HomeGain Releases 3rd Quarter 2010 Regional Home Prices Survey Results

Posted by: Louis Cammarosano on September 17th, 2010

The national results of HomeGain’s Third Quarter 2010 Home Prices Survey (conducted from September 7-14) of more than 1,100 real estate professionals and 2,600 homeowners revealed some significant regional differences.

Below are the regional results of the entire survey, categorized into four regions*, Northeast, Southeast, Mid-West and West.

Questions and Regional 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:


Overall, in each region, the majority of real estate agents and brokers think home values have decreased in value in the past year.

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See Q2 2010 national results

Question 2:

Overall, the majority of agents and brokers in each region of the U.S. indicated that homeowners think their home is worth 10-20% more than the agent or broker recommends.

See Q2 2010 regional resultsSee Q1 2010 regional results | See Q2 2009 regional results

See national results

Question 3:

Overall, the majority of U.S. home buyers in each region of the U.S. think homes for sale are overpriced.

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results

Question 4:

Overall, the majority of agents and brokers in each region of the U.S. indicated that homes are listed 5-10% less than what homeowners think their home is worth.

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results

Agent Commentary From 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 home?

“Covering a large area of NJ it seems that we have listprices close to what it was sold for in 2005 including the commission. IE sold for 400K 2005 the list price today would be 400K. Of course it depends on the area but on the average.” – Magness Kallner, Scotch Plains, New Jersey

“Sellers handicap themselves when relying on past appraisals rather than their agent’s data.” - Carol Temple, Arlington, Virginia

Question 5:

Overall, the majority of agents and brokers in each region of the U.S. indicated that the home sells for less than the listing price.

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results

Question 6:

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results

Agent Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?

“I think the market will decline further with no real recovery for 5 years. Commercial will be hit very hard in the near future.” – Jerry Wood, RE/MAX Northwest, Westminster, Colorado

“I believe in the Dallas area we will have a busy Fall for Real Estate activity and that will carry through to next year.” – Tim Stoll, Ultima Real Estate, Dallas, Texas

“Home value direction will depend on what the banks do with inventory.” – Ron Walker, Sacramento, California

“Summer has been slow, but prices are up 11% from July 2009 to July 2010 in single family homes in Cape Coral, FL!  New leads are down.” – Diane Fowler, Sellstate Priority Realty, Cape Coral, Florida

“The biggest affect on prices in my area have been affected more by information on the Media. The actual economic effect is less than many areas in the country. But it is hard to convince people of this when all they hear on the Media is the opposite.” – Gaylord Zastrow, Holmen, Wisconsin

“Market will drop 5%-10% in this area over the next year.” – Chuck Cosgrove, Doylestown, Pennsylvania

“Supply and demand are still off. Too much supply, not enough demand, prices are still dropping.” – Mark Brace, Grand Rapids, Michigan

Pricing in Nashville is all over the board.  We have seen houses go full price and then some 50K under price. It’s really hard to come up with accurate numbers and I’ve been in the business full-time for 10 years.” – Julie Sherrill, Century 21 Dawson, Nashville, Tennessee

Question 7:

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results

Question 8:

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results
 

Question 9:

 

 See Q2 2010 regional resultsSee Q1 2010 regional results

See Q2 2010 national results

 
Agent Commentary From Question 9 — In the past three months, how many of your clients were first time home buyers?

“I hope there will be no further government offered tax incentives to buyers.” – Rachel Cheeney, Waterloo, Iowa

Question 10:

Overall, real estate brokers and agents disapprove of the President’s performance.

See Q2 2010 regional resultsSee Q1 2010 regional resultsSee Q2 2009 regional results

See national results

Agent Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?

“The president’s policies are keeping people from buying or moving up. The foreclosures need to be bought first before we’ll see any upward trend and unless something happens in November’s elections to stop the socialism, we’ll be stuck in this rut for years.” – Kimo Smigielski, Sandwich Isles Realty, Inc., Honolulu, Hawaii

“I feel that he is in a position way above his ability.  One of the worst presidents I have seen.” – Tina Stanko, RE/MAX Preferred Group, Cincinnati, Ohio

“While I support the President and applaud his efforts at stemming the real estate crisis, the programs that have been introduced so far are not helping at all.  The aid needs to go to the homeowners directly, not the banks.” – Jennifer Mullen, Myrtle Beach, South Carolina

“Bring back President Bush!” – Paula Paulette-Jones, Georgetown, Texas

“Tell him to show the country his birth certificate.” – Homeowner in Yucaipa, California

“Although I did not vote for him, I was tired of the partisan bickering and had high hopes that President Obama was going to truly be the post-partisan person he promised during his campaign. I’m sorely disappointed in the job he’s doing as President and how partisan he behaves. It’s as if he’s always in campaign mode. The issues facing this country are too important for the President to be such an ideologue.” – Homeowner in Baton Rouge, Louisiana

“It did not matter what president came in, it would take more than 2-4 years for recovery to be completed.” – Homeowner in Forney, Texas

“To this day I’ve never understood how “more governement spending” was supposed to spark an economy that included a catastrophic decline in the housing market… and how so many people were dumb enough to believe it would?” – Homeowner in Melbourne, Florida

“Congress has done a horrible job with Republicans rejecting everything and wanting to go back to the situation which ruined the economy and Democrats too busy favoring unions, etc.” – Homeowner in Burr Ridge, Illinois

“Too much spending. Too much government intervention.” – Homeowner in Huntington Woods, Michigan

##

*Regions are divided as follows:

  • Northeast: Maine, New Hampshire, Massachusettes, Vermont, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware, Maryland and West Virginia
  • Southeast: Virginia, South Carolina, North Carolina, Georgia, Florida, Alabama, Mississippi and Tennesee
  • Mid-West: Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, North Dakota, South Dakota, Nebraska, Wyoming, Colorado, New Mexico, Texas, Oklahoma, Kansas, Louisiana, Arkansas and Missouri
  • West: Alaska, Hawaii, California, Washington, Oregon, Nevada, Arizona, Utah, Idaho and Montana

  

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Louis Cammarosano

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