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.
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 released the North Carolina home prices survey results.
We are also releasing the Virginia home prices survey results today.
According to the recent survey, Virginia home sellers continue to believe their homes are worth more than their Realtors recommended listing price. Eighty-two percent of Virginia home owners believe their homes are worth more than their Realtors’ recommended listing price. Forty-seven percent of Virginia home sellers thought their homes should be priced 10-20% higher than their Realtors” recommended listing price.
In the second quarter Virginia home prices survey, 46% of Virginia home owners thought their homes should be priced 10-20% higher than their Realtors’ recommended listing price. In the third quarter Virginia home prices survey 29% of home owners thought their homes should be priced 10-20% higher (see question 3).
While Virginia home sellers are raising their home price valuation expectations, Virginia buyers are lowering theirs!. Sixty-eight percent of Virginia home buyers, believe that homes in their state are over priced, vs 51% in the third quarter and 58% the second quarter. Twenty-three percent of Virginia home buyers believe that homes in their state are fairly valued vs 17% in the third quarter and 22% in the second quarter (see question 2).
Twenty-one percent of Virginia Realtors believe that home prices will decline over the next six months vs. 40% who so believed so in the third quarter and 41% in second quarters. Fifty-eight of Virginia Realtors believe home prices will stay the same in the coming six months vs. 46% who believed so in the third quarter and 35% who thought the same in the second quarter. Twenty-one percent of Virginia Realtors think home prices will increase in the next six months vs. 14% who thought so in the third quarter and 24% who so thought in the second quarter. (see question 6).
President Obama’s approval rating continued to slide with 62% of Realtors surveyed in the fourth quarter in the Old Dominion State disapproving of his performance as President vs. 60% disapproving in the third quarter. (see question 10).
Set forth below is the Virginia home prices survey data 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:
Q4VA/Q3VA/Q2VA/Q1VA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Decreased: 79%/72%/97%/94% (77%/81%/84%/90%)
Stay the same: 12%/14%/3%/6% (15%/13%/12%/8%)
Increased: 9%/14%/0%/0% (7%/6%/3%/2%)
Question 2. On average, what do your homeowner clients believe that their home is worth?
Q4VA/Q3VA/Q2VA/Q1VA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
10-20% higher: 47%/29%/46%/47% (40%/38%/35%/45%)
1-9% higher: 32%/31%/14%/* (28%/25%/24%/*)
1-9% less: 6%/9%/8%/* (7%/7%/9%/*)
10-20% less: 3%/9%/5%/18% (5%/5%/8%/10%)
21-30% higher: 3%/20%/11%/6% (6%/8%/8%/14%)
21-30% less: 0%/0%/3%/* (2%/2%/3%/*)
At listing price you recommend: 9%/3%/8%/12% (9%/11%/10%/14%)
More than 30% higher: 0%/0%/0%/6% (2%/3%/2%/4%)
More than 30% less: 0%/0%/5%/* (1%/1%/2%/1%)
Question 3. How do your home buyer clients feel that homes for sale are priced?
Q4VA/Q3VA/Q2VA/Q1VA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Overpriced by less than 10%: 41%/8%/32%/41% (32%/30%/29%/21%)
Overpriced by 10-20%: 27%/37%/22%/29% (28%/30%/30%/32%)
Fairly priced: 23%/17%/22%/6% (21%/20%/19%/18%)
Underpriced by 10-20%: 6%/14%/14%/12% (7%/8%/8%/14%)
Underpriced by less than 10%: 3%/0%/3%/0% (5%/5%/5%/5%)
Overpriced by 21%+: 0%/6%/3%/0% (3%/4%/4%/10%)
Underpriced by 21-30%: 0%/3%/0%/12% (3%/2%/1%/2%)
Underpriced by 31%+: 0%/0%/5%/0% (1%/1%/1%/2%)
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?
Q4VA/Q3VA/Q2VA compared to (Q4NAT/Q3NAT/Q2NAT)
Less than 5-10%: 47%/37%/35% (48%/43%/43%)
Less than 11-20%: 29%/29%/27% (23%/24%/23%)
Little or no difference in price: 12%/11%/5% (9%/12%/8%)
Greater than 11-20%: 9%/6%/11% (5%/5%/7%)
Greater than 5-10%: 3%/14%/11% (8%/9%/10%)
Greater than 21%: 0%/0%/3% (3%/3%/3%)
Less than 21-30%: 0%/3%/8% (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?
Q4VA/Q3VA/Q2VA compared to (Q4NAT/Q3NAT/Q2NAT)
Less than 5-10%: 64%/49%/59% (56%/54%/53%)
Less than 11-20%: 15%/26%/16% (23%/24%/27%)
Greater than 5-10%: 12%/3%/5% (6%/5%/5%)
Little or no difference in price: 6%/11%/8% (7%/8%/5%)
Greater than 11-20%: 3%/0%/5% (3%/4%/4%)
Greater than 21%: 0%/6%/0% (2%/2%/2%)
Less than 21-30%: 0%/6%/5% (3%/3%/4%)
Question 6:
Q4VA/Q3VA/Q2VA/Q1VA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Stay the same: 58%/46%/35%/35% (48%/46%/49%/36%)
Decrease: 21%/40%/41%/59% (28%/31%/29%/53%)
Increase: 21%/14%/24%/6% (24%/23%/22%/11%)
Question 7. What percent of homes in your area are foreclosures?
Q4VA/Q3VA/Q2VA/Q1VA to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
Less than 10%: 44%/29%/41%/24% (37%/36%/26%/37%)
10%-20%: 26%/29%/27%/41% (29%/27%/15%/26%)
21%-30%: 15%/20%/14%/6% (19%/17%/12%/16%)
31%-50%: 9%/20%/11%/18% (9%/13%/7%/15%)
51%-75%: 6%/0%/3%/6% (4%/5%/3%/5%)
75%+: 0%/3%/5%/6% (2%/2%/3%/2%)
Question 8. What is the average home price in your area?
Q4VA/Q3VA/Q2VA/Q1VA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)
$151K-$300K: 76%/54%/62%/59% (55%/52%/56%/59%)
$301K-$500K: 21%/40%/16%/24% (18%/21%/20%/21%)
$501K-$800K: 3%/6%/8%/12% (6%/7%/5%/6%)
$801K+: 0%/0%/0%/0% (3%/2%/3%/2%)
Less than $150K: 0%/0%/14%/6% (18%/18%/16%/11%)
Question 9:
Q4VA compared to (Q4NAT)
1-10%: 38% (25%)
51%+: 32% (21%)
21-30%: 9% (11%)
41-50%: 9% (9%)
11-20%: 6% (14%)
31-40%: 6% (9%)
None: 0% (11%)
Question 10:
Q4VA/Q3VA/Q2VA compared to (Q4NAT/Q3NAT/Q2NAT)
Strongly disapprove – 44%/51%/24% (38%/40%/24%)
Strongly approve – 24%/17%/22% (18%/20%/26%)
Somewhat disapprove – 18%/9%/22% (18%/19%/19%)
Somewhat approve – 15%/23%/32% (26%/21%/31%)
* Data not available
See National and Regional Survey Results
Try HomeGain’s Instant Home Prices Tool
Find Chesapeake homes for sale
Search Chesapeake real estate
Search Richmond real estate
Search Norfolk real estate
Find Viginia Beach homes for sale
Search Virginia Beach real estate
View Virginia homes for sale.
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 ,Colorado home prices survey ,Massachusetts home prices survey , Washington home prices survey
Louis Cammarosano
homegain.com
Comments