Forty-eight percent of New York real estate agents and brokers expect home prices to decline in the next six months
Last month, HomeGain, the first company to provide free instant home valuations online, released the results of our fourth quarter 2011 nationwide home values survey of over 400 HomeGain current and former members and 2,000 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real estate blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers.
Earlier this month we released the California 4th quarter 2011 home values survey data, the Florida 4th quarter 2011 home values survey data, the Texas 4th quarter 2011 home values survey data and the Illinois 4th quarter 2011 home values survey data. In the coming days we will be releasing home values survey data from New Jersey, Arizona, North Carolina, Colorado, Georgia, Virginia, Pennsylvania, Massachusetts and other states.
Today we are publishing the New York home prices survey data. Set forth below is the fourth quarter 2011 real estate professional and home owner New York home prices survey data along with the third quarter 2011 real estate professional survey data and 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?
- If the Presidential election were today, who would you select for President?
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While many NY real estate brokers believe home prices will decline in the next six months, I’d argue that this decline will be much more gradual than seen historically. Foreclosures are creating a new pricing standard and many sellers have already matched demand with price.
These survey results are disquieting but they are consistent with the general mood through much of North America vis-a-vis the housing market. Sales are still down about 30% in our area since 2007 peaks and prices are soft. The concerns about the US economy and the European Union are not helping