HomeGain Releases 3rd Qtr New Jersey 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  home prices survey of 1,084 current and former HomeGain members. The survey asked their opinions on home prices and what they thought 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 and Florida home prices surveys.

Today we published the Massachusettes home prices survey data and the  New York home prices survey data.

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

The New Jersey survey data shows that  homeowners in the Garden State have increased their  pricing expectations with 57% of New Jerseyhome owners believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 27% who thought the same in the second quarter New Jersey home prices survey. (see question 2).

Fifty-nine percent of  New Jersey home buyers saw homes as overpriced by 10-20% vs. 34% of home buyer who thought so in the second quarter survey.  Only 8% of New Jersey home buyers think homes are fairly priced vs. 23% who thought so in the second quarter ( see question 3).

Thirty-two percent of New Jersey Realtors now believe that home prices will decrease in the next six months vs. 27% who so believed in the second quarter. Only 11% believe home prices will increase in the next six months vs. 20% who so believed in the second quarter survey. (see question 6)

More than half of New Jersey Realtors surveyed aprove of Obama’s performance as President (vs. 42% nationally) mostly unchanged from the second quarter survey, although Realtors “strongly disapproving” of Obama’s performance rose from 20% in the second quarter to 32% in the current survey.

Set forth below is the first, second and third quarter New Jersey home values data with the national data in parenthesis: New Jersey/ (National)

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


Decreased: 86%/82%/100% (81%/84%/90%)

Increased: 5%/0%/0% (6%/3%/2%)

Stay the same: 8%/18%/0% (13%/12%/8%)

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


10-20% higher: 57%/25%/68% (38%/35%/45%)

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

1-9% higher: 16%/41%/* (25%/24%/*)

1-9% less: 0%/7%/0% (7%/9%/*)

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

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

At listing price you recommend: 11%/9%/4% (11%/10%/14%)

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

More than 30% less: 0%/7%/0% (1%/2%/1%)

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


Fairly priced: 8%/23%/8% (20%/19%/18%)

Overpriced by 10-20%: 59%/34%/44% (30%/30%/32%)

Overpriced by 21%+: 3%/2%/0% (4%/4%/10%)

Overpriced by less than 10%: 24%/25%/28% (30%/29%/21%)

Underpriced by 10-20%: 3%/5%/4% (8%/8%/14%)

Underpriced by 21-30%: 0%/0%/4% (2%/1%/2%)

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

Underpriced by less than 10%: 3%/11%/12% (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%: 8%/2% (5%/7%)

Greater than 21%: 5%/2% (3%/3%)

Greater than 5-10%: 16%/9% (9%/10%)

Less than 11-20%: 32%/18% (24%/23%)

Less than 21-30%: 0%/7% (4%/5%)

Less than 5-10%: 38%/50% (43%/43%)

Little or no difference in price: 0%/11% (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%: 3%/5% (4%/4%)

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

Greater than 5-10%: 3%/2% (5%/5%)

Less than 11-20%: 32%/30% (24%/27%)

Less than 21-30%: 0%/5% (3%/4%)

Less than 5-10%: 59%/55% (54%/53%)

Little or no difference in price: 3%/2% (8%/5%)

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


Decrease: 32%/27%/64% (31%/29%/53%)

Increase: 11%/20%/0% (23%/22%/11%)

Stay the same: 57%/52%/36% (46%/49%/36%)

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


Less than 10%: 65%/30%/44% (36%/26%/37%)

10%-20%: 27%/30%/32% (27%/15%/26%)

21%-30%: 8%/18%/24% (17%/12%/16%)

31%-50%: 0%/14%/0% (13%/7%/15%)

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

75%: 0%/5%/0% (2%/3%/2%)

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


$151K-$300K: 30%/48%/40% (52%/56%/59%)

$301K-$500K: 54%/32%/56% (21%/20%/21%)

$501K-$800K: 16%/2%/4% (7%/5%/6%)

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

Less than $150K: 0%/18%/12% (18%/16%/11%)

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


Somewhat approve – 27%/27% (21%/31%)

Somewhat disapprove – 16%/30% (19%/19%)

Strongly approve – 24%/23% (20%/26%)

Strongly disapprove – 32%/20% (40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check New Jersey home prices

Newark home prices

Jersey City home prices

Paterson home prices

Elizabeth home prices

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Nutley home prices

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Toms River home prices

Old Bridge home prices

Morris Plains home prices

View New Jersey homes for sale

Search New Jersey real estate

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

Louis Cammarosano




One Response on “HomeGain Releases 3rd Qtr New Jersey Home Prices Survey”


Some interesting real estate trends there.

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