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 and the  second quarter 2010 New York home prices survey results.

Today we are publishing the New Jersey home prices survey data.

The New Jersey survey data shows that Garden State homeowners’ pricing expectations remained relatively unchanged since the first quarter  with39% believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 42 % in the first quarter 2010 New Jersey home prices survey; vs. 41% in the fourth quarter 2009 New Jersey home prices survey and vs 57 % who believed so in the third quarter 2009 New Jersey home prices survey and 27% who thought the same in the second quarter 2009 New Jersey home prices survey. (see question 2).

Thirty-six  percent of New Jersey home buyers saw homes as overpriced by 10-20% vs. 44%of home buyers who thought so in the first quarter of 2010 vs 54%  who thought so in the fourth quarter of 2010 vs. 59% of home buyers who thought so in the third quarter of 2010 and vs. 34% of home buyers who thought so in the second quarter of 2010. Eighteen percent of  New Jersey home buyers think homes are fairly priced vs. 12% who thought so in the first quarter of 2010 vs. 9% who thought so in the fourth quarter of 2009  vs. 8% in the third quarter of 2009 and 23% in the second quarter of 2009 ( see question 3).

Fifty percent of New Jersey agents and brokers now believe that home prices will decrease in the next six months vs. 44% who so believed in the first quarter of 2009 vs. 50%  in the fourth quarter of 2009 vs. 32% in the third quarter of 2009 and 27% in the second quarter of 2009. Only 9% believe home prices will increase in the next six months vs. 11% who so believed in the fourth quarter survey. Only 4% of New Jersey agents and brokers believe that home prices will increase in the next six months.

New Jersey home owners are more optimistic about the direction of home prices in their state with 29% of them thinking that their homes will appreciate in values in the next six months and47% thinking they will stay the same. (see question 6)

Forty-six percent of New Jersey agents and brokers surveyed approve of Obama’s performance as President (vs. 35% nationally) down from 50% who approved in the first quarter.Forty-seven percent of New Jersey home owners surveyed approve of Obama’s performance. (see question 10)

Set forth below is the agents and brokers second quarter 2009 and 2010 New Jersey home prices data 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:

1. Have home prices increased, decreased or stayed the same in the last year?
2. On average, what do homeowners believe that their home is worth?
3. How do buyers feel that homes for sale are priced?
4. 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?
5. What is the average difference in price between what a home is listed at and what a home sells for?
6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
7. What percentage of homes for sale are foreclosures in your area?
8. What is the average home price in your area?
9. What percentage of your clients are first-time buyers?
10. 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?

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

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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:

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Question 10:

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See National and Regional Survey Results

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Louis Cammarosano