Sixty-Nine Percent of Illinois Real Estate Professionals Predict Home Values Will Decline in the Coming 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.
Earlier we released the results of the 3rd quarter 2010 California home prices survey, the 3rd quarter 2010 Texas home values survey, the 3rd quarter 2010 Florida home values survey, the 3rd quarter 2010 New York home values survey and the 3rd quarter 2010 New Jersey home values survey In the coming days we will be releasing home values survey data from Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
Today we are publishing the Illinois home prices survey data.
In the current survey 44% of Illinois home sellers believe that their homes should be priced 10–20% higher than their Realtor’s recommended listing prices vs. 41% who believed so in the second quarter 2010 Illinois home values survey vs. 43% who so believed in the first quarter 2010 Illinois home values survey. In the second quarter 2009 Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher. (see question 2)
Illinois home buyers continue to believe that homes are over priced in their state. According to real estate agents and brokers surveyed, sixty-six percent of Illinois home buyers think that homes are over priced in their state with just 14% thinking that homes are fairly valued. In the second quarter 63% of Illinois home buyers believed that home prices were over valued. (see question 3)
Sixty-nine percent of Illinois real estate professionals expect home prices to decrease in their state over the next six months vs. 39 % who thought so in the second quarter of 2010. Twenty-five percent of Illinois agents and brokers expect home prices in their state to stay the same over the next six months vs. 58% who expected home prices to stay the same in the second quarter.
Forty-eight percent of Illinois homeowners think home prices will remain the same over the next six months vs. 52% who thought so in the second quarter. Thirteen percent of Illinois homeowners expect prices to increase in the next six months vs. 27% who thought so in the second quarter. Thirty nine percent of homeowners in Illinois expect home prices to decrease vs. 21% who so expected in the second quarter. (see question 6)
President Obama’s approval rating among surveyed Illinois agents and brokers fell in the third quarter to 42% down from 58% in the second quarter.
Illinois home owners gave the the former Illinois Senator a 41% approval rating down from 51% in the second quarter. Nationally two thirds of surveyed agents and brokers and 61% of homeowners disapproved of the President’s performance. (see question 10).
Set forth below is the third quarter 2010 real estate professional and homeowner Illinois 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 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?
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