HomeGain Releases 2nd Quarter 2010 Regional Home Prices Survey Results

Posted by: Louis Cammarosano on June 24th, 2010

The national results of HomeGain’s Second Quarter 2010 Home Prices Survey regional_blog (conducted from June 8-18) of more than 900 real estate professionals and 3500 homeowners revealed some significant regional differences. Notably, there is a sharp contrast of opinion of Obama’s performance as President. (see question 10)

Below are the regional results of the entire survey, categorized into four regions*, Northeast, Southeast, Mid-West and West.

Questions and Regional Results:

Question 1:

Overall, in each region, the majority of real estate agents and brokers think home values have decreased in value in the past year.

See Q1 2010 regional results See Q2 2009 regional results

See Q2 2010 national results

Question 2:

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Overall, the majority of agents and brokers in each region of the U.S. indicated that homeowners think their home is worth 10-20% more than the agent or broker recommends.

See Q1 2010 regional results See Q2 2009 regional results

See national results

Question 3:

Overall, the majority of U.S. home buyers in each region of the U.S. think homes for sale are overpriced.

See Q1 2010 regional results See Q2 2009 regional results

See national results

Question 4:

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Overall, the majority of agents and brokers in each region of the U.S. indicated that homes are listed 5-10% less than what homeowners think their home is worth.

See Q1 2010 regional results See Q2 2009 regional results

See national results

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?

“I specialize in short sales. My sellers accept my pricing after market research or I may not accept the listing.” – Margaret Amador, Sarasota, Florida

“One of the most important things to remember when listing a property is to keep the Seller’s hopes up, yet be realistic with the market conditions!” – Linda Warns-Davis, RE/MAX Impact, Westerville, Ohio

Question 5:

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Overall, the majority of agents and brokers in each region of the U.S. indicated that the home sells for less than the listing price.

See Q1 2010 regional results See Q2 2009 regional results

See national results

Question 6:

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See Q1 2010 regional results See Q2 2009 regional results

See national results

Agent Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?

“In Rancho Bernardo, a community in the city of San Diego, prices have leveled off and are seeing an increase. A lack of inventory is resulting in multiple offers on fairly priced homes.” – Steven Campbell, Windermere Exclusive Properties, San Diego, California

“Overall we are seeing a significant drop in distressed properties. Once these properties drop to less than 2% of our inventory we will start to see a moderate increase in selling prices, probably about 5-10%.” – Joseph Zarroli, Island Realty Group, North Wildwood, New Jersey

“San Antonio doesn’t have the highs and lows of most other areas around the US. There has only been a slight decrease of approximately 10% in the values of homes which should begin to turn around early next year.” – Randal McLeaird, RAM Realty Group, San Antonio, Texas

“Our market is not typical, at least according to what the national media are reporting. We didn’t have great inflation in home prices, so we have not had a significant decrease in values.” – Betty Tice, House of Brokers Realty, Inc., Columbia, Missouri

“Real estate is poised for a turnaround in many cities already, Denver especially. Job growth is the necessary catalyst.” – KC Butler, RE/MAX 100, Golden, Colorado

“We see a strong market in Southern California as long as interest rates remain low and FHA financing is available.” – Terry Robertson, Prudential California Realty, Norwalk, California

“The market is stabilizing and some communities are actually increasing in value but there are specific areas that could still fall at least another 10 percent as short sales and foreclosures hit public record.” – Eugene Kozlowski, KEP Realty Group, Jupiter, Florida

“Prices on homes are increasing in this small town due to the discovery of Haynesville Shale Gas Field. Plus, no new homes have been built in this parish in the last 30 years. All young people had to leave to find a job.” – Agent in Coushatta, Louisiana

“The city of Pittsburgh is very fortunate because we have not had to face the crisis that other areas of the country has seen.” – Mark Handlovitch, Showcase Homes, Coraopolis, Pennsylvania

Question 7:

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See Q1 2010 regional results See Q2 2009 regional results

See national results

Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?

“There is not enough government focus on the housing and construction market. They just do not get it how much and how many people are connected to it. We are in for 2 to 3 years of depressed pricing, foreclosures and unemployment.” – Agent in Beaufort, South Carolina

Question 8:

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See Q1 2010 regional results See Q2 2009 regional results

See national results

Question 9:

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See Q1 2010 regional results

See Q2 2010 national results

Question 10:

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Overall, real estate brokers and agents disapprove of the President’s performance.

See Q1 2010 regional results See Q2 2009 regional results

See national results

Agent Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?

“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

“The 1st time buyer stimulus will prove to have been a great success. Anyone who says those buyers would have bought a house anyway are wrong in many cases.” – Agent in Southampton, Pennsylvania

“Obama has sold the taxes to the banks by bailing them out and today we start to see consequences, like not being able to sell a home.” – Gil Vazquez, GV Estates Realty, LLC, Denver, Colorado

“Anything is better than the 8 years of fascist rule under the Bush/Cheney regime.” – Alex Kybal, San Diego House Hunting, San Diego, California

HomeGain real estate home values survey results are based on responses of over 900 real estate agents and brokers in the United States.

*Regions are divided as follows:

Northeast: Maine, New Hampshire, Massachusettes, 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 Tennesee
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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