California real estate professionals and homeowners have a more favorable view of the direction of home values and of President Obama’s performance as President than their nationwide counterparts.
Earlier this week, HomeGain, one of the first companies to provide free instant home valuations online, released the third quarter results of our nationwide survey of over 1100 HomeGain current and former members and 2600 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real 
estate blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 regional results, including commentary from real estate agents and brokers.
Today we are releasing the California home values survey data. In the coming days we will be releasing home values survey data from Texas, Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
The 3rd quarter 2010 California home prices survey data reflects some changes from the 2nd quarter 2010 California home prices survey. Fifty-two percent of surveyed agents indicated that their homeowner clients thought that their homes’ values had declined in the prior year vs. 42% who so believed in the second quarter. HomeGain also asked homeowners directly the same question. Fifty percent of surveyed homeowners thought that their homes’ values had declined in the prior year. (see question 1)
Over the past year California home buyers have been increasingly of the view that homes in their state are fairly valued, with 35% believing so in the third quarter survey vs. 38% in the second quarter 2010 California home prices survey vs. 30% in the first quarter 2010 California home prices survey and 25% in the fourth quarter 2009 California home prices survey. Fifty one percent of California home buyers currently believe that homes are over priced vs. 69% who so believe nationally. (see question 3)
In the current survey 41% of California real estate agents and brokers expect home prices to fall with in the next six months vs. 21% who so believed in the second quarter 2010 California home prices survey. Fourteen percent of California real estate professionals expect home prices to rise in their state over the next six month vs. 39% who thought so in the second quarter 2010 California home prices survey and 34% in the third quarter 2009 California home prices survey. Only 10% of real estate professionals nationwide believe that home prices will rise in the coming six months. (see question 6)
Nationwide, President Obama’s approval rating among surveyed real estate agents and brokers dropped to 33% . Forty-three percent of California real estate professionals somewhat approve or strongly approve of Obama’s performance as President vs. 44% in the second quarter California survey vs.55% in the first quarter and 57% in the fourth quarter of 2009. Forty three percent of surveyed California homeowners approved of Obama’s performance. (see question 10)
Set forth below is the third quarter 2010 real estate professional and home owner California home prices survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey data: (click on each question to see complete results):
- Have home prices increased, decreased or stayed the same in the last year?
- On average, what do homeowners believe that their home is worth?
- How do buyers feel that homes for sale are priced?
- What is the average difference in price between what sellers believe their home to be worth and the amount at which the home gets listed?
- What is the average difference in price between what a home is listed at and what a home sells for?
- In the next six months, will the values of homes in your market increase, decrease or stay the same?
- What percentage of homes for sale are foreclosures in your area?
- What is the average home price in your area?
- What percentage of your clients are first-time buyers?
- How do you think Barack Obama is performing in his role as President?
Question 1:
Question 2. On average, what do your homeowner clients believe that their home is worth?
Question 3. How do your home buyer clients feel that homes are priced?
Question 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?
Question 5. What is the average difference in price between what the home is listed at and what the home sells for?
Question 6:
Question 7. What percent of homes in your area are foreclosures?
Question 8. What is the average home price in your area?
Question 9:
Question 10:
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California information:
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GREAT post..very informative..thanks for sharing it.
September 25th, 2010 at 8:16 am
So CA prices have been in the tank and CA REALTORS expect to see further drops and 44% of then actually approve of Obama’s performance? Just what planet are they from?
September 26th, 2010 at 6:34 am
The value of real estate maybe hitting the bottom if more and more people think the value will drop.
September 26th, 2010 at 12:23 pm
I agree with Henry, people may always think values will drop and they may be waiting for the drop.
September 27th, 2010 at 6:25 pm
Quite an impressive work done with the figures, the prices are not static and are changing consistently. Thank you for the post. Keep up the good work.
October 29th, 2010 at 6:39 am