Sixty-Seven Percent of Illinois Real Estate Professionals Predict Home Values Will Decline in the Coming Six Months
Last month, HomeGain, one of the first companies to provide free instant home valuations online, released the fourth quarter results of our nationwide home values survey of over 1000 HomeGain current and former members and 2300 home owners. The survey asked their opinions on home values and what they thought of President Obama’s performance. On this blog we published the 4th quarter 2010 national results as well as the complete 4th quarter 2010 regional results, including commentary from real estate agents and brokers.
Earlier we released the 4th quarter 2010 California home values survey, 4th quarter 2010 Florida home values survey and the 4th quarter 2010 Texas home values survey data. In the coming days we will be releasing home values survey data from New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
Today we are publishing the Illinois home prices survey data.
In the current survey 43% of Illinois home sellers believe that their homes should be priced 10–20% higher than their Realtor’s recommended listing prices vs. 44%% who thought so in the third quarter 2010 Illinois home prices survey vs. 41% who believed so in the second quarter 2010 Illinois home values survey vs. 43% who so believed in the first quarter 2010 Illinois home values survey. In the fourth quarter 2009 Illinois home values survey, 37% of home sellers thought their homes should be priced 10-20% higher. (see question 2)
Illinois home buyers continue to believe that homes are over priced in their state. According to real estate agents and brokers surveyed, sixty-six percent of Illinois home buyers think that homes are over priced in their state with 18% thinking that homes are fairly valued. In the third quarter 66% of Illinois home buyers believed that home prices were over valued. (see question 3)
Sixty-seven percent of Illinois real estate professionals expect home prices to decrease in their state over the next six months vs. 69% who thought so in the third quarter vs. 39 % who thought so in the second quarter of 2010. Just 2% of Illinois real estate professionals expect prices to increase in thier state over the next six months.
Forty-six percent of Illinois homeowners think home prices will remain the same over the next six months vs. 48% who thought so in the third quarter. Eighteen percent of Illinois homeowners expect prices to increase in the next six months vs. 13% who thought so in the third quarter. Forty-one percent of homeowners in Illinois expect home prices to decrease vs. 39% who so expected in the third quarter. (see question 6)
President Obama’s approval rating among surveyed Illinois agents and brokers fell in the third quarter to 39% down from 42% in the third quarter and down from 53% in the fourth quarter of 2009.
Illinois home owners gave the the former Illinois Senator a 44% approval rating uo from 41% in the third quarter. Nationally 68% of surveyed agents and brokers and 60% of homeowners disapproved of the President’s performance. (see question 10).
Set forth below is the fourth quarter 2010 real estate professional and home owner Illinois home prices survey data along with the third quarter 2009 and 2010 real estate professional survey data along with the fourth 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 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?
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