas have had. It is still a great place to live, work and rear a family.” – Sarah Gremillion, C.J. Brown Realtors, Baton Rouge, Louisiana
Overall, 77% of home sellers believe their homes are worth more than their agents’ recommended selling price.
Agent Commentary From 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 home?
“Unfortunately, while most sellers understand that ‘the market has dropped,’ they always seem to think their home is the ‘exception.’ You have to get blunt and tell them, while reality sucks, this is the current reality.”- Dan Boone, Master Brokers, Hickory, North Carolina
Overall, 63% of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced.
Agent Commentary From Question 3 — How do buyers feel that homes for sale are priced?
“Both sellers and buyers are unrealistic when it comes to pricing.” – Steve Allen, Prudential Georgia Realty, Marietta, Georgia
“I am seeing a new buyers at the very low-end of the market who have moved into home ownership by unprecedented low prices. With homes available under $150k, there are new opportunities for buyers.” – Bronwyn Merritt, Community Realty, Chapel Hill, North Carolina
“A home is worth what a buyer is willing to pay for it.” – Bruce Frager, Network Real Estate, Grass Valley, California
“Many willing buyers but they are having trouble getting mortgages.” – Agent in Bloomfield, Michigan
“The market for 2010 has shown much improvement over the prior year. With interest rates remaining low, we are beginning to see the ‘move up’ buyers come back into the market place.” – Agent in San Diego, California
“I also have a lot of buyers who presently have trouble getting pre-approved, and coming up with the required down payments.” – Agent in Marina del Rey, California
Overall, almost half of agents nationwide indicated that there is an average difference of less than 5-10% in price between what sellers believe their home is worth and what it is listed at.
Agent Commentary From 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 home?
“Sellers have to realize that the housing market is very slow. If they want to sell their home then they better make sure that their home is priced right.” – Robert Gould, Keller Williams Real Estate, Stroudsburg, Pennsylvania
“I dont take listings unless they do what I say. The ones I take sell for almost full price in short amounts of time.” – Jason Jacques, Exit Mountain Realty, Brevard, North Carolina
“When the sellers don’t list at the price I recommend, the home only sells about 50 percent of the time. Then they find another agent (or 3 or 4) or they pull their home off the market altogether.” – Pam Frey-Primiani, Keller Williams, Cherry Hill, New Jersey
“Buyers still need educating about home values in our area, but sellers are beginning to get more realistic about list prices.” – Patty Johnston, Benchmark Realty, LLC, Nashville, Tennessee
“Sellers are starting to understand the market but most are upside down due to refinancing.” – Gene Lofgren, C21 Real Estate Champions, Pinellas Park, Florida
“Sales are largely dependent upon consumer confidence, something most US buyers are gravely lacking. The good news is that sellers realize this and have begun to reduce prices accordingly.” – Randall W. Hannaway, Colorado Group Realty, Steamboat Springs, Colorado
Overall, nationwide, agents indicate that 83% of homes sell for less than the price they are listed at.
Agent Commentary From Question 5 — What is the average difference in price between what the home is listed at and what the home sells for?
“I am very optimistic about the market in my area. The homes are consistantly, if priced right, getting between 93% and 98% of asking price. I feel this is a good sign.” – Tina Stanko, RE/MAX Unlimited, Anderson Township, Ohio
Overall, the majority of agents and brokers think home prices will stay the same in the next six months.
Nevada real estate professionals appear to be the most optimistic about the direction of home prices in their state, while those in Michigan appear to be the least optimistic.
Agent Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?
“We have seen the bottom and home values are slowly, but surely appreciating. This is a great time to be a buyer; low prices, low interest rates, ‘the perfect storm’.” – Thomas J. Murray, Palm Desert, California
“I believe the real estate market in south Florida is on the up swing. It’s going to take awhile to get rid of this inventory but well priced property has multiple offers edging prices up.” – Ron Maruca, Charles Rutenberg Realty LLC., Fort Lauderdale, Florida
“Lower end home prices are on the rise while higher end home prices are on the decline. Prices are down 30% – 40% overall in Napa County.” – Marcia Hadeler, Coldwell Banker, Napa, California
“Home prices are holding steady. I believe they will increase slowly over the next 2-3 years as unemployement decreases.” – Chris Rossmaier, RE/MAX Home Experts, Philadelphia, Pennsylvania
“I do believe there will be an overall improvement in the next six months but nothing drastic.” – Winston Crosbie, Prudential Florida Realty, Wellington, Florida
“You cannot predict the future of housing values without analyzing the economy as a whole. And the economy as a whole will only truly improve if the manufacturing jobs sector of the economy improves.” Stephen Sarkis, Boston, Massachusetts
“Home prices have definitely started heading up. It is not uncommon to have multiple bids on a detached home. Condos seem to be lagging after strong sales spurred by the Home Buyers Program.” – Nancy Gittleson, Long and Foster Realtors Inc., Potomac, Maryland
“Home prices actually increased so far in 2010 as demand really picked up and the inventory started to decrease. The tax credit really got buyer’s motivated.” – Agent in Royal Oak, Michigan
“While prices seem to have stabilized, some neighborhoods are 20% under a year ago, and others 50-60% compared to a year ago. Properties priced right are enjoying multiple offers.” – Jeff Schacher, Coldwell Banker, San Jose, California
“My market just soared almost overnight. I have never been so busy in what I love to do…place people in homes.” – Paula Hahn, Weichert Realtors, Mystic, Connecticut
Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?
“17% of all home sales in our town are foreclosures. Overall within the Jackson, Swain and Macon County areas, that number approaches 37%. Everyone is looking for a deal. We are all anxious and ready for a recovery.” – Ray Strait, Keller Williams, Franklin, North Carolina
“This market will only turn around when foreclosures are much, much less.” – Agent in Great Neck, New York
“Home prices seem to have stabilized. However, many people in Michigan are still hurting. We expect another round of foreclosures.” – J.R. Reagan, The Bommarito Group, LLC, Orion, Michigan
“There aren’t as many first time buyers due to the expired $8,000 tax credit.” – Doug James, RE/MAX Integrity, Marietta, Georgia
“I believe that the home buyer tax credits will need to be reinstated at some point in order to re-start the buying cycle. Activity has drastically diminished since the end of April.” – Agent in Menomonee Falls, Wisconsin
“I wish the home buyer incentives would come back. Since it expired the real estate market has gone flat once again.” – Agent in Pataskala, Ohio
“Now that the tax credit incentive has expired, business has slowed down significantly.” – Joel Nelson, Keller Williams Realty, Portage, Michigan
“Many are reluctant to commit to purchasing a home and are waiting it out to see if another tax credit will be offered. Smart buyers are reaping the rewards of great prices.” – Joan Congilose, RE/MAX Central, Manalapan, New Jersey
“We need more tax credits to pull the market out until the end of the year. It could help these homes sell quicker and get the short sales down to two months.” – Agent in Tampa, Florida
“Sales dropped after April 30th with the expiration of the $8,000 Federal Tax Credit, then sharply recovered about 2-3 week later when buyers re-discovered how low interest rates were.” – Jerry Gooze, Pinnacle Estate Properties, West Hills, California
“We need a stimulus package that simply works for ALL to get housing moving. Low interest rates drive the market. I suggest a program that assists all home buyers by offering a fixed rate of 3 1/2%.” – Mike Whiteman, RE/MAX, Columbus, Ohio
“Hopefully no more 1st time home buyer intiatives to interfere with the market.” – Agent in Waterloo, Iowa
“Bring back the buyer credit!” – Agent in South Lyon, Michigan
“The housing market, without a tax credit, is just about dead. I’m hoping for a summer market surge, but don’t see any signs of it yet.” – Bethena Smith, Coldwell Banker Apex Realtors, Rowlett, Texas
Overall, 65% of surveyed real estate agents and brokers disapprove of President Obama’s performance.
Forty-six percent of agents and brokers surveyed indicated that they “strongly disapproved” and 19 percent “somewhat disapproved” of Barack Obama’s performance as President earning him a 65 percent disapproval rating vs. the 58 percent disapproval rating of agents and brokers surveyed in the first quarter of 2010. In the second quarter 2009 HomeGain survey, the President enjoyed a 57% approval rating from agents and brokers.
Forty percent of home owners “strongly disapproved” and 16% “somewhat disapproved” of the President’s performance earning the President a 56 percent disapproval rating. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain survey indicated that President’s disapproval rating was 54% with an average of 43% “strongly disapproving” of the President’s performance.
Agent Commentary From Question 10 — How do you as a Realtor think Barack Obama is performing in his role as President?
“When President Obama did not insist on the Credit Card Overhaul having a usury rate cap of 18%, I knew then that there would be no ‘change’. Just more corporate run governance.” – Bill Buckner, Sedona, Arizona
“Obama is jeopardizing our childrens’ economic future.” – Jim Fishinger, Carlsbad, California
“Obama is an economic idiot, as was Bush” – Agent in Jamestown, New York
“Obama, next to Jimmy Carter, is the worst president we have ever had.” – Alisha Wade, HomeSmart International Real Estate, Scottsdale, Arizona
“Barack Obama has forgotten many of his promises.” – Nohemy Peccorini, AT Realty Group, Hayward, California
“President Obama inherited a train wreck of an economy and has done much good to keep it on the rails. The home buyer credit, while a short term boost, did lift the economy.” – Agent in Massachusetts
“The real estate trend for 2010 seems to be holding pretty firm. The Obama tax credit helped get the ball rolling and started to lower some of the inventory that was stale on the market” – Keith Dickerson, RE/MAX of Naperville, Naperville, Illinois
“Why would you ask about Obama? There is no doubt that his presidency is a failure and he is leading this country with the goal of making it a third world nation or worse.” – Joseph Sabatini, Shallote, North Carolina
“The President has been giving away our grandchildren’s money without sufficient oversight. Banks are making it hard to get mortgages but their CEO’S get raises. What’s going on?” – Renah Bell, Cedarhurst, New York
HomeGain real estate home values survey results are based on responses of over 1,400 real estate agents and brokers across the United States.
*Regions are divided as follows:
- Northeast: Maine, New Hampshire, Massachusetts, Vermont, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, Maryland and West Virginia
- Southeast: Virginia, South Carolina, North Carolina, Georgia, Florida, Alabama, Mississippi and Tennessee
- Mid-West: Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, North Dakota, South Dakota, Nebraska, Wyoming, Colorado, New Mexico, Texas, Oklahoma, Kansas, Louisiana, Arkansas and Missouri
- West: Alaska, Hawaii, California, Washington, Oregon, Nevada, Arizona, Utah, Idaho and Montana
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