According to the recent survey, Virginia sellers continue to believe their homes are worth more than their Realtors recommended listing price.

However, Virginia home sellers are tempering their pricing expectations. In the second quarter Virginia home prices survey, 46% of Virginia home owners thought their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the current survey 29% of home owners thought their homes should be priced 10-20% higher (see question 3).

Virginia home owners still believe that their homes are worth more, but not that much more, than their realtors’ recommended price as 31% of home owners think their homes should be prices 1-9% higher than their Realtors’ recommended listing price vs. 14% in the second quarter (see question 3).

While Virginia home sellers are lowering their home price valuation expectations, so are Virginia buyers. Thirty seven percent of Virginia home buyers, according to Virginia Realtors, believe that homes in their state are over priced by 10-20% up from 22% in the second quarter.  Just 17% of Virginia home buyers believe that homes in their state are fairly valued, down from 22% in the second quarter (see question 2).

Forty percent of Virginia Realtors believe that home prices will decline over the next six months vs. 41% who so believed in the second quarter.  Forty-six percent of Virginia Realtors believe home prices will stay the same in the coming six months vs. 35% who thought the same in the second quarter. Just 14% of Virginia Realtors think home prices will increase in the next six months vs. 24% who so thought in the second quarter.  (see question 6).

President Obama’s approval rating slid sharply in the third quarter with 60% of surveyed Realtors in the Old Dominion State disapproving of his performance as President and 51% “strongly disapproving. In the second quarter 54% of Virginia Realtors approved of the President’s performance with only 24% “strongly disapproving” (see question 9).

Set forth below is the Virginia home prices survey data with the national data in parenthesis:

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

Q3VA/Q2VA/Q1VA (Q3NAT/Q2NAT/Q1NAT)

Decreased: 72%/97%/94% (81%/84%/90%)

Increased: 14%/0%/0% (6%/3%/2%)

Stay the same: 14%/3%/6% (13%/12%/8%)

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

Q3VA/Q2VA/Q1VA (Q3NAT/Q2NAT/Q1NAT)

10-20% higher: 29%/46%/47% (38%/35%/45%)

10-20% less: 9%/5%/18% (5%/8%/10%)

1-9% higher: 31%/14%/* (25%/24%/*)

1-9% less: 9%/8%/* (7%/9%/*)

21-30% higher: 20%/11%/6% (8%/8%/14%)

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

At listing price you recommend: 3%/8%/12% (11%/10%/14%)

More than 30% higher: 0%/0%/6% (3%/2%/4%)

More than 30% less: 0%/5%/* (1%/2%/1%)

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

Q3VA/Q2VA/Q1VA (Q3NAT/Q2NAT/Q1NAT)

Fairly priced: 17%/22%/6% (20%/19%/18%)

Overpriced by 10-20%: 37%/22%/29% (30%/30%/32%)

Overpriced by 21%+: 6%/3%/0% (4%/4%/10%)

Overpriced by less than 10%: 8%/32%/41% (30%/29%/21%)

Underpriced by 10-20%: 14%/14%/12% (8%/8%/14%)

Underpriced by 21-30%: 3%/0%/12% (2%/1%/2%)

Underpriced by 31%+: 0%/5%/0% (1%/1%/2%)

Underpriced by less than 10%: 0%/3%/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?

Q3VA/Q2VA (Q3NAT/Q2NAT)

Greater than 11-20%: 6%/11% (5%/7%)

Greater than 21%: 0%/3% (3%/3%)

Greater than 5-10%: 14%/11% (9%/10%)

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

Less than 21-30%: 3%/8% (4%/5%)

Less than 5-10%: 37%/35% (43%/43%)

Little or no difference in price: 11%/5% (12%/8%)

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

Q3VA/Q2VA (Q3NAT/Q2NAT)

Greater than 11-20%: 0%/5% (4%/4%)

Greater than 21%: 6%/0% (2%/2%)

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

Less than 11-20%: 26%/16% (24%/27%)

Less than 21-30%: 6%/5% (3%/4%)

Less than 5-10%: 49%/59% (54%/53%)

Little or no difference in price: 11%/8% (8%/5%)

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

Q3VA/Q2VA/Q1VA (Q3NAT/Q2NAT/Q1NAT)

Decrease: 40%/41%/59% (31%/29%/53%)

Increase: 14%/24%/6% (23%/22%/11%)

Stay the same: 46%/35%/35% (46%/49%/36%)

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

Q3VA/Q2VA/Q1VA (Q3NAT/Q2NAT/Q1NAT)

Less than 10%: 29%/41%/24% (36%/26%/37%)

10%-20%: 29%/27%/41% (27%/15%/26%)

21%-30%: 20%/14%/6% (17%/12%/16%)

31%-50%: 20%/11%/18% (13%/7%/15%)

51%-75%: 0%/3%/6% (5%/3%/5%)

75%+: 3%/5%/6% (2%/3%/2%)

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

Q3VA/Q2VA/Q1VA (Q3NAT/Q2NAT/Q1NAT)

$151K-$300K: 54%/62%/59% (52%/56%/59%)

$301K-$500K: 40%/16%/24% (21%/20%/21%)

$501K-$800K: 6%/8%/12% (7%/5%/6%)

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

Less than $150K: 0%/14%/6% (18%/16%/11%)

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

Q3VA/Q2VA (Q3NAT/Q2NAT)

Somewhat approve – 23%/32% (21%/31%)

Somewhat disapprove – 9%/22% (19%/19%)

Strongly approve – 17%/22% (20%/26%)

Strongly disapprove – 51%/24% (40%/24%)

* Data not available

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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 ,Massachusetts home prices survey , Washington home prices survey

Louis Cammarosano
homegain.com