HomeGain Releases 4th Quarter New Jersey Home Prices Survey Results

Posted by: Louis Cammarosano on December 12th, 2009

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.  Yesterday, we published the results of the fourth quarter Texas home prices, Florida home prices and California home prices survey results.

Today we published the New York home prices survey data.

We are also publishing the  New Jersey home prices survey data today.

The New Jersey survey data shows that  homeowners in the Garden State have decreased their  pricing expectations with 41%  of New Jerseyhome owners believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 57 % who believed so in the third quarter New Jersey home prices survey and 27% who thought the same in the second quarter New Jersey home prices survey. (see question 2).

Fifty-four percent of  New Jersey home buyers saw homes as overpriced by 10-20% vs. 59% of home buyers who thought so in the third quarter vs 34% of home buyers who thought so in the second quarter survey.  Only 9% of New Jersey home buyers think homes are fairly priced vs.8% who thought so in the third quarter and  23% who thought so in the second quarter ( see question 3).

Fifty percent of New Jersey Realtors now believe that home prices will decrease in the next six months vs. 32% who so believed in the third quarter and 27% who so believed in the second quarter. Only 11% believe home prices will increase in the next six months vs. 20% who so believed in the second quarter survey. (see question 6)

More than half of New Jersey Realtors surveyed approve of Obama’s performance as President (vs. 42% nationally) mostly unchanged from the second quarter survey, although Realtors “strongly disapproving” of Obama’s performance rose from 20% in the second quarter to 32% in the current survey.

The New Jersey survey data shows that  homeowners in the Garden State have increased their  pricing expectations with 57% of New Jersey home owners believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 27% who thought the same in the second quarter New Jersey home prices survey. (see question 2).

Fifty-nine percent of  New Jersey home buyers saw homes as overpriced by 10-20% vs. 34% of home buyers who thought so in the second quarter survey.  Only 8% of New Jersey buyers think homes are fairly priced vs. 23% who thought so in the 2nd quarter (see question 3).

Thirty-two percent of New Jersey Realtors now believe that home prices will decrease in the next six months vs. 27% who so believed in the second quarter. Fourteen percent believe home prices will increase in the next six months vs. 11% who so believed in the third quarter and  20% who so believed in the second quarter survey. (see question 6)

Half of New Jersey Realtors surveyed approve of Obama’s performance as President (vs. 42% nationally) mostly unchanged from the third and second quarter surveys, although Realtors “strongly disapproving” of Obama’s performance rose from 20% in the second quarter to 32% in third quarter and  current survey.

Set forth below is the first, second, third and fourth quarter New Jersey home values data with the national data in parenthesis: New Jersey (National)  — click on each question to see complete 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 as a Realtor think Barack Obama is performing in his role as President?


Question 1:

q4s_q1_njstate

Q4NJ/Q3NJ/Q2NJ/Q1NJ compared to (Q4NJ/Q3NJ/Q2NAT/Q1NAT)

Decreased: 91%/86%/82%/100% (77%/81%/84%/90%)

Increased: 9%/5%/0%/0% (7%/6%/3%/2%)

Stay the same: 0%/8%/18%/0% (15%/13%/12%/8%)

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

Q4NJ/Q3NJ/Q2NJ/Q1NJ compared to (Q4NJ/Q3NJ/Q2NAT/Q1NAT)

1-9% higher: 44%/16%/41%/* (28%/25%/24%/*)

10-20% higher: 41%/57%/25%/68% (40%/38%/35%/45%)

21-30% higher: 9%/8%/5%/8% (6%/8%/8%/14%)

1-9% less: 5%/0%/7%/0% (7%/7%/9%/*)

10-20% less: 0%/8%/5%/12% (5%/5%/8%/10%)

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

At listing price you recommend: 0%/11%/9%/4% (9%/11%/10%/14%)

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

More than 30% less: 0%/0%/7%/0% (1%/1%/2%/1%)

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

Q4NJ/Q3NJ/Q2NJ/Q1NJ compared to (Q4NJ/Q3NJ/Q2NAT/Q1NAT)

Overpriced by 10-20%: 54%/59%/34%/44% (28%/30%/30%/32%)

Overpriced by less than 10%: 32%/24%/25%/28% (32%/30%/29%/21%)

Fairly priced: 9%/8%/23%/8% (21%/20%/19%/18%)

Underpriced by 10-20%: 5%/3%/5%/4% (7%/8%/8%/14%)

Overpriced by 21%+: 0%/3%/2%/0% (3%/4%/4%/10%)

Underpriced by 21-30%: 0%/0%/0%/4% (3%/2%/1%/2%)

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

Underpriced by less than 10%: 0%/3%/11%/12% (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?

Q4NJ/Q3NJ/Q2NJ compared to (Q4NJ/Q3NJ/Q2NAT)

Greater than 11-20%: 4%/8%/2% (5%/5%/7%)

Greater than 21%: 0%/5%/2% (3%/3%/3%)

Greater than 5-10%: 4%/16%/9% (8%/9%/10%)

Less than 11-20%: 32%/32%/18% (23%/24%/23%)

Less than 21-30%: 5%/0%/7% (4%/4%/5%)

Less than 5-10%: 50%/38%/50% (48%/43%/43%)

Little or no difference in price: 5%/0%/11% (9%/12%/8%)

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

Q4NJ/Q3NJ/Q2NJ compared to (Q4NJ/Q3NJ/Q2NAT)

Less than 5-10%: 64%/59%/55% (56%/54%/53%)

Less than 11-20%: 36%/32%/30% (23%/24%/27%)

Greater than 11-20%: 0%/3%/5% (3%/4%/4%)

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

Greater than 5-10%: 0%/3%/2% (6%/5%/5%)

Less than 21-30%: 0%/0%/5% (3%/3%/4%)

Little or no difference in price: 0%/3%/2% (7%/8%/5%)

Question 6:

q4s_q6_njstate

Q4NJ/Q3NJ/Q2NJ/Q1NJ compared to (Q4NJ/Q3NJ/Q2NAT/Q1NAT)

Decrease: 50%/32%/27%/64% (28%/31%/29%/53%)

Stay the same: 36%/57%/52%/36% (48%/46%/49%/36%)

Increase: 14%/11%/20%/0% (24%/23%/22%/11%)

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

Q4NJ/Q3NJ/Q2NJ/Q1NJ compared to (Q4NJ/Q3NJ/Q2NAT/Q1NAT)

Less than 10%: 59%/65%/30%/44% (37%/36%/26%/37%)

10%-20%: 27%/27%/30%/32% (29%/27%/15%/26%)

21%-30%: 9%/8%/18%/24% (19%/17%/12%/16%)

31%-50%: 5%/0%/14%/0% (9%/13%/7%/15%)

51%-75%: 0%/0%/5%/0% (4%/5%/3%/5%)

75%: 0%/0%/5%/0% (2%/2%/3%/2%)

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

Q4NJ/Q3NJ/Q2NJ/Q1NJ compared to (Q4NJ/Q3NJ/Q2NAT/Q1NAT)

$301K-$500K: 50%/54%/32%/56% (18%/21%/20%/21%)

$151K-$300K: 27%/30%/48%/40% (55%/52%/56%/59%)

$501K-$800K: 18%/16%/2%/4% (6%/7%/5%/6%)

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

Less than $150K: 0%/0%/18%/12% (18%/18%/16%/11%)

Question 9:

q4s_q9_njstate

Q4NJ compared to (Q4NAT)

51%+: 32% (21%)

1-10%: 27% (25%)

31-40%: 18% (9%)

11-20%: 9% (14%)

None: 9% (11%)

21-30%: 5% (11%)

41-50%: 0% (9%)

Question 10:

q4s_q10_njstate

Q4NJ/Q3NJ/Q2NJ compared to (Q4NJ/Q3NJ/Q2NAT)

Somewhat approve – 45%/27%/27% (26%/21%/31%)

Strongly disapprove – 32%/32%/20% (38%/40%/24%)

Somewhat disapprove – 18%/16%/30% (18%/19%/19%)

Strongly approve – 5%/24%/23% (18%/20%/26%)

##

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check New Jersey home prices

Newark home prices

Jersey City home prices

Paterson home prices

Elizabeth home prices

Edison home prices

Nutley home prices

Trenton home prices

Princeton home prices

Woodbridge home prices

Bayonne home prices

Hoboken home prices

Colts Neck home prices

Atlantic City home prices

Englewood home prices

Phillipsburg home prices

BrickTownship home prices

Ridgewood home prices

Hackensack home prices

Montclair home prices

Plainfield home prices

Wayne home prices

Fort Lee home prices

Saddle River home prices

Upper Saddle River home prices

Paramus home prices

Mount Laurel home prices

Toms River home prices

Old Bridge home prices

Morris Plains home prices

View New Jersey homes for sale

Search New Jersey real estate

Find U.S. homes for sale and search U.S. real estate on homegain.com

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

Share

Comments

One Response on “HomeGain Releases 4th Quarter New Jersey Home Prices Survey Results”

Sherwoods Independent Property Consultant

A very nice article, which shows the prices of each and every property…through which customers could get a clear idea about that…. http://www.sherwoodsproperty.in

Leave a Comment

 

For Real Estate Agents

Online Marekting Solutions

For Home Buyers and Sellers

e.g., 1250 S Main St, Burbank, CA or 91506
     Search Foreclosures    Search New Homes    Search Rentals    

Blog Categories

Blog Archives

Real Estate Blogs

Top Articles

Recent Comments

Guaranteed LeadsReferral Lead ProgramListings PackageVisits to your WebsiteFind REALTOR®Homes For SaleHome Values