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HomeGain Releases 4th Quarter New York Home Prices Survey Results

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 are publishing the New York home prices survey data.

The New York survey data shows a decrease in home owners’ pricing expectations with 23% of New York home owners believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 43% who thought so in the third quarter New York home prices survey and  36% who thought the same in the second quarter New York home prices survey. (see question 2).

Conversely,  New York home buyers saw homes  as more fairly valued in the fourth quarter than they did in the third quarter with 19% of homebuyers in the Empire State believing homes were fairly valued vs. 14% who believed so in the third quarter and  21% who so believed in the second quarter. Thirty-one percent of New York home buyers thought homes were overpriced in their state by 10-20% vs 47% who so thought in the third quarter and 24% in the second quarter.  ( see question 3)

An increasing percentage of New York Realtors believe that home prices will decrease in the next six months. Thirty-nine percent of New York Realtors surveyed thought home values would decrease in the coming six months vs. 33% who thought so in the third quarter and 24% who thought the same in the second quarter survey. (see question 6)

Sixty four percent New York Realtors disapprove of Obama’s performance as President vs. 50% who approved his performance in the third quarter.

Set forth below is the first, second, third and fourth quarter New York home prices data with the national data in parenthesis: (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_nystate

Q4NY/Q3NY/Q2NY/Q1NY compared to (Q4NAT/Q3NA/Q2NAT/Q1NAT)

Decreased: 73%/72%/85%/79% (77%/81%/84%/90%)

Increased: 4%/7%/3%/20% (77%/81%/84%/90%)

Stay the same: 23%/21%/12%/0% (15%/13%/12%/8%)

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

Q4NY/Q3NY/Q2NY/Q1NY compared to (Q4NAT/Q3NA/Q2NAT/Q1NAT)

10-20% higher: 23%/42%/36%/46% (40%/38%/35%/45%)

10-20% less: 12%/9%/12%/6% (5%/5%/8%/10%)

1-9% higher: 46%/26%/24%/* (28%/25%/24%/*)

1-9% less: 46%/7%/6%/4% (7%/7%/9%/*)

21-30% higher: 15%/5%/12%/21% (6%/8%/8%/14%)

21-30% less: 0%/5%/12%/* (2%/2%/3%/*)

At listing price you recommend: 4%/7%/9%/21% (9%/11%/10%/14%)

More than 30% higher: 0%/0%/0%/8% (2%/3%/2%/4%)

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

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

Q4NY/Q3NY/Q2NY/Q1NY (Q4NAT/Q3NA/Q2NAT/Q1NAT)

Fairly priced: 19%/14%/21%/16% (21%/20%/19%/18%)

Overpriced by 10-20%: 31%/47%/24%/33% (28%/30%/30%/32%)

Overpriced by 21%+: 11%/7%/6%/4% (3%/4%/4%/10%)

Overpriced by less than 10%: 27%/28%/21%/21% (32%/30%/29%/21%)

Underpriced by 10-20%: 8%/2%/15%/21% (7%/8%/8%/14%)

Underpriced by 21-30%: 0%/2%/6%/4% (3%/2%/1%/2%)

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

Underpriced by less than 10%: 4%/0%/12%/0% (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?

Q4NY/Q3NY/Q2NY compared to (Q4NAT/Q3NA/Q2NAT)

Greater than 11-20%: 11%/5%/9% (5%/5%/7%)

Greater than 21%: 4%/5%/0% (3%/3%/3%)

Greater than 5-10%: 4%/7%/15% (8%/9%/10%)

Less than 11-20%: 15%/0%/21% (23%/24%/23%)

Less than 21-30%: 4%/5%/6% (4%/4%/5%)

Less than 5-10%: 54%/42%/42% (48%/43%/43%)

Little or no difference in price: 8%/7%/6% (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?

Q4NY/Q3NY/Q2NY compared to (Q4NAT/Q3NA/Q2NAT)

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

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

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

Less than 11-20%: 31%/28%/27% (23%/24%/27%)

Less than 21-30%: 4%/2%/0% (3%/3%/4%)

Less than 5-10%: 46%/49%/55% (56%/54%/53%)

Little or no difference in price: 0%/12%/9% (7%/8%/5%)

Question 6:

q4s_q6_nystate

Q4NY/Q3NY/Q2NY/Q1NY compared to (Q4NAT/Q3NA/Q2NAT/Q1NAT)

Decrease: 38%/33%/24%/67% (28%/31%/29%/53%)

Increase: 24%/23%/36%/12% (23%/22%/11%)

Stay the same: 38%/44%/39%/21% (46%/49%/36%)

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

Q4NY/Q3NY/Q2NY/Q1NY compared to (Q4NAT/Q3NA/Q2NAT/Q1NAT)

Less than 10%: 54%/65%/42%/66% (37%/36%/26%/37%)

10%-20%: 34%/26%/21%/25% (29%/27%/15%/26%)

21%-30%: 8%/7%/6%/0% (19%/17%/12%/16%)

31%-50%: 4%/2%/15%/0% (9%/13%/7%/15%)

51%-75%: 0%/0%/6%/4% (4%/5%/3%/5%)

75%: 0%/0%/9%/0% (2%/2%/3%/2%)

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

Q4NY/Q3NY/Q2NY/Q1NY compared to (Q4NAT/Q3NA/Q2NAT/Q1NAT)

$151K-$300K: 46%/21%/58%/32% (55%/52%/56%/59%)

$301K-$500K: 27%/42%/24%/33% (18%/21%/20%/21%)

$501K-$800K: 12%/16%/3%/23% (6%/7%/5%/6%)

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

Less than $150K: 15%/19%/15%/12% (18%/18%/16%/11%)

Question 9:

q4s_q9_nystate

Q4NY compared to (Q4NAT)

1-10%: 27% (25%)
11-20%: 8% (14%)
21-30%: 19% (11%)
31-40%: 8% (9%)
41-50%: 15% (9%)
51%+: 23% (21%)
None: 0% (11%)

Question 10:

q4s_q10_nystate

Q4NY/Q3NY/Q2NY compared to (Q4NAT/Q3NAT/Q2NAT)

Somewhat approve – 24%/38%/33% (26%/21%/31%)

Somewhat disapprove – 36%/33%/21% (18%/19%/19%)

Strongly approve – 12%/12%/21% (18%/20%/26%)

Strongly disapprove – 28%/17%/24% (38%/40%/24%)

* Data not available

See National and Regional Survey Results

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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 :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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