HomeGain Releases 3rd Qtr Massachusetts Home Prices Survey

Posted by: Louis Cammarosano on August 26th, 2009

On Monday, HomeGain,  the first website to provide free instant home values, released the national and regional results of our Realtor home prices survey of nearly 1,100 current and former HomeGain members. The survey asked their opinions on home values and what they thought of President 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 and Florida home prices surveys.

Today we are releasing the Massachusetts home prices survey data.

In the third quarter, Massachusetts Realtors surveyed believe that home owners in thier state have sharply increased their home price expectations with 47% of Bay State home owners thinking that their homes should be prices 10-20% higher than their Realtors’ recommended listing price. This is up from 31% in the second quarter Massachusetts home prices survey. (see question 2)

Home buyers disagree! Just 6% of home buyers think homes are fairly priced in Massachusetts vs 31% who thought so in the second quarter. Indeed 65% of home buyers now believe that Massachusettes homes are over priced by 10-20%  vs just 35% who thought so in the second quarter. (see question 3)

In spite of this seemingly contradictory data, 76% of Massachussetts Realtors believe home prices will rise or stay the same over the next six months vs 66% who thought the same in the second quarter. (see question 6)

Massachussetts Realtors surveyed continue to support President Obama with an approval rating of 59% (vs a 42% national average among Realtors surveyed). In the second quarter Obama’s approval rating among Massachusetts Realtors stood at 65% (vs. 58% nationally)

Set forth below is the first, second and third quarter Massachusetts home prices survey results with the national data in parenthesis:

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


Decreased: 82%/88%/100% (81%/84%/90%)

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

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

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


10-20% higher: 47%/31%/29% (38%/35%/45%)

10-20% less: 6%/8%/7% (5%/8%/10%)

1-9% higher: 18%/35%/* (25%/24%/*)

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

21-30% higher: 5%/8%/21% (8%/8%/14%)

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

At listing price you recommend: 12%/4%/0% (11%/10%/14%)

More than 30% higher: 0%/4%/14% (3%/2%/4%)

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

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


Fairly priced: 6%/31%/36% (20%/19%/18%)

Overpriced by 10-20%: 65%/35%/29% (30%/30%/32%)

Overpriced by 21%+: 6%/4%/7% (4%/4%/10%)

Overpriced by less than 10%: 23%/31%/21% (30%/29%/21%)

Underpriced by 10-20%: 0%/0%/7% (8%/8%/14%)

Underpriced by 21-30%: 0%/0%/0% (2%/1%/2%)

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

Underpriced by less than 10%: 0%/0%/0% (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%: 6%/15% (5%/7%)

Greater than 21%: 12%/4% (3%/3%)

Greater than 5-10%: 6%/12% (9%/10%)

Less than 11-20%: 29%/27% (24%/23%)

Less than 21-30%: 6%/4% (4%/5%)

Less than 5-10%: 35%/31% (43%/43%)

Little or no difference in price: 6%/8% (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%: 12%/4% (4%/4%)

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

Greater than 5-10%: 4% (5%/5%)

Less than 11-20%: 12%/19% (24%/27%)

Less than 21-30%: 6%/4% (3%/4%)

Less than 5-10%: 64%/62% (54%/53%)

Little or no difference in price: 6%/4% (8%/5%)

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


Decrease: 24%/35%/71% (31%/29%/53%)

Increase: 35%/8%/0% (23%/22%/11%)

Stay the same: 41%/58%/29% (46%/49%/36%)

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


Less than 10%: 47%/42%/36% (36%/26%/37%)

10%-20%: 35%/42%/21% (27%/15%/26%)

21%-30%: 6%/4%/21% (17%/12%/16%)

31%-50%: 12%/4%/21% (13%/7%/15%)

51%-75%: 0%/4%/0% (5%/3%/5%)

75%: 0%/4%/0% (2%/3%/2%)

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


$151K-$300K: 53%/50%/64% (52%/56%/59%)

$301K-$500K: 41%/19%/21% (21%/20%/21%)

$501K-$800K: 6%/19%/0% (7%/5%/6%)

$801K+: 0%/4%/0% (2%/3%/2%)

Less than $150K: 0%/8%/0% (18%/16%/11%)

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


Somewhat approve – 30%/42% (21%/31%)

Somewhat disapprove – 35%/15% (19%/19%)

Strongly approve – 29%/23% (20%/26%)

Strongly disapprove – 6%/19% (40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Prices Tool

Check Home Prices in Massachusetts cities:

Boston home prices

Worcester home prices

Springfield home prices

Lowell home prices

Cambridge home prices

Brockton home prices

New Bedford home prices

Fall River home prices

Plymouth home prices

Quincy home prices

Lynn home prices

Newton home prices

Holyoke home prices

Nantucket home prices

Hyannis home prices

Northampton home prices

Edgartown home prices

Provincetown home prices

Sommerville home prices

Find Boston homes for sale

Search Boston real estate

Find Worcester homes for sale

Search Worcester real estate

Find Massachusetts homes for sale

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Find U.S. homes for sale and search U.S. real estate

Join the Boston Real estate market discussion on HomeGain Nation

HomeGain.com 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 :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 ,Colorado home prices survey , Washington home prices survey

Louis Cammarosano




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