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 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, California home prices , Illinois home prices and Georgia home prices survey results.
Yesterday we released the Pennsylvania home prices and Colorado home prices survey results.
Today we are releasing the Massachusetts home prices survey data.
In the fourth quarter, Massachusetts home owners tempered their enthusiasm regarding their homes’ values. In the third quarter survey, 47% of Bay State home owners though that their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the fourth quarter 35% thought their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the second quarter Massachusetts home prices survey 31% of Massachusetts home owners believed the same. (see question 2)
In the fourth quarter home buyers began to see home prices as more reasonable than they did in the third quarter when just 6% of home buyers thought homes were fairly priced in Massachusetts. In the current survey 25% of Massachusetts home buyers thought homes were fairly valued vs. 31% who thought so in the second quarter. The majority (55%) of Massachusetts home buyers still think that homes are overpriced in their state down from 65% in the third quarter and vs just 35% in the second quarter. (see question 3)
Forty percent of Massachusetts agents and brokers believe that home prices will fall in the next six months up from 24% in the third quarter. (see question 6)
Massachussetts agents and brokers were evenly split in their support of Barack Obama: 50% approved and 50% disapproved of his performance as President. Twenty percent “strongly approved” while 25% “strongly disapproved” of the President’s performance. In the current national survey, the President’s approval rating was 42%. In the second quarter Obama’s approval rating among Massachusetts Realtors stood at 65% (vs. 58% nationally)
Set forth below is the first, second, third and fourth quarter Massachusetts home prices survey results with the national data in parenthesis:
- 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:
Q4MA/Q3MA/Q2MA/Q1MA compared to (Q4NAT/Q3NA/Q2NA/Q1NA)
Decreased: 75%/82%/88%/100% (77%/81%/84%/90%)
Stay the same: 20%/12%/12%/0% (15%/13%/12%/8%)
Increased: 5%/6%/0%/0% (7%/6%/3%/2%)
Question 2. On average, what do your homeowner clients believe that their home is worth?
Q4MA/Q3MA/Q2MA/Q1MA compared to (Q4NAT/Q3NA/Q2NA/Q1NA)
10-20% higher: 35%/47%/31%/29% (40%/38%/35%/45%)
1-9% higher: 25%/18%/35%/* (28%/25%/24%/*)
1-9% less: 15%/12%/12%/* (7%/7%/9%/*)
21-30% higher: 15%/5%/8%/21% (6%/8%/8%/14%)
10-20% less: 5%/6%/8%/7% (5%/5%/8%/10%)
At listing price you recommend: 5%/12%/4%/0% (9%/11%/10%/14%)
21-30% less: 0%/0%/0%/* (2%/2%/3%/*)
More than 30% higher: 0%/0%/4%/14% (2%/3%/2%/4%)
More than 30% less: 0%/0%/0%/* (1%/1%/2%/1%)
Question 3. How do your home buyer clients feel that homes for sale are priced?
Q4MA/Q3MA/Q2MA/Q1MA compared to (Q4NAT/Q3NA/Q2NA/Q1NA)
Overpriced by less than 10%: 30%/23%/31%/21% (32%/30%/29%/21%)
Fairly priced: 25%/6%/31%/36% (21%/20%/19%/18%)
Overpriced by 10-20%: 20%/65%/35%/29% (28%/30%/30%/32%)
Overpriced by 21%+: 5%/6%/4%/7% (3%/4%/4%/10%)
Underpriced by 21-30%: 5%/0%/0%/0% (3%/2%/1%/2%)
Underpriced by 31%+: 5%/0%/0%/0% (1%/1%/1%/2%)
Underpriced by less than 10%: 10%/0%/0%/0% (5%/5%/5%/5%)
Underpriced by 10-20%: 0%/0%/0%/7% (7%/8%/8%/14%)
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?
Q4MA/Q3MA/Q2MA compared to (Q4NAT/Q3NAT/Q2NAT)
Less than 5-10%: 50%/35%/31% (48%/43%/43%)
Less than 11-20%: 15%/29%/27% (23%/24%/23%)
Little or no difference in price: 15%/6%/8% (9%/12%/8%)
Greater than 5-10%: 10%/6%/12% (8%/9%/10%)
Greater than 11-20%: 5%/6%/15% (5%/5%/7%)
Less than 21-30%: 5%/6%/4% (4%/4%/5%)
Greater than 21%: 0%/12%/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?
Q4MA/Q3MA/Q2MA compared to (Q4NAT/Q3NA/Q2NA)
Less than 5-10%: 55%/64%/62% (56%/54%/53%)
Less than 11-20%: 20%/12%/19% (23%/24%/27%)
Less than 21-30%: 10%/6%/4% (3%/3%/4%)
Greater than 11-20%: 5%/12%/4% (3%/4%/4%)
Greater than 5-10%: 5%/0%/4% (6%/5%/5%)
Little or no difference in price: 5%/6%/4% (7%/8%/5%)
Greater than 21%: 0%/0%/4%(2%/2%/2%)
Question 6:
Q4MA/Q3MA/Q2MA/Q1MA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Decrease: 40%/24%/35%/71% (28%/31%/29%/53%)
Increase: 40%/35%/8%/0% (24%/23%/22%/11%)
Stay the same: 20%/41%/58%/29% (48%/46%/49%/36%)
Question 7. What percent of homes in your area are foreclosures?
Q4MA/Q3MA/Q2MA/Q1MA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Less than 10%: 65%/47%/42%/36% (36%/26%/37%)
10%-20%: 25%/35%/42%/21% (29%/27%/15%/26%)
21%-30%: 5%/6%/4%/21% (19%/17%/12%/16%)
31%-50%: 5%/12%/4%/21% (9%/13%/7%/15%)
51%-75%: 0%/0%/4%/0% (4%/5%/3%/5%)
75%: 0%/0%/4%/0% (2%/2%/3%/2%)
Question 8. What is the average home price in your area?
Q4MA/Q3MA/Q2MA/Q1MA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
$301K-$500K: 65%/41%/19%/21% (18%/21%/20%/21%)
$151K-$300K: 25%/53%/50%/64% (55%/52%/56%/59%)
$501K-$800K: 5%/6%/19%/0% (6%/7%/5%/6%)
$801K+: 5%/0%/4%/0% (3%/2%/3%/2%)
Less than $150K: 0%/0%/8%/0% (18%/18%/16%/11%)
Question 9:
Q4MA (Q4NAT)
1-10%: 25% (25%)
11-20%: 20% (14%)
51%+: 20% (21%)
None: 10% (11%)
21-30%: 10% (11%)
31-40%: 10% (9%)
41-50%: 5% (9%)
Question 10:
Q4MA/Q3MA/Q2MA compared to (Q4NAT/Q3NA/Q2NA)
Somewhat approve – 30%/30%/42% (26%/21%/31%)
Somewhat disapprove – 25%/35%/15% (18%/19%/19%)
Strongly disapprove – 25%/6%/19% (38%/40%/24%)
Strongly approve – 20%/29%/23% (18%/20%/26%)
* Data not available
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HomeGain.com 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 :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 ,Colorado home prices survey , Washington home prices survey
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