New York Survey highlights disconnect between what homeowners, Realtors and home buyers think homes are worth in the Empire state; 70% of real estate agents and brokers expect home prices to decline in the next six months

Last week, 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 this week we released the results of the  3rd quarter 2010 California home prices survey,  the 3rd quarter 2010 Texas home values survey and the 3rd quarter 2010 Florida home values survey. In the coming days we will be releasing home values survey data from Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.

Today we are publishing the New York home prices survey data.

The New York survey data shows a surge in the percentage of  homeowners who believe their homes should be higher than their Realtors’ recommended listing price with 52% of New York home owners believing their homes should be priced 10-20% higher than their agents’ recommended listing price vs. 31% who thought so in the 2nd quarter 2010 New York home prices survey vs.  25% who so thought in the first quarter 2010 New York home prices survey vs. 23%% who thought so in the fourth quarter 2009 New York home prices survey.  A total of 82% of New York homeowners believe their homes should be prices higher. Just 7% believe their homes are worth their Realtor’s recommended listing price. (see question 2).

Only 11% of New York home buyers saw homes as fairly valued in the third quarter  vs. 10% who thought so in the second quarter of 2010 vs. 18% who so believed in the first quarter of 2010. Forty-four percent of Empire state home buyers thought homes were overpriced in their state by 10-20% vs. 37% who so believed in the 2nd quarter of 2010 vs. 32% in the first quarter of 2010. (see question 3)

An increasing percentage of New York real estate professionals believe that home prices will decrease in the next six months. Seventy percent of New York agents and brokers surveyed thought home values would decrease in the coming six months vs. 51% who thought so in the second quarter of 2010 vs. 35% in the first quarter of 2010.  (see question 6)

New York home owners were more optimistic regarding the direction of home prices with 39% thinking that home prices would decline in the next six months vs. just 20% who thought so in the second quarter. (see question 6)

Set forth below is the third quarter 2010 real estate professional and home owner New York 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) :

1. Have home prices increased, decreased or stayed the same in the last year?
2. On average, what do homeowners believe that their home is worth?
3. How do buyers feel that homes for sale are priced?
4. 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?
5. What is the average difference in price between what a home is listed at and what a home sells for?
6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
7. What percentage of homes for sale are foreclosures in your area?
8. What is the average home price in your area?
9. What percentage of your clients are first-time buyers?
10. How do you think Barack Obama is performing in his role as President?