Forty-two percent of real estate agents and brokers expect home prices to decline in the next six months;70% disapprove of Obama’s performance as President
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 the 4th quarter 2010 Texas home values survey and the 4th quarter 2010 Illinois home values survey data. In the coming days we will be releasing home values survey data from New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
Today we are publishing the New York home prices survey data.
The New York survey data shows that homeowners are not tempering their sale price expectations. Last quarter 52% of New York home owners believed their homes should be priced 10-20% higher than their agents’ recommended listing price, with 82% believing that their homes should be priced somewhat higher than their agents’ recommended listing price. In the current survey 75% of New York home owners believed their homes were worth more than their agents’ recommended listing price. Thirteen percent of surveyed homeowners believed their homes were worth 20-30% higher than their agents’ recommended sale prices vs. zero percent who believed so last quarter. (see question 2).
Only 7% of New York home buyers saw homes as fairly valued in the fourth quarter, down from 11% in the third quarter 2010 New York home values survey vs. 10% who thought so in the second quarter of 2010 vs. 18% who so believed in the first quarter of 2010. Forty-three percent ofof Empire state home buyers thought homes were overpriced in their state by 10-20% vs. 44% who thought so in the third quarter vs. 37% who so believed in the 2nd quarter of 2010 vs. 32% in the first quarter of 2010. (see question 3)
Forty-two percent of New York real estate professionals believe that home prices will decrease in the next six months vs. 70% who thought home values would decrease in the third quarter survey vs. 51% who thought so in the second quarter of 2010 vs. 35% in the first quarter of 2010. (see question 6)
New York home owners were more optimistic regarding the direction of home prices with 29% thinking that home prices would decline in the next six months vs. just 39% who thought so in the third quarter. (see question 6)
Set forth below is the fourth quarter 2010 real estate professional and home owner New York 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 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 8. What is the average home price in your area?
See National and Regional Survey Results
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