Texas real estate professionals and homeowners temper their home values expectations; Obama’s approval rating at 30%.
On Tuesday, HomeGain, one of the first companies to provide free online instant home valuations, released the third quarter results of our nationwide survey of over 1100 HomeGain current and former members and 2600 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real estate 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.
Yesterday we released the 3rd quarter California home prices survey data and today we are releasing the results of the 3rd quarter Texas home values survey. In the coming days we will be releasing home values survey data from Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
Fifty-seven percent of Texas real estate professionals and 58% of Texas homeowners expect home prices in the Lone Star State to remain the same over the next six months. The second quarter 2010 Texas home prices survey revealed that 38% of Texas real estate professionals expected prices to remain the same vs 40% who expected prices to remain the same in the second quarter 2009 Texas home prices survey.
Only 14% of Texas agents and brokers and 18% of Texas homeowners expect home prices to rise over the next six months. In the second quarter of 2010 33% of agents and brokers and 30% of homeowners expected prices to rise in the coming six months. In the second quarter of 2009 43% of Texas real estate agents and brokers expected home prices to rise.
Twenty-nine percent of Texas real estate professionals and 24% of Texas homeowners expect home prices to fall. Nationwide 10% of real estate professionals expect home prices to increase, 48% expect them to decrease and 42% expect them to stay the same. (see question 6)
Texas home owners continue to believe that their homes are worth more than their Realtors’ are telling them with 82% believing that their homes are worth more than their Realtors’ recommended listing price. According to real estate professionals surveyed, 46% of Texas homeowners believe their homes are worth 10-20% more than the recommended listing price, up from 23% in the second quarter of 2009. (see question 2)
Texas home buyers continue to believe that homes are overpriced in their state. In the current survey 63% of Texas home buyers believe that home prices are over priced vs. 67% who thought so in the second quarter of 2010 vs. 61%% who thought so in the first quarter 2010 Texas home prices survey. (see question 3)
President Obama’s approval rating among Texas real estate professionals remained at 30%, although the percentage “strongly disapproving” increased to 57% up from 54% in the second quarter 2010 survey. Texas homeowners also held a dim view of the President’s performance with just 31% approving. (see question 10)
Set forth below is the third quarter 2010 real estate professional and home owner Texas 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 2. On average, what do your homeowner clients believe that their home is worth?
Question 3. How do your homebuyer clients feel that homes 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 7. What percent of homes for sale in your area are foreclosures?
Question 8. What is the average home price in your area?