HomeGain Releases 4th Quarter North Carolina Home Prices Survey Results

Posted by: Louis Cammarosano on December 23rd, 2009

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 pricesNew York home prices, New Jersey home pricesCalifornia home prices , Illinois home prices and Georgia  home prices survey results. daniel_stowe_garden

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

Today we are releasing the North Carolina home prices survey results.

According to the home values survey, North Carolina home owners continue to believe  their homes are worth more than their Realtors recommend. In the first quarter survey 63% of North Carolina home owners believed that their homes were worth 10-20% higher than the Realtor recommended listing price. That percentage dropped to 27% in the second quarter North Carolina home prices survey rose to 32% in the third quarter and was 39% in the current survey. Seventy-nine percent of North Carolina home owners now believe that their homes should be priced higher than the Realtor recommended listing price up from 20% in the second quarter. (see question 2).

North Carolina buyers continue to believe that homes are fairly priced with 32% believing that homes are fairly priced and 34%  thinking that homes are just 1-10% overpriced. The majority of home buyers in the Tar Heel State in the third quarter believed homes are either fairly priced or withing 10% of the asking price. (See question 3)

The percentage of North Carolina Realtors that think home prices will decrease, trended down to 29% vs 32% in the third quarter and 22% in the second quarter. (see question 6)

Seventy-six  percent of North Carolina Realtors surveyed disapproved of Obama’s performance as President vs. 62% who disapproved in the third quarter. (see question 10)

Set forth below is the first, second,  third and fourth  quarter North Carolina home prices survey 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_ncstate1

Q4NC/Q3NC/Q2NC/Q1NC compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Decreased: 69%/74%/80%/81% (77%/81%/84%/90%)

Stay the same: 26%/16%/15%/11% (15%/13%/12%/8%)

Increased: 5%/10%/5%/7% (7%/6%/3%/2%)

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

Q4NC/Q3NC/Q2NC/Q1NC compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

10-20% higher: 39%/32%/27%/63% (40%/38%/35%/45%)

1-9% higher: 37%/48%/20%/* (28%/25%/24%/*)

1-9% less: 13%/3%/10%/* (7%/7%/9%/*)

At listing price you recommend: 5%/6%/10%/11% (9%/11%/10%/14%)

10-20% less: 3%/0%/12%/15% (5%/5%/8%/10%)

21-30% higher: 3%/10%/15%/11% (6%/8%/8%/14%)

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

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

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

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

Q4NC/Q3NC/Q2NC/Q1NC compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Fairly priced: 32%/19%/15%/19% (21%/20%/19%/18%)

Overpriced by 10-20%: 26%/26%/24%/37% (28%/30%/30%/32%)

Overpriced by 21%+: 3%/10%/7%/0% (3%/4%/4%/10%)

Overpriced by less than 10%: 34%/35%/32%/26% (32%/30%/29%/21%)

Underpriced by 10-20%: 0%/3%/7%/15% (7%/8%/8%/14%)

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

Underpriced by 31%+: 0%/0%/7%/0% (1%/1%/1%/2%)

Underpriced by less than 10%: 5%/6%/5%/4% (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?

Q4NC/Q3NC/Q2NC compared to (Q4NAT/Q3NAT/Q2NAT)

Less than 5-10%: 48%/58%/41% (48%/43%/43%)

Less than 11-20%: 21%/13%/15% (23%/24%/23%)

Little or no difference in price: 18%/13%/7% (9%/12%/8%)

Greater than 11-20%: 5%/3%/5% (5%/5%/7%)

Greater than 5-10%: 5%/13%/20% (8%/9%/10%)

Greater than 21%: 3%/0%/10% (3%/3%/3%)

Less than 21-30%: 0%/0%/2% (4%/4%/5%)

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

Q4NC/Q3NC/Q2NC compared to (Q4NAT/Q3NAT/Q2NAT)

Less than 5-10%: 66%/65%/56% (56%/54%/53%)

Little or no difference in price: 18%/16%/0% (7%/8%/5%)

Less than 11-20%: 10%/13%/29% (23%/24%/27%)

Less than 21-30%: 3%/3%/7% (3%/3%/4%)

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

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

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

Question 6:

q4s_q6_ncstate

Q4NC/Q3NC/Q2NC/Q1NC compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Stay the same: 53%/48%/51%/33% (48%/46%/49%/36%)

Decrease: 29%/32%/22%/48% (28%/31%/29%/53%)

Increase: 18%/19%/27%/19% (24%/23%/22%/11%)

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

Q4NC/Q3NC/Q2NC/Q1NC compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

10%-20%: 50%/19%/27%/33% (29%/27%/15%/26%)

Less than 10%: 37%/71%/39%/63% (37%/36%/26%/37%)

21%-30%: 13%/6%/15%/4% (19%/17%/12%/16%)

31%-50%: 0%/30%/10%/0% (9%/13%/7%/15%)

51%-75%: 0%/0%/10%/0% (4%/5%/3%/5%)

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

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

Q4NC/Q3NC/Q2NC/Q1NC compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

$151K-$300K: 84%/84%/66%/85% (55%/52%/56%/59%)

$301K-$500K: 3%/6%/12%/7% (18%/21%/20%/21%)

$501K-$800K: 3%/0%/2%/0% (6%/7%/5%/6%)

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

Less than $150K: 10%/10%/20%/7% (18%/18%/16%/11%)

Question 9:

q4s_q9_ncstate

Q4NC compared to (Q4NAT)

1-10%: 24% (25%)
11-20%: 16% (14%)
21-30%: 13% (11%)
31-40%: 8% (9%)
41-50%: 5% (9%)
51%+: 18% (21%)
None: 16% (11%)

Question 10:

q4s_q10_ncstate

Q4NC/Q3NC/Q2NC compared to (Q4NAT/Q3NAT/Q2NAT)

Somewhat approve – 11%/17%/34% (26%/21%/31%)

Somewhat disapprove – 19%/17%/13% (18%/19%/19%)

Strongly approve – 13%/21%/24% (18%/20%/26%)

Strongly disapprove – 57%/45%/28% (38%/40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check North Carolina home prices on homegain.com

Charlotte home prices

Raleigh home prices

Greensboro home prices

Winston-Salem home prices

Durham home prices

Fayetteville home prices

Cary home prices

High Point home prices

Wilmington home prices

Greenville home prices

Asheville home prices

Gastonia home prices

Chapel Hill home prices

Search Charlotte real estate

Find Charlotte homes for sale

Search Fayetteville real estate

Find Fayetteville homes for sale

Search Cary real estate

Find Cary homes for sale

View North Carolina homes for sale

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Find U.S. homes for sale and search U.S. real estate

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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