Nearly half of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Sixty-eight percent disapprove of Obama’s performance as President.
HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide 2010 fourth quarter home values survey based on the responses of over 1,000 current and former HomeGain members and over 2,300 homeowners.
Forty-six percent of agents and brokers and thirty percent of homeowners think that home prices will decrease over the next six months. In the third quarter 2010 HomeGain National Home Prices Survey, forty-eight percent of agents and brokers and 33 percent of homeowners thought that home prices would decrease over the next six months.
Forty-eight percent of homeowners and 42 percent of real estate agents and brokers think that home prices will remain the same in the coming six months.
Only 12 percent of real estate professionals and 22 percent of homeowners expect home values to increase in the coming six months. The results are similar to a recent Rasmussen poll of homeowners that found only 20 percent expect home prices to rise over the next year.
Seventy-six percent of homeowners continue to believe their homes are worth more than the recommended agent listing price, down from 79 percent last quarter.
Sixty-nine percent of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced, unchanged from 69 percent last quarter.
Real estate professionals and homeowners continue to take a neutral to negative view on the direction of home prices citing current high inventory levels, continued foreclosures, and persistent unemployment. There also continues to be a disconnect between what homeowners and buyers think homes are worth.
Forty-nine percent of agents and brokers surveyed indicated that they “strongly disapproved” and 19 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 68 percent disapproval rating versus the 67 percent disapproval rating of agents and brokers surveyed in the fourth quarter last year. Last quarter the President had a 67 percent disapproval rating among agents and brokers.
Forty-two percent of homeowners “strongly disapproved” and 18 percent “somewhat disapproved” of the President’s performance, earning him a 60 percent disapproval rating. The President had a 60 percent disapproval rating last quarter among surveyed homeowners with 44 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain 4th Quarter 2010 home prices survey indicated that the President’s average disapproval rating was 54 percent with an average of 45 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 December 1-7, 2010.
View all prior HomeGain national and state home prices surveys.
The fourth quarter 2010 regional results are available by clicking here.
Set forth below are the results of the fourth quarter 2009 and 2010 national home prices survey as well as the results of the third quarter 2010 survey. Also set forth below for selected questions is the national home owner response data for the fourth quarter of 2010. 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?
Commentary From Question 1 — Have home prices increased, decreased or stayed the same in the last year?
“Essex county has enjoyed an increase in sales over the last year. We have seen a slight increase in median values which is more due to some movement in th upsizing market vs the first time buyer tax credit. Iam hopeful to gain more momentum in 2011.” – Karol Flannery, RE/MAX on the River, Massachusetts
“Our prices has been steady for almost 2 years. We have limited supply & high demand from both 1st time buyers and investors. We are starting to see prices creep up in some communities.” – Cecil Volsch, Volsch Enterprises, Inc.
“In our area, home prices are not falling and they are selling, however, sellers are paying more of buyer’s closing costs than they were two years ago.” – Anna M. Lea, Lea Realty, Jacksonville, North Carolina
“Our market has stabilized.Some suburbs are seeing price increases with shorter time on market.” – John and Deb Chandler, Howard Hanna
“Lower end prices that had stabilized during the time frame of the first time buyer credit started going down again as soon as the credit because unavailable.” – Janine Hook, Keller Williams Premier Partners, Vancouver, Washington
“The end of home buyer stimulus money began a downward spiral of prices in my marketing areas. Fewer & more aggressive buyers are determining pricing outcomes. It’s all about price, condition and value, in my opinion.” – Carol Cei, RE/MX Action Realty
“Our market has definitely stabilized and trending from level to up. Most sectors of the market have bottomed and second homes and land are rebounding.” – Randall Hannaway, Colorado Group Realty
“Home prices in our area, unlike other areas around the country, are staying steady for the most part. We have not experienced the drastic decline that somes areas have. It is a great time to be a home buyer in and around the DFW Metroplex!” – Penny Bradshaw, Arlington, Texas
“NY sales have picked up significantly this year especially due to record low mortgage rates and lower home prices!” – Maria Skamangas, William Raveis Real Estate, Westchester County, New York
“The housing market in the Myrtle Beach area is not like any other market in the country. Buyers are viewing this time as opportunity time. Our lower priced homes have seen a recent 3% jump in price. – Kelly Fink RE/MAX Southern Shores, Myrtle Beach, South Carolina
“Supply and demand are still off enough to continue with slight falling prices.” – Mark Brace, Prudential Preferred Realtors, Grand Rapids, Michigan
“I feel it is a very good time to be buying a house. It seems the prices have leveled off and the interest rates are low. Most people will be sorry they did not take advantage of the situation.” – Sandi Gunn, RE/MAX Unlimited, Florida
“My home value still not back to 2006 levels but it’s slowly climbing.” – Homeowner in Parker, Colorado
“In our area, we still have inventory. Houses are selling though, so the prices have quit dropping. They are about rock bottom, though.” – Homeowner in Southfield, Michigan
Overall, 76% of home sellers believe their homes are worth more than their agents’ recommended selling price.
Commentary From Question 2 — What do your homeowner clients believe their home is worth?
“The majority of homeowners are now aware that their personal residence is not (nor ever was) their retirement “bank”. Very sad for so many folks. – Susan Fagin, Intero Real Estate Services
“There is a huge difference between what sellers think their homes are worth and how much buyers are willing to pay. Many homeowners are unable to sell their homes for the amount that is owed.” – Linda W. DeRusha, Coldwell Banker Advantage
“Over the past 2 years my house has lost $30,000 to $40,000 in value and I don’t believe we have hit bottom in my area.” – Homeowner in Dacula, Georgia
Overall, 69% of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced.
See regional results
Agent Commentary From Question 3 — How do buyers feel that homes for sale are priced?
“The problem is that buyers have been programmed to bid way under what a home is listed at even if the seller and their agent have priced the home correctly!” – Fred Glick, US Spaces Inc., Philadelphia, Pennsylvania
Overall, almost half of agents nationwide indicated that there is an average difference of less than 5-10% in price between what sellers believe their home is worth and what it is listed at.
See regional 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?
“The biggest problem in listing properties is that sellers continue to be in denial that property values are so low. They believe that none of this affects their property.” – Cynthia Joachim, Missouri
“There are still price reductions every day. Sellers still feel their home is worth more than the market says is realistic.” – Debra J. Kaplan, DK Properties, Los Angeles, California
Overall, nationwide, agents indicate that 85% 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?
“The real estate community and the media have seemed to downplay the poor performance of real estate prices in the past two years. I have a property assessed at $317K, appraised at $243K and can not get an offer even at $100K. It seems to me that real estate values have decreased in this market by at least 50%, not the 10% commonly reported by real estate agencies and the media. We need to be honest about this decrease so that we can start to recover. – Homeowner in OFallon, Missouri
“In my opinion agents are under pressure to induce their sellers to continue to lower their prices. The sellers who are in desperate financial circumstances have no choice but to succumb to the pressure. The agent’s pressure, however, is often motivated by their desperation for a fast commission in a depressed market. Consequently, much of the price reductions are a result of agents’ desperation. – Homeowner in Cape Coral, Florida
“I have trying to sell my home for two years, starting out @ $220 thousand & now down to $168,500 and still have not had a realistic offer.” – Homeowner in Gulfport, Mississippi
“I made offers on several overpriced houses with owners who were not able to see past their wishes to see the reality. When I found an owner who could realistically price the house – we closed within 14 days. The other homes on which I made offers are still on the market 120 days later and some now have asking prices below what I offered. – Homeowner in Napoleon, Ohio
Overall, the majority of agents and brokers think home prices will decrease in the next six months.
Ohio real estate professionals appear to be the most optimistic about the direction of home prices in their state, while those in Connecticut appear to be the least optimistic.
Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?
“With the low interest rates and the economy finally turning around, I think we will see prices, already at a low level, begin to stabilize. We may even see some increases in listing prices in the early spring. – Dennis Herman, Realty Executives Northwest, Wisconsin
“I don’t expect a bottom in pricing until 2012 for SFR and 2015 for condos.” – Craig Tindall, Destin Beach Brokers, Florida
“Near north side of Chicago I still see a significant oversupply of condos, townhomes and single family homes which will push prices down further for the foreseeable future.” -Nicholas Apostal, The Apostal Group at Coldwell Banker, Illinois
“Home prices will increase significantly in a year. The economy is poor but there is pent up demand waiting for encouragement (signs of economic recovery) to buy. If you can qualify, buy now, or be sorry later.” – Eve Anthony, Prudential Northwest Realty, Washington
“Some indicators are moving in the right direction, such as overall sales, but it will take time before values turn around. Buyers are sensing that values are good combined with low interest rates.” – Sid Kirkland, California Lifestyle Realty
“Home prices will continue to decline in most areas of the country until the Job Market improves and foreclosures begin to subside.” – David Jaffe, Coldwell Banker Residential Brokerage, Illinois
“I feel that home prices may dip slightly in the next few months – but I strongly believe that things will leveling out towards the end of 2011.” – Monica Sutherland, RE/MAX Advantage, Pennsylvania
“There is still more down side to come in 2011 prior to leveling off and increases in values and sales. Even though Massachusetts is a leader in the economic come back, buyer confidence is still an all time low.” – Jeffrey Bastress, Startpoint Realty, Massachusetts
“Home prices are going to start inching up over the next year I think and some new construction will begin.” – Sandra Laurendine, Ocean Partners Real Estate, Florida
“I see marginal increases in home values in 2011. Hopefully we have seen the bottom in home pricing and I believe as the economy starts to improve along with clearing some of the back-log of homes on the market, we will begin to see some improvement in home values.” – Homeowner in West Nyack, New Jersey
“While it’s possible home values may fall a bit more in relative near term, my sense is that we’re pretty near the bottom. The Fed has absorbed ~$2 trillion in bad debt which is the result of bad policy and economic oversight across several Dem and Rep administrations. This will be dumped on the market every time there is a sign of recovery and will therefore keep home prices/values low for a long time, perhaps 6-10 years. My $0.02.” – Homeowner in Santa Cruz, California
“Prices have dropped by more than 10% in 2010 and I expect prices to drop another 15% in 2011.” – Homeowner in Seffner, Florida
Although my home has decreased in value (along with everyone else in the area) it seems like prices are stabilizing lately. The one issue is all the foreclosure and bank owned properties that keep the values down. This is because buyers (what buyers there are out there) are offering lower than market value to pickup these deals. It effects the regular homeowner that cannot compete with this.” – Homeowner in Springfield, Massachusetts
Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?
“Foreclosures are still a major part of Sacramento Real Estate. With banks less willing to postpone foreclosure dates, we anticipate an increase of bank owned inventory, at least in the short term.” – Maic Friedrich, Keller Williams Realty, California
“Foreclosures and short sales continue to have a huge impact on our market. While they represent only 1 in every 6 listings, they represent 50% of sales.” – Linda Midkiff, Coldwell Banker Premier Real Estate, California
Agent Commentary From Question 9 — In the past three months, what percentage of your clients were first-time buyers?
“First-time home buyers have virtually disappeared in our area, which feeds from NYC and Brooklyn, primarily. Most top producers here are working extensively with past clients while trying to kickstart the first-timers any way they can.” – Roberta Baldwin, RE/MAX Village Square, New Jersey
Overall, 68% of surveyed real estate agents and brokers disapprove of President Obama’s performance.
Forty-nine percent of agents and brokers surveyed indicated that they “strongly disapproved” and 19 percent “somewhat disapproved” of Barack Obama’s performance as President earning him a 68 percent disapproval rating vs. the 67 percent disapproval rating of agents and brokers surveyed in the third quarter of 2010. In the fourth quarter 2009 HomeGain survey, the President had a 56% disapproval rating from agents and brokers.
Forty-two percent of home owners “strongly disapproved” and 18% “somewhat disapproved” of the President’s performance earning the President a 60 percent disapproval rating. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain survey indicated that President’s disapproval rating was 54% with an average of 45% “strongly disapproving” of the President’s performance.
Commentary From Question 10 — How do you as a Realtor think Barack Obama is performing in his role as President?
“We have good direction from the White House and poor direction from the Legislators. – Morey Lloyd, 1st American Realty, California
“Until the current administration figures out what they are going to do with taxes and Obama care the economy will continue to suffer along with housing.” – Matt Killen, RE/MAX Equity Salem, Oregon
“Obama, whether you like him or hate him, seems to be doing what he can. As of today all markets have improved except real estate. This talk of eliminating the mortgage tax credit for anyone under $500K is insane.” – Tom Diamond, Red Diamond Realty, Ohio
“It appears that more action on the part of Congress and the President is required to fix the current housing crisis.” – Calvin Holt, Long & Foster Real Estate, Inc., Maryland
“The “Obama Plan” HAMP, is a joke! People can’t get approved for HAMP. So, they go “Short Sale”. So many Americans are losing their homes and the government isn’t really helping them! BRING BACK THE FIRST TIME BUYER TAX CREDIT!” – Deborah Marie Conte, RE/MAX, New York
“NAR’s support for certain criminals in Congress along with the inability of Obama to ‘manage’ anything has buried the housing industry. Recovery will actually occur in three years under a new President.” – Ken Fisher, Ken R. Fisher & Associates, Indiana
“When are the next elections?” – R. Canepa, RCA Realty
“President Obama is doing the best he can in a very bad situation. I don’t think his advisors are the best in some situations.” – Heidi Mueller, BHG Mason-McDuffie, California
“Obama is a moron and he is killing jobs in America. That will kill the housing market.” – Craig Robinson, Camarillo, California
“Honestly, Obama took office when the US was in a major economic turmoil and noboby wanted to admit it. Got to give him credit for trying. We need to stop covering up our problems and start solving our problems. The pain will ease as the market corrections shift towards positive growth.” – Homeowner in Boca Raton, Florida
“Obama has hurt the US more than most will know. I got money on the survey that say most will say Strongly disapprove.” – Homeowner in Corpus Christi, Texas
“The President can only do so much. This did not happen overnight and it will take time to correct.” – Homeowner in Washington, DC
“Obama has been a great president. It will take longer than 2 years to clean up Bush’s screw-ups.” – Homeowner in Little Rock, Arkansas
“If we could get congress to work together (i.e. get Pelosi out!), I think his job woud be much more effective.” – Homeowner in Latham, New York
“I feel stuck in a home that no longer meets my needs. The president helped the banks but what about the prudent home owner who was responsible. Why should I have to lose value on my home because the banks gave loans to people who couldnt afford them. Id like a ten thousand dollar bale out so I can sell without losing my shirt.” – Homeowner in Vernon, Connecticut
“Obama’s programs to help save people’s homes may be working for those that are so far in debt, but he has done nothing for those of us that want to be proactive in avoiding debt. I thought with a new President things would change, but nothing has. His home programs are not meeting my expectations.” – Homeowner in San Antonio, Texas
“Perhaps if Obama stayed at home some more, instead of all these ‘Globetrotter’ adventures AKA working vacations, maybe he could get more done!” – Homeowner in Germantown, Maryland
“I hope that this country can stand two more years of Barack Obama with out going totally communist.” – Homeowner in Summerton, South Carolina
“So much for change!” – Homeowner in Ithaca, New York
*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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