HomeGain Releases 3rd Quarter 2010 Georgia Home Values Survey Results

Posted by: Louis Cammarosano on November 23rd, 2010

Fifty-seven percent of Georgia Real Estate Professionals Expect Home Values to Decline over the Next Six Months

Last month, HomeGain, one of the first companies to provide free online instant home valuations, released the third quarter results of our nationwide survey of over 1,100 HomeGain current and former members and 2,600 homeowners. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On this 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 release the result of the third quarter Georgia home prices survey.

Georgia home buyers have long believed that home prices are too high in their state. In the first quarter 2009 Georgia home values survey, just 5% of home buyers thought homes were fairly priced. In the second quarter 2009 Georgia home prices survey not much changed with just 8% of Georgia home buyers believing that homes were fairly priced. In the third quarter 2009 Georgia home prices survey, only 5% of Georgia home buyers believed that homes were fairly priced. Little changed in the fourth quarter 2009 Georgia home prices with 7% saying that homes were fairly priced and 35% saying homes were overpriced by 10-20%. In the first quarter 2010 Georgia home prices survey just 6% of home buyers thought home prices were fairly priced and 37% thought homes were over priced by 10-20%. In the second quarter 2010 Georgia home prices survey the percentage of Georgia home buyers that thought homes were fairly prices jumped to 32%. In the current survey 17% of Georgia home buyers believe homes are fairly priced. (see question 3)

Georgia home sellers also have long disregarded what their agents and brokers tell them about the value of their homes. In the second quarter of 2010 just 3% of Georgia home owners agreed with their Realtors’ recommended listing price vs. 6% in the first quarter of 2010 and vs. 5% in the fourth quarter of 2009. Last quarter, 32% of Georgia homeowners believed their homes should be priced 10-20% higher than their Realtors’ recommended listing price, down from 46% in the first quarter of 2010 vs. 48% in the fourth quarter of 2009 and 39% in the third quarter of 2009. In the current survey 12% of Georgia home owners agreed with their Realtors’ recommended listing price and 50% thought their homes should be priced 10-20% higher. (see question 2)

In the current survey 57% of Georgia agents and brokers expected home prices to decline over the next six months vs. 36% who so believed in the second quarter of 2010 vs. 25% in the first quarter of 2010 vs. 30% in the fourth quarter of 2009 vs. 32% in the third quarter of 2009 and vs. 27% in the second quarter of 2009. In the current survey 33% of Georgia agents and brokers expect home prices to remain the same over the next six months. Forty-eight one percent of Georgia home owners expect home prices to remain the same over the next six months and 39% believe they will decline. (see question 6)

Georgia real estate professionals surveyed continue to disapprove President Obama’s performance with 71% disapproving vs. 69% who disapproved in the second quarter. In the first quarter of 2010, 58% of surveyed Georgia agents and brokers disapproved of the President’s performance. (see question 10) Sixty-five percent of Georgia home owners surveyed disapprove of the President’s performance with 55% “strongly disapproving”. In the second quarter 60% of Georgia home owners disapproved of the President’s performance. (see question 10)

Set forth below is the third quarter 2010 real estate professional and homeowner Georgia 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: