The national results of HomeGainâ€™s Fourth Quarter 2010 Home Values Survey (conducted from December 1-7) of more than 1,000 real estate professionals and 2,300 homeowners revealed some significant regional differences.
Below are the regional results of the entire survey, categorized into four regions*, Northeast, Southeast, Mid-West and West.
Questions and Regional 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?
Overall, in each region, the majority of real estate agents and brokers think home values have decreased in value in the past year.
Commentary From Question 1 – Have homeowners’ home values increased, decreased or stayed the same in the last year?
“Prices in the Atlanta market have not yet stabilized. I believe we will see more stabilization begin to take place in the spring of 2011. The housing market will begin to improve when the job market improves.” – Wendy Nicely, RE/MAX Paramount Properties
“Greater Binghamton New York is a 300,000 population market region that has been stable for many years. We did not experience boom and bust cycles like other areas.” – Russ Tibbetts, Pennsylvania
“In the Baltimore DC corridor prices have stabilized with gradually decreasing days on market and a helathier balance of solds to actives when you research a homes value. This is a positive sign for future sales!” – Paul Moffett, RE/MAX Advantage, Maryland
“Home values are down in Gilbert area by 50% to 60%. Don’t see any recovery soon.” â€“ Homeowner in Gilbert, Arizona
Overall, the majority of agents and brokers in each region of the U.S. indicated that homeowners think their home is worth 10-20% more than the agent or broker recommends.
Overall, the majority of U.S. home buyers in each region of the U.S. think homes for sale are overpriced.
Overall, the majority of agents and brokers in each region of the U.S. indicated that homes are listed 5-10% less than what homeowners think their home is worth.
Overall, the majority of agents and brokers in each region of the U.S. indicated that the home sells for less than 5%-10% of the listing price.
Commentary From Question 5 – What is the average difference in price between what the home is listed at and what the home sells for?
“We are in the process of selling our house in Rohnert Park, CA. At the peak of the bubble it was worth close to $600K, now we are glad to $315K for it.” â€“ Homeowner in Rohnert Park, California
“”We just sold our home. We had a contract on the house for $227,000 and then our appraisal came back at $217,000 and we had to adjust our price. How will values ever increase if the banks and the appraisers are not willing to support and finance what the market is willing to pay for houses?” â€“ Homeowner in Charlotte, North Carolina
Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?
â€œAverage and median prices for the Bergen County market are up about 1 to 3%. This is due to more sales in the middle ranges, and not an increase in values. We have an 11 month supply of inventory, so it is highly likely that values will decline further.” – Robert Clarke, New Jersey
â€œThis market has not yet hit bottom.” – Sterling Palmer, Future Planning Realty, New York
â€œStreamlined short sale procedures, realistic pricing, and low interest rates should help the housing market stabilize.” – Carol Wilson, RE/MAX Select, Indiana
â€œI believe the housing market will begin to see an improvement this spring!” – Ray Amberson, Henderson & Spurlin Inc., Alabama
â€œThe deflation cycle in residential real estate will continue through 2011 and will rebound in the spring of 2012.” â€“ Homeowner in Dallas, Texas
â€œPrices will drop another 10%, probably, given weak markets and employment.” â€“ Homeowner in St. Louis, Missouri
“I don’t see home prices starting to rise until mid-2012, or perhaps as late as 2013.” â€“ Homeowner in Southgate, Michigan
Agent Commentary From Question 9 — In the past three months, how many of your clients were first time home buyers?
“First time buyers are flooding the market but some are still unrealistic with what they can get, especially with foreclosures.” – Javier Olmedo, Florida Realty of Miami, Florida
Overall, real estate brokers and agents disapprove of the President’s performance.
Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?
“Less government involvement will certainly help us out of the housing crisis.” – Mitch Ribak, Tropical Realty of Suntree, Florida
“Washington has all but killed the REO market and made it very difficult for qualified buyers to secure financing.” – Richard Howell, Alexander Hunter Properties, Texas
“Our Government needs to stop spending in all areas except essential services and quit talking about increasing taxes. Control spending first!” – Tom Clark, Coldwell Banker Northwest Group, Washington
“I don’t think that Obama can control our market at the present time and therefore my opinion on how he is doing as president doesn’t matter as far as the real estate industry is concerned. – Ashley Osborne, Land & Lake Realty Inc, Georgia
“We could not have elected dumber President.” – Mike Gallagher, Hawaii
“Removing the mortgage deduction on income taxes will completely destroy the market, ruin the home-improvement industry, and devastate related industries like title, inspection, and uncountable small business owners. But I think that’s what Obama wants.” – Barbara Wilson, California
“You can’t blame everything on a President. Radical, untried solutions are needed because the standard, business as usual way of running the government just isn’t working anymore.” â€“ Homeowner in Chepachet, Rhode Island
“Our president sucks.” â€“ Homeowner in Waterford, Michigan
“When President Obama was elected the country was already in free fall. The bondholders and stock holders were saved at the expense of the taxpayers.”Â â€“ Homeowner in El Granada, California
“Obama is doing the best any President could do. Being President of the USA is a job with endless challenges. I hate it that we all pick any current President apart like a bunch of vultures… and I’m a Republican.” â€“ Homeowner in Snellville, Georgia
*Regions are divided as follows:
- Northeast: Maine, New Hampshire, Massachusettes, 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 Tennesee
- 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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