HomeGain Releases 3rd Qtr Illinois Home Prices Survey

Posted by: Louis Cammarosano on August 27th, 2009

Earlier this week, HomeGain, the first website to provide free instant home values, released the national and regional results of our  home prices survey of nearly 1,100 current and former HomeGain members. The survey asked their opinions on home prices and of  Obama’s performance as President. On this real estate blog we published the complete national and regional third quarter results.

Earlier this week we published the results of the California home prices, Texas home prices , Florida home prices surveys. Yesterday  we published the Massachusettes home prices survey data, the  New York home prices surveydata, the New Jersey home prices survey data and the North Carolina home prices survey data.

Today we are releasing the Illinois home prices survey data.

The Illinois survey data shows a sharp increase in the percentage of sellers who believe that their homes should be priced higher than the Realtor recommended listing price.

In the first quarter Illinois home values survey, 51% of home sellers believed their homes should be priced 10-20% higher than than the Realtor recommended listings price and 21% thought their homes should be priced 21-30% higher. In the second quarter Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher and only 6% thought their homes should be priced 21-30% higher.  The second quarter drop in Illinois home owners’ pricing expectations was temporary. In the third quarter 53% of home sellers in Illinois believe their homes should be priced 10-20% higher and 11% believe they should be priced 21-30% higher (see question 2).

Illinois home buyers also changed their views on home prices. In the current survey a greater percentage of home buyers (40%) thought home prices were over valued by 10-20% than thought so in the second quarter (33%) and a lower percentage now think homes are fairly priced (15%) than thought so in the second quarter (18%) (see question 3).

Illinois Realtors were slightly more optimistic on the direction of home prices in the third quarter. Fifty-seven percent of Illinois realtors expect home prices in their state to remain the same or increase over the next six months vs. 51% who thought the same in the second quarter (see question 6).

Illinois Realtors continued to give President Obama an overall negative approval rating. In the second quarter the former Illinois Senator received an approval rating of 46%. In the third quarter the President’s approval rating among the The Prairie State’s surveyed Realtors dropped to 36% (see question 9).

Set forth below is the first, second and third quarter Illinois home prices data with the national data in parenthesis: Illinois (National)

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


Decreased: 87%/94%/97% (81%/84%/90%)

Increased: 4%/0%/3% (6%/3%/2%)

Stay the same: 9%/6%/0% (13%/12%/8%)

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


10-20% higher: 53%/37%/51% (38%/35%/45%)

10-20% less: 6%/12%/12% (5%/8%/10%)

1-9% higher: 11%/20%/* (25%/24%/*)

1-9% less: 9%/4%/12% (7%/9%/*)

21-30% higher: 11%/6%/21% (8%/8%/14%)

21-30% less: 0%/4%/* (2%/3%/*)

At listing price you recommend: 11%/8%/0% (11%/10%/14%)

More than 30% higher: 0%/2%/0% (3%/2%/4%)

More than 30% less: 0%/6%/3% (1%/2%/1%)

3. How do your home buyer clients feel that homes for sale are priced?


Fairly priced: 15%/18%/9% (20%/19%/18%)

Overpriced by 10-20%: 40%/33%/45% (30%/30%/32%)

Overpriced by 21%+: 4%/17%/* (4%/4%/10%)

Overpriced by less than 10%: 17%/24%/21% (30%/29%/21%)

Underpriced by 10-20%: 4%/8%/15% (8%/8%/14%)

Underpriced by 21-30%: 6%/4%/6% (2%/1%/2%)

Underpriced by 31%+: 0%/0%/0%/ (1%/1%/2%)

Underpriced by less than 10%: 13%/8%/* (5%/5%/5%)

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?


Greater than 11-20%: 2%/14% (5%/7%)

Greater than 21%: 2%/4% (3%/3%)

Greater than 5-10%: 13%/12% (9%/10%)

Less than 11-20%: 23%/20% (24%/23%)

Less than 21-30%: 9%/4% (4%/5%)

Less than 5-10%: 32%/41% (43%/43%)

Little or no difference in price: 19%/4% (12%/8%)

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


Greater than 11-20%: 4%/4% (4%/4%)

Greater than 21%: 0%/4% (2%/2%)

Greater than 5-10%: 6%/10% (5%/5%)

Less than 11-20%: 26%/24% (24%/27%)

Less than 21-30%: 2%/10% (3%/4%)

Less than 5-10%: 60%/43% (54%/53%)

Little or no difference in price: 2%/4% (8%/5%)

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


Decrease: 43%/49%/52% (31%/29%/53%)

Increase: 17%/20%/9% (23%/22%/11%)

Stay the same: 40%/31%/39% (46%/49%/36%)

7. What percent of homes in your area are foreclosures?


Less than 10%: 26%/16%/36% (36%/26%/37%)

10%-20%: 38%/27%/36% (27%/15%/26%)

21%-30%: 17%/8%/15% (17%/12%/16%)

31%-50%: 15%/18%/9% (13%/7%/15%)

51%-75%: 4%/8%/3% (5%/3%/5%)

75%: 0%/6%/0% (2%/3%/2%)

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


$151K-$300K: 57%/37%/54% (52%/56%/59%)

$301K-$500K: 23%/31%/27% (21%/20%/21%)

$501K-$800K: 6%/4%/6% (7%/5%/6%)

$801K+: 0%/8%/3% (2%/3%/2%)

Less than $150K: 13%/20%/9% (18%/16%/11%)

9. How do you think Barack Obama is performing in his role as President?


Somewhat approve: 24%/22% (21%/31%)

Somewhat disapprove: 26%/29% (19%/19%)

Strongly approve: 15%/24% (20%/26%)

Strongly disapprove: 35%/24% (40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check Illionois home prices:

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Aurora home values

Rockford home values

Naperville home values

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Find U.S. homes for sale and search U.S. real estate on homegain.com

HomeGain real estate home values survey results are based on responses of over 1,150 Realtors in the United States. State survey results for Q2 are available for the following states : Texas home prices survey, Florida home prices survey, California home prices survey, New York home prices survey, New Jersey home prices survey, Georgia home prices survey, Arizona home prices survey, North Carolina home prices survey,Virginia home prices survey , Massachusetts home prices survey ,Washington home prices survey,Colorado home prices survey

Join a Chicago Real Estate discussion on HomeGain Nation

Louis Cammarosano




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