Sixty-one percent of New Jersey agents and brokers expect home values to fall in the next 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 HomeGain survey asked their opinions on home prices 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 and homeowners.

Earlier, we released the 4th quarter 2010 California home values survey, 4th quarter 2010 Florida home values survey the 4th quarter 2010 Texas home values survey, the 4th quarter 2010 Illinois home values survey and the 4th quarter 2010 New York home values survey data. In the coming days we will be releasing home values survey data from   Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.

Today we are publishing the New Jersey home prices survey data.

The New Jersey survey data shows that Garden State homeowners’ pricing expectations decreased from the third quarter with 36% believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 52% in the third quarter 2010 New Jersey home values survey vs. 39% in the  second quarter 2010 New Jersey home values survey . (see question 2).

Fifty-two of New Jersey home buyers saw homes as overpriced by 10-20% vs. 42% who thought so in the third quarter vs. 36% of home buyers who thought so in the second quarter of 2010. Seven percent of New Jersey home buyers think homes are fairly priced vs. 9% who thought so in the third quarter vs. 18% who thought so in the second quarter of 2010 ( see question 3).

Sixty-one percent of New Jersey agents and brokers believe that home prices will decrease in the next six months vs. 52% who so believed in the third quarter. Only 2% believe home prices will increase in the next six months vs. 6% who so believed in the third quarter survey.

New Jersey home owners are more optimistic about the direction of home prices in their state with 24% of them thinking that their homes will appreciate in value in the next six months and 23% thinking they will decrease. (see question 6)

Forty-two percent of New Jersey agents and brokers surveyed approve of Obama’s performance as President down from 43 who approved in the third quarter. Thirty-eight percent of New Jersey home owners surveyed approved of Obama’s performance up from 32% in the third quarter of 2010. (see question 10)

Set forth below is the fourth quarter 2010 real estate professional and home owner New Jersey 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):

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:

Question 2. On average, what do your homeowner clients believe that their home is worth?

Question 3. How do your home buyer clients feel that homes for sale 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 6:

Question 7. What percent of homes in your area are foreclosures?

Question 8. What is the average home price in your area?

Question 9:

Question 10:

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Louis Cammarosano