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HomeGain Releases 4th Quarter Arizona Home Prices Survey Results

Last Thursday, HomeGain, one of the first companies to provide free instant home valuations online, released the national and regional results of our fourth quarter home prices survey of nearly 1000 HomeGain current and former members. The survey asked their opinions on home values and what they thought of arizona-holiday-cactusPresident Obama’s performance as President so far. On the HomeGain real estate blog we published the full survey results, including Realtor commentary and charts.  Also last week, we published the results of the fourth quarter Texas home prices, Florida home pricesNew York home prices, New Jersey home pricesCalifornia home prices , Illinois home prices and Georgia  home prices survey results.

Earlier this week we released the Pennsylvania home prices and Colorado home prices survey results. Today we released the Massachusetts home prices survey results.

Today we are also releasing the results of the Arizona home prices survey.

Arizona is one of the states that has experienced the greatest depreciation in home prices in recent years. The values of Phoenix homes for sale have fallen fifty percent since 2006. Conditions in Arizona appear to be improving. In the 2009 second quarter survey 61% of Arizona agents and brokers thought home prices in their state would decrease vs. just 16% in the curent survey.

Six months ago according to our 2nd quarter Arizona home prices survey, 24% of Arizona Realtors expected home prices to rise in the next six months vs. just 11% of Realtors who expected an increase in home values in the first quarter survey. Twenty-eight percent of Arizona Realtors surveyed in the third and fourth quarter surveys expected home prices to rise in the next six months. Forty-seven percent of Arizona agents and brokers expected prices to remain the same in the third quarter and 56% now believe home prices will stay the same over the next six months. (see question 6)

An increasing percentage of Arizona home buyers believe that homes are fairly priced with 51%  believing that homes are fairly priced vs. 39%  who so believed in the third quarter and 23% in the second quarter. Thirteen percent of  Arizona home buyers believe that homes are 10-20% overpriced, vs. 32% who so believed in the second quarter. (see question 3)

While Arizona home buyers think home prices are becoming more reasonable, Arizona home sellers continue to  believe their homes should be priced higher than their Realtors’ recommended listing price. Forty-six Arizona home sellers believe that their homes should be priced 10-20% higher than their Realtors’ recommended listing price down slightly from 50% who so believed in the third quarter and 35%  in the second quarter. (see question 2)

Arizona agents and brokers continue to give the President poor marks with 71% disapproving his performance as President. Sixty-four percent disapproved of  Obama’s performance as President in the third quarter with 58%  “strongly disapproving”. In the national survey 58% of Realtors disapproved of Obama’s performance. In the second quarter, 58% of Arizona Realtors somewhat approved or strongly approved of Obama’s performance as President vs. 57% of their national counterparts. (see question 10)

Set forth below is the first, second,  third and fourth quarter Arizona home values data with the national data in parenthesis:

  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 as a Realtor think Barack Obama is performing in his role as President?

Question 1:

q4s_q1_azstate

Q4AZ/Q3AZ/Q2AZ/Q1AZ compared to (Q4AZ/Q3NA/Q2NAT/Q1NAT)

Decreased: 59%/89%/80%/89% (81%/84%/90%)

Stay the same: 26%/6%/12%/6% (13%/12%/8%)

Increased: 15%/6%/8%/6% (6%/3%/2%)

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

Q4AZ/Q3AZ/Q2AZ/Q1AZ compared to (Q4AZ/Q3NA/Q2NAT/Q1NAT)

10-20% higher: 46%/50%/35%/33% (38%/35%/45%)

At listing price you recommend: 25%/11%/12%/11% (11%/10%/14%)

1-9% higher: 18%/14%/27%/* (25%/24%/*)

More than 30% less: 5%/3%/2%/* (1%/2%/1%)

More than 30% higher: 3%/3%/0%/6% (3%/2%/4%)

1-9% less: 3%/3%/6%/* (7%/9%/*)

10-20% less: 0%/6%/8%/17% (5%/8%/10%)

21-30% higher: 0%/8%/8%/17% (8%/8%/14%)

21-30% less: 0%/3%/3%/* (2%/3%/*)

Question 3. How do your home buyer clients feel that homes for sale are priced?

Q4AZ/Q3AZ/Q2AZ/Q1AZ compared to (Q4AZ/Q3NA/Q2NAT/Q1NAT)

Fairly priced: 51%/39%/23%/28% (20%/19%/18%)

Overpriced by less than 10%: 18%/17%/27%/11% (30%/29%/21%)

Overpriced by 10-20%: 13%/6%/32%/11% (30%/30%/32%)

Underpriced by 10-20%: 8%/17%/6%/33% (8%/8%/14%)

Underpriced by less than 10%: 8%/11%/6%/6% (5%/5%/5%)

Underpriced by 21-30%: 2%/6%/3%/6% (2%/1%/2%)

Overpriced by 21%+: 0%/3%/3%/6% (4%/4%/10%)

Underpriced by 31%+: 0%/3%/0%/0% (1%/1%/2%)

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?

Q4AZ/Q3AZ/Q2AZ compared to (Q4AZ/Q3NA/Q2NAT)

Less than 5-10%: 48%/39%/47% (43%/43%)

Less than 11-20%: 18%/11%/21% (24%/23%)

Greater than 11-20%: 10%/19%/6% (5%/7%)

Greater than 5-10%: 10%/3%/9% (9%/10%)

Less than 21-30%: 8%/3%/2% (4%/5%)

Greater than 21%: 3%/14%/2% (3%/3%)

Little or no difference in price: 3%/11%/14% (12%/8%)

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

Q4AZ/Q3AZ/Q2AZ compared to (Q4AZ/Q3NA/Q2NAT)

Less than 5-10%: 72%/53%/58% (54%/53%)

Less than 11-20%: 10%/28%/26% (24%/27%)

Little or no difference in price: 10%/3%/8% (8%/5%)

Less than 21-30%: 5%/3%/2% (3%/4%)

Greater than 5-10%: 3%/6%/2% (5%/5%)

Greater than 11-20%: 0%/6%/3% (4%/4%)

Greater than 21%: 0%/3%/3% (2%/2%)

Question 6:

q4s_q6_azstate

Q4AZ/Q3AZ/Q2AZ/Q1AZ compared to (Q4AZ/Q3NA/Q2NAT/Q1NAT)

Stay the same: 56%/47%/52%/28% (46%/49%/36%)

Increase: 28%/28%/24%/11% (23%/22%/11%)

Decrease: 16%/25%/24%/61% (31%/29%/53%)

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

Q4AZ/Q3AZ/Q2AZ/Q1AZ compared to (Q4AZ/Q3NA/Q2NAT/Q1NAT)

21%-30%: 33%/25%/12%/17% (17%/12%/16%)

10%-20%: 18%/14%/27%/17% (27%/15%/26%)

31%-50%: 18%/31%/15%/6% (13%/7%/15%)

75%: 18%/6%/0%/17% (2%/3%/2%)

Less than 10%: 10%/11%/35%/33% (36%/26%/37%)

51%-75%: 3%/14%/11%/11% (5%/3%/5%)



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

Q4AZ/Q3AZ/Q2AZ/Q1AZ compared to (Q4AZ/Q3NA/Q2NAT/Q1NAT)

$151K-$300K: 59%/67%/56%/72% (52%/56%/59%)

Less than $150K: 28%/31%/23%/17% (18%/16%/11%)

$501K-$800K: 8%/3%/5%/0% (7%/5%/6%)

$801K+: 5%/0%/2%/0% (2%/3%/2%)

$301K-$500K: 0%/0%/15%/12% (21%/20%/21%)

Question 9:

q4s_q9_azstate

Q4AZ (Q4NAT)

1-10%: 31% (25%)

51%+: 21% (21%)

11-20%: 18% (14%)

None: 13% (11%)

21-30%: 10% (11%)

31-40%: 5% (9%)

41-50%: 2% (9%)

Question 10:

q4s_q10_azstate

Q4AZ/Q3AZ/Q2AZ (Q4NAT/Q3NAT/Q2NAT)

Strongly disapprove – 48%/56%/29% (38%/40%/24%)

Somewhat disapprove – 23%/8%/14% (18%//19%/19%)

Somewhat approve – 21%/25%/35% (26%/21%/31%)

Strongly approve – 8%/11%/23% (18%/20%/26%)

* Data not available

See National and Regional Survey Results

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HomeGain real estate home values survey results are based on responses of over 1,150 Realtors in the United States. State survey results for Q2 are available for the following states : Texas home prices survey, Florida home prices survey, California home prices survey, New York home prices survey, New Jersey home prices survey, Georgia home prices survey, Arizona home prices survey, North Carolina home prices survey,Virginia home prices survey , Massachusetts home prices survey ,Washington home prices survey,Colorado home prices survey

Louis Cammarosano

homegain.com

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