HomeGain Releases 3rd Qtr Washington Home Prices Survey

Posted by: Louis Cammarosano on August 31st, 2009

Last, HomeGain, the first website to provide free instant home values, released the national and regional results of our  home prices survey of 1,084 HomeGain members. We asked their opinions on home values 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. Later in the week, we published the Massachusettes home prices survey data, the  New York home prices survey data, the New Jersey home prices survey data, the North Carolina home prices survey, the Illinois home prices survey the Georgia home prices survey data, the Colorado home prices survey data, the Virginia home prices survey and the Arizona home prices survey.

Today we are releasing the Washington home prices survey data.

Washington homeowners, like many homeowners across the nation recently, have increased their  their valuation expections. In the second quarter Washington home values survey 77% of Washington home owners believed that their homes should be priced higher than their Realtors’ recommended listing price vs. 88% who so believed in the current survey. (See question 2)

As Washington home owners are tempering their home valuation expectations, a greater percentage of Washington home buyers now believe that homes are over priced. Only 8% of Washington home buyers now believe homes are fairly priced vs. 23% in the second quarter. Seventy-nine percent of Washington home buyers believe homes in their state are  overpriced  vs. 70% who so believed three months ago. (See question 3)

Forty six percent of Washington Realtors predict stabilizing home prices in the next six months vs. 67% of Washington Realtors who predicted price stabilization three months ago. Thirty-eight percent of Washington Realtors in the current home values survey think that Washington home prices will decrease in the coming six months vs. 17% in the second quarter. (See question 6)

Fifty-four percent of Realtors in the Evergreen State disapprove of Obama’s performance as President vs. sixty-six percent of Washington Realtors who approved of Obama’s performance as President in the second quarter.

Set forth below is the first, second, and third quarter Washington 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: 88%/76%/100% (81%/84%/90%)

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

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

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


10-20% higher: 46%/43%/52% (38%/35%/45%)

10-20% less: 0%/7%/14% (5%/8%/10%)

1-9% higher: 38%/20%/* (25%/24%/*)

1-9% less: 0%/3%/* (7%/9%/*)

21-30% higher: 4%/7%/5% (8%/8%/14%)

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

At listing price you recommend: 13%/10%/14% (11%/10%/14%)

More than 30% higher: 0%/7%/0% (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: 8%/23%/19% (20%/19%/18%)

Overpriced by 10-20%: 25%/50%/29% (30%/30%/32%)

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

Overpriced by less than 10%: 50%/17%/29% (30%/29%/21%)

Underpriced by 10-20%: 8%/2%/14% (8%/8%/14%)

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

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

Underpriced by less than 10%: 0%/0%/10% (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%: 0%/13% (5%/7%)

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

Greater than 5-10%: 0%/13% (9%/10%)

Less than 11-20%: 29%/43% (24%/23%)

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

Less than 5-10%: 58%/17% (43%/43%)

Little or no difference in price: 13%/%7% (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%/10% (4%/4%)

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

Greater than 5-10%: 0%/7% (5%/5%)

Less than 11-20%: 17%/0% (24%/27%)

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

Less than 5-10%: 54%/50% (54%/53%)

Little or no difference in price: 17%/3% (8%/5%)

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


Decrease: 38%/17%/52% (31%/29%/53%)

Increase: 17%/17%/0% (23%/22%/11%)

Stay the same: 46%/67%/48% (46%/49%/36%)

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


Less than 10%: 50%/47%/43% (36%/26%/37%)

10%-20%: 33%/40%/38% (27%/15%/26%)

21%-30%: 17%/3%/19% (17%/12%/16%)

31%-50%: 0%/3%/0% (13%/7%/15%)

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

75%: 0%/7%/0% (2%/3%/2%)

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


$151K-$300K: 63%/57%/52% (52%/56%/59%)

$301K-$500K: 33%/23%/43% (21%/20%/21%)

$501K-$800K: 4%/3%/0% (7%/5%/6%)

$801K+: 0%/7%/5% (2%/3%/2%)

Less than $150K: 0%/13%/0% (18%/16%/11%)

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


Somewhat approve – 21%/33% (21%/31%)

Somewhat disapprove – 25%/10% (19%/19%)

Strongly approve – 25%/33% (20%/26%)

Strongly disapprove – 29%/33% (40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Prices Tool

Check Home Prices in Washington cities on HomeGain .com:

View Washington homes for sale

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

Join the Seattle real estate discussion on HomeGain nation

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 :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



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

Guy Davidson

There is still this huge disparity between the 77% of homeowners who believe their home is worth more and the 79% of buyers who believe that home is worth less. Until this is more in balance, the recovery is still off in the future.

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