HomeGain Releases 4th Quarter Pennsylvania Home Prices Survey Results

Posted by: Louis Cammarosano on December 19th, 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 pennsylvania-liberty-bellcurrent 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.

Today we are releasing  the Pennsylvania home prices survey.

Pennsylvania homeowners, like their counterparts nationally, think their homes are worth more than their Realtors’ recommended listing price. Fifty percent  of Pennsylvania homeowners think their homes should be priced 10-20% higher than their Realtors recommend vs.  42% in the third quarter 40% nationally (see question 2).

Pennsylvania home buyers believe homes are over priced with 12% believing that prices are fairly valued vs. 4% who thought so in the 3rd quarter and 21% nationwide. Forty-two percent of Pennsylvania home buyers believe homes are priced 10-20 more than they should be vs. 38% who thought so in the 3rd quarter and 32% of home buyers nationally. (see question 3)

Pennsylvania Realtors are less pessimistic about the direction of home prices than they were in the 3rd quarter with 33% believing they will decrease in the next six months vs. 42% who so believed in the 3rd quarter and vs 28% who so believe nationally (see question 6).

Realtors in the Keystone state continue to give the President a low approval rating: 35% vs. 42% nationally. Just 5% of Pennsylvania Realtors “strongly approve” of President Obama’s performance vs. 26% nationally, while 47% of  Pennsylvania Realtors “strongly disapprove” of Obama’s performance vs. 38% nationally (see question 10).

Set forth below is the  third and fourth quarter Pennsylvania 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_pastate

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Decreased: 75%/71% (77%/81%/84%/90%)

Stay the same: 21%/29% (15%/13%/12%/8%)

Increased: 4%/0% (7%/6%/3%/2%)

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

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

10-20% higher: 50%/42% (40%/38%/35%/45%)

1-9% higher: 34%/25% (28%/25%/24%/*)

1-9% less: 8%/8% (7%/7%/9%/*)

10-20% less: 4%/8% (5%/5%/8%/10%)

21-30% higher: 4%/8% (6%/8%/8%/14%)

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

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

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

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

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

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Overpriced by 10-20%: 42%/38% (28%/30%/30%/32%)

Overpriced by less than 10%: 42%/50% (32%/30%/29%/21%)

Fairly priced: 12%/4% (21%/20%/19%/18%)

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

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

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

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

Underpriced by less than 10%: 0%/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?

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT)

Less than 5-10%: 46%/50% (48%/43%/43%)

Less than 11-20%: 29%/8% (23%/24%/23%)

Greater than 5-10%: 13%/17% (8%/9%/10%)

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

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

Greater than 21%: 0%/8% (3%/3%/3%)

Less than 21-30%: 0%/0% (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?

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT)

Less than 5-10%: 63%/42% (56%/54%/53%)

Less than 11-20%: 21%/33% (23%/24%/27%)

Greater than 11-20%: 8%/4% (3%/4%/4%)

Greater than 5-10%: 4%/9% (6%/5%/5%)

Little or no difference in price: 4%/4% (7%/8%/5%)

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

Greater than 21%: 0%/4% (2%/2%/2%)

Question 6:

q4s_q6_pastate

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Stay the same: 50%/42% (48%/46%/49%/36%)

Decrease: 33%/42% (28%/31%/29%/53%)

Increase: 17%/17% (24%/23%/22%/11%)

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

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Less than 10%: 54%/67% (36%/26%/37%)

10%-20%: 46%/25% (29%/27%/15%/26%)

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

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

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

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

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

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

$151K-$300K: 67%/58% (55%/52%/56%/59%)

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

Less than $150K: 8%/9% (18%/18%/16%/11%)

$501K-$800K: 4%/0% (6%/7%/5%/6%)

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

Question 9:

q4s_q9_pastate

Q4PA compared to (Q4NAT)

1-10%: 25% (25%)

41-50%: 21% (9%)

51%+: 21% (21%)

11-20%: 13% (14%)

21-30%: 8% (11%)

31-40%: 8% (9%)

None: 4% (11%)

Question 10:

q4s_q10_pastate

Q4PA/Q3PA compared to (Q4NAT/Q3NAT/Q2NAT)

Strongly disapprove – 47%/46% (38%/40%/24%)

Somewhat approve – 30%/29% (26%/21%/31%)

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

Strongly approve – 5%/8% (18%/20%/26%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Prices Tool

Check Home Prices in Pennsylvania cities on HomeGain.com:
View homes for sale

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