HomeGain Releases 4th Quarter 2011 National Home Values Survey Results

Posted by: Louis Cammarosano on December 3rd, 2011

Forty-three percent of surveyed real estate professionals nationwide expect home values to stay the same over the next six months; Seventy percent disapprove of Obama’s performance as President; Mitt Romney edges out Barack Obama

HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide fourth quarter 2011 home values survey. Over 400 real estate agents and brokers and over 2,000 homeowners were surveyed. We also released the regional results of the fourth quarter 2011 HomeGain home values survey.

Most real estate professionals and homeowners continue to expect home values to stay the same or decrease through the end of the year. Forty-three percent of agents and brokers and 48 percent of homeowners think that home values will stay the same over the next six months.

Forty-two percent of real estate agents and brokers and 37 percent of homeowners think that home values will decrease in the coming six months.

Fifteen percent of real estate professionals expect home values to increase in the next six months, up four percent from last quarter. Fifteen percent of homeowners also expect home values to increase in the next six months, up three percent from last quarter.

In the third quarter 2011 HomeGain National Home Values Survey, forty-seven percent of agents and brokers and 45 percent of homeowners thought that home values would decrease over the next six months.

According to surveyed agents and brokers, 76 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 68 percent of home buyers believe homes are overpriced.

“Homeowners and real estate professionals appear to be in sync regarding the direction of home prices. Home buyers and sellers, however, continue to remain apart as to home valuations with the vast majority of homeowners thinking their homes are worth more than their agents and the market are telling them,” said Louis Cammarosano, General Manager of HomeGain.

Fifty-two percent of agents and brokers surveyed indicated that they “strongly disapproved” and 18 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 70 percent disapproval rating, an increase of one percent in the disapproval rating of agents and brokers surveyed in the fourth quarter last year. Last quarter the President had a 72 percent disapproval rating among agents and brokers.

Forty-four percent of homeowners “strongly disapproved” and 16 percent “somewhat disapproved” of the President’s performance, earning him a 60 percent disapproval rating. The President had a 63 percent disapproval rating last quarter among surveyed homeowners with 47 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain Fourth Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 52 percent with an average of 40 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 November 9 – November 20, 2011.

View all prior HomeGain national and state home prices surveys.

The fourth quarter 2011 regional results are available by clicking here.

Set forth below are the results of the third quarter 2011 and 2011 national home prices survey as well as the results of the fourth quarter 2010 survey. Also set forth below for selected questions is the national home owner response data for the fourth quarter of 2011. Click on each question to see complete results:

Questions and National 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?
  11. If the Presidential election were held today, who would you vote for?


Question 1:


See regional results

Commentary From Question 1 — Have home prices increased, decreased or stayed the same in the last year?

“If your market area has not hit bottom, now is the time to make your best offer and get it to that bottom before someone else does.”

“It’s been a strange year in Brevard County Florida. Prices are up 19% from year to year in August 2011. Our inventory is very low and prices are continuing to rise. “

“It appears their is no consistency to the market stabilization of prices. It is almost based on neighborhood to neighborhood and specific price ranges.”

“My home value has decreased quite significantly since 2008. I tried to refinanced a few months ago and the comparables used were those homes in foreclosure. So unfair. I have never been late and my home didn’t come close to comparing with those homes.” – Homeowner feedback

“I think home prices have remained the same in the Hendersonville area.” – Homeowner feedback

“It’s very, very sad how the homes have dropped and the economy is in the toilet.” – Homeowner feedback

“My home in Glendale has decreased in value over 60% since 2007. Because I’ve been responsible and made all payments on time, I’m upside down over $60,000.00. No one is interested in helping people like me, only the deadbeats or those who bought way over their heads in the first place.” – Homeowner feedback

I think home prices in my area bottomed out 1-2 years ago and have increased slightly since then.” – Homeowner feedback

Home prices have been stable for the last few months, but could decline if the job problem is not solved. This is a rural area with no large town within 100 miles. We have a lot of people retiring here and also many local leaving to find work.” – Homeowner feedback

I think home prices in my area bottomed out 1-2 years ago and have increased slightly since then.” – Homeowner feedback

Question 2:

Overall, 76% of home sellers believe their homes are worth more than their agents’ recommended selling price.

See regional results

Question 3:

Overall, 66% of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced.

See regional results

Question 4:

See regional results

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 market in the Syracuse, NY area is classified as a buyers market. Sellers are still not understanding the importance of proper pricing as most sellers properties are priced 5 to 10% over market value.”

“Seller pricing is not necessarily the problem. The issue is making it possible for buyer candidates to buy a home. More buyers=better quality offers. The credit system needs to be reinvented.”

Question 5:

Overall, nationwide, agents indicate that 93% of homes sell for less than the price they are listed at.

See regional results

Commentary From Question 5 — What is the average difference in price between what the home is listed at and what the home sells for?

“There are sales, but well below what sellers want.”

“The Grand Rapids Real Estate Market is starting to experience a shortage of quality inventory. In some price ranges and areas we have converged back into a seller’s market, per months of inventory available.”

“R.E. has been slow. However, buyers shopping for bargains can find them. Sellers are accepting lower offers than last year because fewer buyers are out looking. Internet shoppers are plentiful but not touring houses unless it is a perfect match.”

Question 6:

Overall, the majority of agents and brokers think home prices will stay the same in the next six months.

See regional results

Commentary From Question 6 — In the next six months, will the values of homes in your market increase, decrease or stay the same?

“Home values in our market have stabilized. That could change based on the number of short sales currently for sale in our area. If they become foreclosures, we could see a decline in home values.”

“The real estate market here is better than September 2010 but lower than October 2010. It appears to be holding steady.”

“The housing market sucks. My house went from 750,000 to under 400,000!” – Homeowner feedback

“Home values continue to decline too much.” – Homeowner feedback

“The RE market will improve once the job market improves; we need to buy only products made in the US and support our local economy. We also need our elected officials to work together.” – Homeowner feedback

“Home prices will not improve at least for another 4 years.” – Homeowner feedback

“If foreclosed properties were forbidden to be used as comparables in appraisals, it would help stabilize home values in many areas” – Homeowner feedback

“Home prices will decline until after the 2012 election.” – Homeowner feedback

“Real estate taxes are also driving home prices down by reducing affordability.” – Homeowner feedback

“After the elections, I think the value of the homes will go up, but for now we have to wait and see.” – Homeowner feedback

“The housing market is years away from any recovery. The interest rates may be at their lowest level but nobody will qualify that needs to refinance or buy.” – Homeowner feedback

Question 7:

See regional results

Agent Commentary From Question 7 — What percent of homes for sale in your area are foreclosures?

“One thing that is killing the housing market is that foreclosures and short sales are allowed to be included as comps in appraisals.” – Homeowner feedback

Question 8:

See regional results

Question 9:

See regional results

Agent Commentary From Question 9 — In the past three months, what percentage of your clients were first-time buyers?

“I’m seeing increased Q4 buyer activity, but mostly first time buyers looking for distressed properties.”

Question 10:

Overall, 70% of surveyed real estate agents and brokers disapprove of President Obama’s performance.

See regional results

Commentary From Question 10 — How do you think Barack Obama is performing in his role as President?

“My respect for Pres.Obama has increased; Republicans’ undue pressure is not in the peoples’ interest to get the country out of this long lingering slump. “

“This economy will not get better until the wealth in this country and others is more fairly divided.”

“President Obama tries to help home owners, unemployed people and the general economy. His big problem is that most of his “good will” programs are unsupervised so fraud is rampant and a big percentage of this money ends in the hands of the wrong people.”

“Barack Obama isn’t the problem. The Republican Party is the problem.” – Homeowner feedback

“Why not ask me about George W. who helped put us in this mess? Or Wall Street and/or banks?” – Homeowner feedback

“The President is trying very hard to get things fixed with very little help from the left. It’s time things changed.” – Homeowner feedback

“If Obama is reelected we are in for a great depression or worse.” – Homeowner feedback

“Barack Obama has to be one of the worst presidents ever! I am not sure how he got elected to begin with BUT he did. All he has done is drown our country in national debt & ruin whatever sliver of a chance we had of getting out of the recession we are currently in.” – Homeowner feedback

“The Republicans suck. Obama just sucks less.” – Homeowner feedback

“I think President Obama has been doing a fantastic job despite the many obstacles that have been in his way. I think he is a man who honestly believes in his fellow man and tries to help us all in every way that he can. He has been openly subjected to racist bigotry and he has been ridiculed relentlessly. Regardless of the cruel treatment he has received-mainly by virtue of being Black-he continues to fight for the rights of all Americans. He is trying to make America a place we can all be proud of again.” – Homeowner feedback

“Obama is the worst President our country has ever had. His socialist approach has failed. All he has done is increase the size of government and stifle business. He needs to go and the sooner the better!” – Homeowner feedback

Obama’s policies have continually hurt economic recovery and thus employment. I sincerely believe his policies are either naive or intentional.” – Homeowner feedback

Question 11:


See regional results

Agent Commentary From Question 11 — If the Presidential election were held today, who would you vote for?

“ANYONE but OBAMA!!”

“What happened to Newt Gingrich in Question #11? I would vote for Newt by far!”

“We need to completely revamp our political system and get new politicians into the mix without their own agendas. Record corporate profits need to translate into jobs.”

“What about Newt for President?”

“I would cast a vote for Newt Gingrich for President.”

“Hillary Clinton.”

“The Tea Party represents the biggest threat to our economy and real estate practitioners.”

“The country is in bad need of leadership. Banks are not lending, unemployment high, loss of confidence..a new president will help a lot and if we do not get new leadership, prices will sink further.”

“Thank you for including Ron Paul in the selection of choices for president. You have gained much more of my respect.”

“I think Congress as a whole should be fired. They are playing a game with America’s economy.”

“You neglected to write Newt Gingrich. That is who I would vote for today. Herman Cain would be a great cabinet member.”

“I really don’t like any of the choices. A movement should be started to remove all incumbents.”

“I would only vote for Obama because all of the other candidates seem to be more concerned with keeping the wealthy more wealthy than in correcting the country’s financial disaster.” – Homeowner feedback

“None of the presidential candidates are acceptable, they are focused on getting elected and not doing the job. Leadership is the key and getting the important decisions. Blaming each other is not acceptable.” – Homeowner feedback

“You didn’t give the option for President of none of the above. Which is a shame, because that’s who I would pick based on those options.” – Homeowner feedback

“Anyone but Barack Obama will be fine by me.” – Homeowner feedback

“I am a Republican but upset with the candidates offered over the last 12 years.” – Homeowner feedback

“The banks got relief. The American people need relief now.” – Homeowner feedback

“I don’t want to vote for Obama but I don’t want to vote for the other choices either.” – Homeowner feedback

“Of the Republican candidates, most of them are right-wing nutcases. Of the two “rational” Republicans, Romney made his money firing people and represents the abuses of Wall St. in spades. Huntsman is one of the 1% who INHERITED HIS MONEY FROM HIS OLD MAN….doesn’t relate to someone like me who has been working for over 40 years to make a living.” – Homeowner feedback

“Obama’s made mistakes, but he is still light years ahead of any Republican contender, even Mitt.” – Homeowner feedback

“I am a Republican but upset with the candidates offered over the last 12 years.” – Homeowner feedback

“I would not vote for any of the above candidates. the President is only a figure head. congress runs this Country and they are destroying this country and the American dream.” – Homeowner feedback

“I think if the Republicans and Democrats got together and put this Country first and their differences second, then they could accomplish great strides in putting this Country Back on Top Again.” – Homeowner feedback

“I would not vote for any of the above candidates. the President is only a figure head. congress runs this Country and they are destroying this country and the American dream.” – Homeowner feedback

“America is no longer the AMERICA I GREW UP WITH! This Country is no longer “WE THE PEOPLE” but “WE THE POLITICIAN, OF THE POLITICIAN, & FOR THE POLITICIAN.” The USA is spiraling downward faster than a boulder falling from a cliff. Our country has reached the point of no return! ” – Homeowner feedback

“I would not vote for any of the above candidates. the President is only a figure head. Congress runs this Country and they are destroying this country and the American dream.” – Homeowner feedback

“The problem in Congress is they do NOT vote for America. They vote for Republican and Democrat. That is NOT who we are. WE ARE AMERICANS! Let’s get it right or America will suffer. Congress take a pay cut, and get over it!” – Homeowner feedback

##

*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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Louis Cammarosano

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8 Comments on “HomeGain Releases 4th Quarter 2011 National Home Values Survey Results”

Jared Hendrickson

Excellent, excellent article!!! This is great for comparing the AZ real estate market to the national markets and the detail is very didactic and instructive for my sellers.
Thanks for the info!

Claudia Scott

Thanks! This is great ammunition for future Scottsdale, Arizona real estate! Looks like foreclosures are drying up and our real estate market is improving. Your detailed data will be a great asset with my sellers! Real Estate is local, thanks for the data showing how we rank among the national market!

HG Blog Admin

Glad you find the information useful, Claudia. In the next few weeks, we’ll even have data specifically for Arizona so you can break it down even further for your clients!

Claudia Scott

Great – would love to have more Arizona stats! Thanks for the reply.
Will I have an email alert that your new blog is on line or should I periodically check HG to watch for it.
Thanks again for your stats, it is always good to have reliable data to back up our real estate knowledge.

HG Blog Admin

If you’ve subscribed to our blog, you should receive an email alert anytime we post something new.

If you haven’t already subscribed, you can do so here (use Option 1): http://blog.homegain.com/subscribe/

Paul

There’s a drastic drop on percentage of new homes trying to maintain their value. It seems that the main reason is the poor maintenance by home owners. A lot of home owners are disappointed when they discovered that their homes have decreased in value. Therefore it’s very important to maintain our homes well to increase its value in the market.

Ryan Rosscup

Well I am not surprised with Obama’s erosion, regarding home values in Phoenix, they are increasing on the cash sales but an appraiser said that for every increase there are 3 foreclosures to ruin the comps. One step forward two steps back in Phoenix real estate.

kevin reynolds

I think President Obama is doing a fantastic job. Today the rep house cancelled there vote on the payroll tax after they approved it a few days ago. Since day 1 the objective of the rep party is to say no to any business objectives of this adm

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