Pennsylvania home owners and home buyers far apart on home values; both disapprove of Obama’s performance as President

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.

Recently, 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, the 3rd quarter 2010 New Jersey home values survey , the 3rd quarter 2010 Illinois home prices survey the 3rd quarter 2010 North Carolina home values survey the 3rd quarter 2010 Ohio home values survey,  the 3rd quarter 2010 Nevada home values survey, the 3rd quarter 2010 Michigan home values survey the 3rd quarter 2010 Colorado home prices survey and the 3rd quarter 2010 Washington home prices survey.  In the coming days we will be releasing home values survey data from Virginia,  Georgia, Massachusetts and other states.

Today we are releasing the Pennsylvania home prices survey.

Pennsylvania homeowners, like their counterparts nationally, think their homes are worth more than their Realtors’ recommended listing price. Thiry-two percent of Pennsylvania homeowners think their homes should be priced 10-20% higher than their Realtors’ recommend vs. 59% who thought so in the 2nd quarter 2010 Pennsylvania home prices survey vs. 46% in the first quarter 2010 Pennsylvania home prices survey vs. 50% in the fourth quarter 2009 Pennsylvania home prices survey and 42% in the third quarter 2009 Pennsylvania home prices survey. (see question 2)

Pennsylvania home buyers believe homes are over priced with only 7% believing that home prices are are fairly valued vs. 14% who believed so in the second quarter of 2010 vs. 15% who believed so in the first quarter of 2010 vs. 12 % who thought so in the 4th quarter of 2009 and 4% in the third quarter of 2009. Forty-three percent of Pennsylvania home buyers believe homes are priced 10-20% more than they should be vs. 38% who thought so in the second quarter vs. 36% who thought so in the first quarter vs. 42% who thought so in the 4th quarter of 2009 and 38% in the 3rd quarter of 2009. (see question 3)

Pennsylvania Realtors turned more pessimistic about the direction of home prices in the current survey with 46%  thinking that home values would decrease in the next six months vs. 31% who thought so in the second quarter vs. 23% in the first quarter of 2010 vs. 33% who so believed in the 4th quarter of 2009 and 43% in the third quarter. Fifty-four percent of Pennsylania agents and brokers expect home prices to stay the same over the next six months. Sixty-one percent of surveyed Pennsylvania home owners expect home prices to stay the same over the next six months. (see question 6)

An increasing percentage of real estate agents and brokers in the Keystone State give the President a low approval rating with 78% disaproving of the President’s performance, up from 63% disapproving in the 2nd quarter vs. 53% disapproving in the first quarter vs. 65% disapproving in the fourth quarter of 2009. Pennsylvania home owners were less negative on the president’s performance with 58% disapproving and 42% approving. (see question 10)

Set forth below is the third quarter 2010 real estate professional and homeowner Pennsylvania 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?

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 for sale 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:

See National and Regional Survey Results