On 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 President 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 prices, New York home prices, New Jersey home prices and California home prices survey results.
Today we are publishing the Illinois home prices survey data.
In the first quarter Illinois home values survey, 51% of home sellers believed their homes should be priced 10-20% higher than than the Realtor recommended listings price and 21% thought their homes should be priced 21-30% higher. In the second quarter Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher and only 6% thought their homes should be priced 21-30% higher. The second quarter drop in Illinois home owners’ pricing expectations was temporary. In the third quarter survey 53% of home sellers in Illinois believe their homes should be priced 10-20% higher and 11% believe they should be priced 21-30% higher.
In the fourth quarter survey home sellers returned to the more moderate home price expectations that they had in the second quarter. Thirty-seven percent of Illinois home owners believe that their homes should be priced 10-20% higher and just 3% thought their homes should be priced 21-30% higher than their Realtors’ recommended listing price (see question 2).
Illinois home buyers continue to believe that homes are more fairly priced than they were earlier in the year. In the current survey 39% home buyers thought home prices were over valued by 10-20% vs 40% in the third quarter and 45% in the first quarter. Eighteen percent of Illinois home buyers think homes are fairly priced vs. just 9% who thought so in the first quarter. (see question 3).
Fifty-seven percent of Illinois Realtors expect home prices in their state to remain the same or increase over the next six months vs. 57% who expected the same in the third quarter and 51% who thought so in the second quarter (see question 6).
President Obama’s approval rating among Illinois Realtors improved in the fourth quarter with 53% approving his performance vs. 46% nationally. In the third quarter the former Illinois Senator received an approval rating of 36% vs. a 46% approval rating in the second quarter. (see question 9).
Set forth below is the first, second, third and fourth quarter Illinois home prices data with the national data in parenthesis: Illinois (National) — 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 as a Realtor think Barack Obama is performing in his role as President?
Question 1:
Q4IL/Q3IL/Q2IL/Q1IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Decreased: 85%/87%/94%/97% (77%/81%/84%/90%)
Stay the same: 12%/9%/6%/0% (15%/13%/12%/8%)
Increased: 3%/4%/0%/3% (7%/6%/3%/2%)
Question 2. On average, what do your homeowner clients believe that their home is worth?
Q4IL/Q3IL/Q2IL/Q1IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
10-20% higher: 37%/53%/37%/51% (40%/38%/35%/45%)
1-9% higher: 30%/11%/20%/* (28%/25%/24%/*)
At listing price you recommend: 12%/11%/8%/0% (9%/11%/10%/14%)
1-9% less: 12%/9%/4%/12% (7%/7%/9%/*)
10-20% less: 3%/6%/12%/12% (5%/5%/8%/10%)
21-30% higher: 3%/11%/6%/21% (6%/8%/8%/14%)
21-30% less: 3%/0%/4%/* (2%/2%/3%/*)
More than 30% higher: 3%/0%/2%/0% (2%/3%/2%/4%)
More than 30% less: 0%/0%/6%/3% (1%/1%/2%/1%)
Question 3. How do your home buyer clients feel that homes for sale are priced?
Q4IL/Q3IL/Q2IL/Q1IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Overpriced by 10-20%: 39%/40%/33%/45% (28%/30%/30%/32%)
Overpriced by less than 10%: 39%/17%/24%/21% (32%/30%/29%/21%)
Fairly priced: 18%/15%/18%/9% (21%/20%/19%/18%)
Overpriced by 21%+: 3%/4%/17%/* (3%/4%/4%/10%)
Underpriced by 10-20%: 0%/4%/8%/15% (32%/30%/29%/21%)
Underpriced by 21-30%: 0%/6%/4%/6% (3%/2%/1%/2%)
Underpriced by 31%+: 0%/0%/0%/0% (1%/1%/1%/2%)
Underpriced by less than 10%: 0%/13%/8%/* (5%/5%/5%/5%)
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?
Q4IL/Q3IL/Q2IL compared to (Q4NAT/Q3NAT/Q2NAT)
Less than 5-10%: 55%/32%/41% (48%/43%/43%)
Less than 11-20%: 18%/23%/20% (23%/24%/23%)
Greater than 5-10%: 15%/13%/12% (8%/9%/10%)
Less than 21-30%: 6%/9%/4% (4%/4%/5%)
Little or no difference in price: 3%/19%/4% (9%/12%/8%)
Greater than 11-20%: 3%/2%/14% (5%/5%/7%)
Greater than 21%: 0%/2%/4% (3%/3%/3%)
Question 5. What is the average difference in price between what the home is listed at and what the home sells for?
Q4IL/Q3IL/Q2IL compared to (Q4NAT/Q3NAT/Q2NAT)
Less than 5-10%: 52%/60%/43% (56%/54%/53%)
Less than 11-20%: 30%/26%/24% (23%/24%/27%)
Less than 21-30%: 9%/2%/10% (3%/3%/4%)
Little or no difference in price: 6%/2%/4% (7%/8%/5%)
Greater than 5-10%: 3%/6%/10% (6%/5%/5%)
Greater than 11-20%: 0%/4%/4% (3%/4%/4%)
Greater than 21%: 0%/0%/4% (2%/2%/2%)
Question 6:
Q4IL/Q3IL/Q2IL/Q1IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Decrease: 42%/43%/49%/52% (28%/31%/29%/53%)
Stay the same: 37%/40%/31%/39% (48%/46%/49%/36%)
Increase: 21%/17%/20%/9% (24%/23%/22%/11%)
Question 7. What percent of homes in your area are foreclosures?
Q4IL/Q3IL/Q2IL/Q1IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Less than 10%: 43%/26%/16%/36% (37%/36%/26%/37%)
21%-30%: 30%/17%/8%/15% (19%/17%/12%/16%)
10%-20%: 18%/38%/27%/36% (29%/27%/15%/26%)
31%-50%: 6%/15%/18%/9% (9%/13%/7%/15%)
51%-75%: 3%/4%/8%/3% (4%/5%/3%/5%)
75%: 0%/0%/6%/0% (2%/2%/3%/2%)
Question 8. What is the average home price in your area?
Q4IL/Q3IL/Q2IL/Q1IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
$151K-$300K: 55%/57%/37%/54% (55%/52%/56%/59%)
Less than $150K: 21%/13%/20%/9% (18%/18%/16%/11%)
$301K-$500K: 18%/23%/31%/27% (18%/21%/20%/21%)
$501K-$800K: 3%/6%/4%/6% (6%/7%/5%/6%)
$801K+: 3%/0%/8%/3% (3%/2%/3%/2%)
Question 9:
Q4IL (Q4NAT)
1-10%: 31% (25%)
51%+: 24% (21%)
11-20%: 21% (14%)
41-50%: 12% (9%)
None: 9% (11%)
21-30%: 3% (11%)
31-40%: 0% (9%)
Question 10:
Q4IL/Q3IL/Q2IL compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Somewhat approve: 31%/24%/22% (26%/21%/31%)
Strongly disapprove: 25%/35%/24% (38%/40%/24%)
Somewhat disapprove: 22%/26%/29% (18%/19%/19%)
Strongly approve: 22%/15%/24% (18%/20%/26%)
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* Data not available
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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
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