HomeGain Releases 2nd Quarter Texas Home Prices Survey Data

Posted by: Louis Cammarosano on May 19th, 2009

Earlier this week HomeGain, the first website to provide free instant home valuations, announced the results of a nationwide survey of over 1150 HomeGain current and former members. The survey asked their opinions on home values, the Obama stimulus package and how Obama is performing as President. On this real estate blog we published the national and regional results.

Today we publish the opinions of Texas Realtors.

The national results of the first quarter surey of Realtors on home values painted a very pessimistic picture. The 1st quarter Texas survey data, however, revealed far less pessimism.

In the first quarter Texas survey 41% of Realtors believed that their client’s home values had stayed the same in the last year with 56% believing that they had decreased. It seems in the past three months that home price depreciation has set in at the Lone Star State. In the second quarter Texas survey only 12% of Texas Realtors thought that home values had stayed the same vs. 80% who thought that they had decreased.

While the national survey showed a sharp jump in optimisim about the direction of home prices, the Texas survey showed little change. However, in the first quarter, Texas Realtors had a far more optimistic view on the direction of home prices than did their counterparts across the nation. The Texas survey data now is more closely alligned with the national survey data. (see question 4 below)

While Texas Realtors approved Obama’s performance as President 57%-43% in line with the national survey results, their support was weaker. Twenty nine percent of Texas Realtors “strongly disapproved” of Obama’s performance as President (vs. 24% nationally) while 23% “strongly approved” (vs. 26% nationally).

Set forth below is the 2nd Qtr Texas home prices data along side the 1st Qtr Texas home prices data with 2nd and 1st Qtr national data (Note that questions 7 and 8 are new and no comparision has been provided):

1. On average, in the last year do you think your homeowner clients home values have:

Q2 Texas Decreased – 80%Increased – 86%Stayed the same – 12%	Q1 Texas Decreased – 56%Increased – 3%Stayed the same – 41%
Q2 National Decreased – 4%Increased – 12%Stayed the same – 3%	Q1 National Decreased – 90%Increased – 8%Stayed the same – 2%

2. On average, what do your homeowner clients believe that their home is worth?

Q2 Texas At listing price you recommend- 12%10% less – 6% 11-30% less – 8%20-30% higher – 8%	Q1 Texas At listing price you recommend – 26%10% less – 13% 11-30% less – 8%20-30% higher – 3%
Q2 National At listing price you recommend – 8%10% less – 9% 11-30% – 8% 20-30% – 3%	Q1 National At listing price you recommend – 14%10% less – 10% 11-30% – 8% 20-30% – 14%

3. How do your homebuyer clients feel that homes are priced?

Q2 Texas Fairly Priced – 23%Overpriced by less than 10% – 27% Underpriced by 10-20% – 6% Under priced by 20-30% – 3%	Q1 Texas Fairly Priced – 23%Overpriced by less than 10% – 36% Underpriced by 10-20% – 13% Underpriced by 20-30% – 0%
Q2 National Fairly Priced – 19%Overpriced by less than 10% – 29% Underpriced by 10-20% – 8% Underpriced by 20-30% – 3%	Q1 National Fairly Priced – 18%Overpriced by less than 10% – 21% Underpriced by 10-20% – 14% Underpriced 20-30% – 4%

4. In the next six months, do you think the values of homes in your market will:

Q2 Texas Decrease – 24%Increase -24% Stay the same – 52%	Q1 Texas Decrease – 25%Increase – 25% Stay the same – 50%
Q2 National Decrease – 29%Increase – 22% Stay the same – 49%	Q1 National Decrease – 53%Increase – 11% Stay the same – 36%

5. In your opinion, what impact will the Obama Stimulus package have on home values in 2009?

Q2 Texas Decrease – 6%Increase – 2% Stabilize – 36% No impact – 56%	Q1 Texas Decrease – 13%Increase – 8% Stabilize – 46% No impact – 33%
Q2 National Decrease – 13%Increase – 4% Stabilize – 38% No impact – 45%	Q1 National Decrease – 8%Increase – 4% Stabilize – 45% No impact – 38%

6. What percent of homes for sale in your area are foreclosures?

Q2 Texas Less than 10% – 35%10-20% – 26% 21-30% – 15% 31-50% – 12%	Q1 Texas Less than 10% – 46%10-20% – 26% 21-30% – 13% 31-50% – 10%
Q2 National Less than 10% – 37%10-20% – 28% 21-30% – 15% 31-50% – 12%	Q1 National Less than 10% – 35%10-20% – 26% 21-30% – 16% 31-50% - 15%

7. 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?

Greater than 11-20% – 6%

Greater than 21% – 2%

Greater than 5-10% – 9%

Less than 11-20% – 21%

Less than 21-30% – 2%

Less than 5-10% – 47%

Little or no difference in price – 14%

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

Greater than 11-20% – 3%

Greater than 21% – 3%

Greater than 5-10% – 2%

Less than 11-20% – 26%

Less than 21-30% – 2%

Less than 5-10% – 58%

Little or no difference – 8%

9. In the next 6 months, do you think the values of homes in your market will:

Q2 Texas Decrease – 24%Increase – 24% Stay the same – 52%	Q1 Texas Decrease – 25%Increase – 25% Stay the same – 50%
Q2 National Decrease – 29%Increase – 22% Stay the same – 49%	Q1 National Decrease – 53%Increase – 11% Stay the same – 36%

10. What is the average home price in your area?

Q2 Texas $150K-$300K – 56%$301K-$500K – 15% $501K-$800K – 5%$801K+ – 2% Less than $150K – 23%	Q1 Texas $150K-$200K – 24%$201K-$250K – 21% $251K-$300K – 10%$301K-$450K – 11% Less than $150K – 5%
Q2 National $150K-$300K – 56%$301K-$500K – 20% $501K-$800K – 5% $801K+ – 3%Less than $150K – 16%	Q1 National $150K-$200K – 54%$201K-$250K – 21% $251K-$300K – 14% $301K-$450K – 18%Less than $150K – 11%

11. In your opinion, what has the Obama Stimulus package had or will have on home values this year?

Q2 Texas Decreased home prices – 4%Increased home prices – 2% No impact – 56% Stabilized home prices – 36%	Q1 Texas Decreased home prices – 13%Increased home prices – 8% No impact – 33% Stabilized home prices – 46%
Q2 National Decreased home prices – 8%Increased home prices – 3% No impact – 55% Stabilized home prices – 34%	Q1 National Decreased home prices – 13%Increased home prices – 4% No impact – 45% Stabilized home prices – 38%