Forty-seven percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Seventy-two percent disapprove of Obama’s performance as President; Rick Perry, Mitt Romney and Ron Paul lead GOP hopefuls
HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide third quarter 2011 home values survey. Over 500 real estate agents and brokers and over 2,200 homeowners were surveyed. We also released the regional results of the third quarter 2011 HomeGain home values survey.
Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the middle of the year. Forty-seven percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months.
In the second quarter 2011 HomeGain National Home Values Survey, fifty percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.
Forty-two percent of real estate agents and brokers and 43 percent of homeowners think that home values will remain the same in the coming six months.
Eleven percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter. Twelve percent of homeowners expect home values to increase in the next six months, down three percent from last quarter.
According to surveyed agents and brokers, 75 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 68 percent of home buyers believe homes are overpriced.
“Homeowners have joined real estate professionals and now share their dour view on the direction of home prices. Last quarter only 30 percent of homeowners expected home prices to drop in the coming six months while 50 percent of real estate professionals expected price declines. In the current survey 45 percent of homeowners and 47 percent of real estate professionals expect home price declines in the next six months,” said Louis Cammarosano, General Manager of HomeGain.
Fifty-five percent of agents and brokers surveyed indicated that they “strongly disapproved” and 17 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 72 percent disapproval rating, an increase of five percent in the disapproval rating of agents and brokers surveyed in the third quarter last year. Last quarter the President had a 65 percent disapproval rating among agents and brokers.
Forty-seven percent of homeowners “strongly disapproved” and 16 percent “somewhat disapproved” of the President’s performance, earning him a 63 percent disapproval rating. The President had a 56 percent disapproval rating last quarter among surveyed homeowners with 39 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain Third Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 51 percent with an average of 36 percent “strongly disapproving” of his performance.
Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:
Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:
The survey was conducted from August 25 – September 4, 2011.
View all prior HomeGain national and state home prices surveys.
The third quarter 2011 regional results are available by clicking here.
Set forth below are the results of the second quarter 2010 and 2011 national home prices survey as well as the results of the first quarter 2011 survey. Also set forth below for selected questions is the national home owner response data for the second quarter of 2011. Click on each question to see complete results:
Questions and National 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?
- If the Presidential election were held today, who would you vote for?
Commentary From Question 1 — Have home prices increased, decreased or stayed the same in the last year?
“The Baltimore Washington corridor continues to be somewhat buffered from the economic slowdown and values overall have stayed consistent over the last 2 years.”
“There is a shortage of listings in the Orlando area, less than five months inventory. Average sales price has increased over $20,000 from January to July.”
“Prices are HOLDING UP in this Particular Area….a few miles away and the story is totally different.”
“My home has decreased to 1/3 of what I owe on it. I should just walk away…. This sucks.” – Homeowner feedback
“If home values have decreased, why haven’t the property taxes decreased as well?” – Homeowner feedback
“The economy has remained relatively strong in Texas and in the greater Houston area in particular, which is why I don’t think our home has declined in value in the past year.” – Homeowner feedback
“Prices are dropping because banks won’t lend to ready willing and able buyers. Prices are dropping because real estate taxes are increasing.” – Homeowner feedback
Overall, 75% of home sellers believe their homes are worth more than their agents’ recommended selling price.
Commentary From Question 2 — On average, what do your homeowner clients believe that their home is worth?
“I feel my home value will stay the same due to the improvements I have made. Unfortunately these should have increased the value.” – Homeowner feedback
Overall, 68% of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced.
See regional results
Commentary From Question 3 — How do buyers feel that homes for sale are priced?
“The days of low ball offers are gone. Buyers who understand the market has changed in the last 18 months are more likely to make offers Sellers will accept. Buyers who low ball, especially short sales and REO, will lose.”
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?
“In general, home sellers are becoming more realistic about initial pricing. Available data literally overwhelms most of their unrealistic ideas.”
Overall, nationwide, agents indicate that 93% of homes sell for less than the price they are listed at.
Commentary From Question 5 — What is the average difference in price between what the home is listed at and what the home sells for?
“Based on April market activity, many REO properties have been receiving multiple offers and sale prices above the list price. I believe this is the first sign of the recovery we have been waiting for.”
Overall, the majority of agents and brokers think home prices will decrease in the next six months.
Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?
“The economy should NOT be an excuse not to buy now. Prices have already bottomed and will rise with interest rates in the future.”
“Foreclosures are driving the market and their pending release could substantially change values.”
“Home values in our area are still falling, but sales of homes are getting better so I’m hoping we are close to stabilization of home values.” – Homeowner feedback
“I live in an area where housing assessments by the City of Milwaukee has been lowered. The Irony is the area in which I live the population is increasing. There are a small number of New housing starts. Homeowners are upside down in mortgages and homeowners values have been reduced significantly due to foreclosures. 2009 I refinanced my home for a lower interest rate. Home value was 80,000 today and the projected value is $40,000.00 and dropping.” – Homeowner feedback
“The time to buy is usually when popular opinion is negative, so I expect values to be going up.” – Homeowner feedback
“Home prices are going up, now is the time to buy before they return to the past prices.” – Homeowner feedback
“We have put $25,000 in updates only to have our home value drop another $5,000.” – Homeowner feedback
“The only way that home values will increase is when people have employment and feel that their jobs are secure. I am still waiting for President Obama to start the rail system that he was so eager to bring into our country. That would certainly create jobs, solve our overcrowded highways, give people a wonderful way to travel. I see it as a win, win for everyone.” – Homeowner feedback
Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?
“The Nashville/Middle Tennessee market is flooded with Short Sales in all price ranges. There are far more Short Sales than Foreclosures. Give me some balance!”
Agent Commentary From Question 9 — In the past three months, what percentage of your clients were first-time buyers?
Overall, 72% of surveyed real estate agents and brokers disapprove of President Obama’s performance.
Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?
“The current administration is the most anti-business, anti-housing, anti-consumer ever in our history. If their policies are not stopped, the housing market will be even more decimated than it has been.”
“The President & the Dems in congress have put this country in a whirlwind of financial strain that we will be lucky to get out of. They shot down the balance budget amendment like that is a bad thing, everyone in America has to balance their budget.”
“The President got handed a horrible war, debt ridden economy from President Bush, as well as a horrible international image. Congress was not tough enough with its banking regulations and should re-enact Glass-Stegal.”
“Cannot make decision yet on candidates. Obama took on hard economy situation, think he is making some tough love decisions, need time to work. Not everyone will be happy. Some will jump on band wagon with negative news rather than look at overall picture.”
“I think that the President has been stymied by Congress, and hasn’t been able to run the country the way he believes it should be. I do believe that given one more chance, he could put this country back on the road to recovery!” – Homeowner feedback
“I had such high hopes for President Obama, but he has not made much progress with our economy. Granted, it was a huge job to begin with and we all had unnatural expectations. Instead, however, concentrating his time on his horribly screwed up healthcare plan, which only plays right into the insurance company’s hands, he should have concentrated on jobs, jobs, jobs.” – Homeowner feedback
“Obama inherited a legacy of serious fiscal problems caused by the prior administration – the unnecessary invasion of Iraq has cost astronomical sums of money and lives and bore no factual relation to the 9/11 attacks. The deregulation of the financial markets was another sad inheritance.” – Homeowner feedback
“This President made a lot of promises to get us going in the right direction and offered us “Hope”. He hasn’t kept many of those promises. The one he should keep is that if he didn’t fix the economy within 3 years, he was ” a one and done president”. I hope that’s the promise he keeps.” – Homeowner feedback
“Congress needs to work with the President to make this country stronger. The U.S. needs to invest heavily in renewable energy sources and relinquish our dependance on fossil fuels. The Texans need to forget about fossil fuels, it erodes our environment. Our dependance on foreign oil is killing this country’s growth and promotes conflicts that lead our young men and women to fight on foreign soil.” – Homeowner feedback
“It’s not Obama for the most part. It’s the left and the right that won’t come center. It’s the right who’s sole purpose for these 4 years is to do whatever it takes to get him out. The people be damned.” – Homeowner feedback
“Our nation’s current state has taken time to reach this point. President Obama has received much criticism for his poor performance and inability to turn this around quickly, which is unreasonable and unfair. Opposition would be happy to have public believe our nation’s current state is the fault of our president and his administration. OhMyGoodness! Calgon! TAKE ME AWAY.” – Homeowner feedback
See regional results
Agent Commentary From Question 11 — If the Presidential election were held today, who would you vote for?
“Screw the TEA PARTY.”
“I would rather have Hillary at the helm.”
“Doesn’t matter who’s in office. Nothing will change, politicians are interested only in their own self-interest, not the people they are supposed to be helping. If the election were held today, I would write in a vote for Ronald Reagen.”
“I don’t think any of the candidates are viable.”
“I’m not sure I would vote for any of them.”
“I think Michelle Bachmann is a whacko & Rick Perry is a pandering right wing suck up.”
“We would vote for ANYONE except Obama….ANYONE.”
“After Bush(s) messed it up, why didn’t these others step up then? And Perry after the Teachers, he can forget it!” – Homeowner feedback
“I do not think any one mentioned in your survey is fit to be President. I am very disappointed with US Politics. None of them has any real interest in Us citizens just themselves. They are in office to make money and the hell with us!” – Homeowner feedback
“I am very disappointed in the economic condition of this country. Our elected leaders have really dropped the ball (for the majority of the people), and I am totally disenchanted with all of it.” – Homeowner feedback
“I don’t like any of the GOP candidates so even though I’m not crazy about Obama, he’s the best of the lot.” – Homeowner feedback
“I’m not crazy about Obama, but I don’t want another Republican in office. Our country can’t take it.” – Homeowner feedback
“I would only vote for Obama because all of the other candidates seem to be more concerned with keeping the wealthy more wealthy than in correcting the country’s financial disaster.” – Homeowner feedback
“Rick Perry has done great in Texas as Governor. He will do the same for the country as President.” – Homeowner feedback
“If the Republicans weren’t so dead set against anything that doesn’t fit into their rich supporters plans we could move forward. They went along with anything Bush wanted and have fought everything Obama wants. Shame on them all.” – Homeowner feedback
“Anyone but Barack Obama will be fine by me.” – Homeowner feedback
*Regions are divided as follows:
- Northeast: Maine, New Hampshire, Massachusetts, 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 Tennessee
- 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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