HomeGain Releases 4th Quarter Washington Home Prices Survey Results

Posted by: Louis Cammarosano on December 27th, 2009

Last week, 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.

seattle-skyline-ornament

Earlier this week we released the Pennsylvania home prices, Colorado home prices the Arizona home prices , North Carolina home prices, the Virginia home prices and Massachusetts home prices survey results.

Today we are releasing the Washington home prices survey data.

Washington homeowners tempered their valuation expections from prior quarters. Indeed, 14% of Washington home owners believed that their homes were worth less than their Realtors recommended listing price.  In the third quarter Washingon home values survey 88% believed that their homes should be priced higher than their Realtors’ recommended listing price vs. 77% in the  second quarter Washington home values survey and vs. 69% in the current survey. (See question 2)

While  Washington home owners are tempering their home valuation expectations, a vast majority of  Washington home buyers believe that homes are over priced, with 72% holding such view. Only 7% of Washington home buyers now believe homes are fairly priced vs. 23% in the second quarter. Seventy-nine percent of Washington home buyers believed homes in their state were overpriced  in the third quarter vs. 70% who so believed so in the second quarter. (See question 3)

Fifty-five percent of Washington Realtors predict stabilizing home prices in the next six months vs. 46% of Washington Realtors who predicted price stabilization three months ago. Thirty-one percent of Washington Realtors in the current home values survey think that Washington home prices will decrease in the coming six months vs. 38% in the third quarter. (See question 6)

Sixty-four percent of Realtors in the Evergreen State approve of Obama’s performance as President vs. 42% nationally.

Set forth below is the first, second,  third and fourth quarter Washington home prices survey results 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_wastate

Q4WA/Q3WA/Q2WA/Q1WA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Decreased: 90%/88%/76%/100% (77%/81%/84%/90%)

Stay the same: 10%/12%/18%/0% (15%/13%/12%/8%)

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

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

Q4WA/Q3WA/Q2WA/Q1WA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

10-20% higher: 42%/46%/43%/52% (40%/38%/35%/45%)

1-9% higher: 21%/38%/20%/* (28%/25%/24%/*)

1-9% less: 14%/0%/3%/* (7%/7%/9%/*)

10-20% less: 11%/0%/7%/14% (5%/5%/8%/10%)

21-30% higher: 3%/4%/7%/5% (6%/8%/8%/14%)

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

At listing price you recommend: 3%/13%/10%/14% (9%/11%/10%/14%)

More than 30% higher: 3%/0%/7%/0% (2%/3%/2%/4%)

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

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

Q4WA/Q3WA/Q2WA/Q1WA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Overpriced by 10-20%: 41%/25%/50%/29% (28%/30%/30%/32%)

Overpriced by less than 10%: 24%/50%/17%/29% (32%/30%/29%/21%)

Underpriced by 10-20%: 17%/8%/2%/14% (7%/8%/8%/14%)

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

Fairly priced: 7%/8%/23%/19% (21%/20%/19%/18%)

Underpriced by less than 10%: 4%/0%/0%/10% (5%/5%/5%/5%)

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

Underpriced by 31%+: 0%/0%/0%/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?

Q4WA/Q3WA/Q2WA compared to (Q4NAT/Q3NAT/Q2NAT)

Less than 5-10%: 38%/58%/17% (48%/43%/43%)

Less than 11-20%: 35%/29%/43% (23%/24%/23%)

Greater than 5-10%: 10%/0%/13% (8%/9%/10%)

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

Greater than 11-20%: 3%/0%/13% (5%/5%/7%)

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

Little or no difference in price: 10%/13%/7% (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?

Q4WA/Q3WA/Q2WA compared to (Q4NAT/Q3NAT/Q2NAT)

Less than 5-10%: 52%/54%/50% (56%/54%/53%)

Less than 11-20%: 24%/17%/0% (23%/24%/27%)

Greater than 5-10%: 10%/0%/7% (6%/5%/5%)

Little or no difference in price: 7%/17%/3% (7%/8%/5%)

Greater than 11-20%: 4%/4%/10% (3%/4%/4%)

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

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

Question 6:

q4s_q6_wastate

Q4WA/Q3WA/Q2WA/Q1WA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Decrease: 31%/38%/17%/52% (28%/31%/29%/53%)

Increase: 14%/17%/17%/0% (24%/23%/22%/11%)

Stay the same: 55%/46%/67%/48% (48%/46%/49%/36%)

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

Q4WA/Q3WA/Q2WA/Q1WA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

Less than 10%: 35%/50%/47%/43% (37%/36%/26%/37%)

21%-30%: 31%/17%/3%/19% (19%/17%/12%/16%)

10%-20%: 21%/33%/40%/38% (29%/27%/15%/26%)

31%-50%: 10%/0%/3%/0% (9%/13%/7%/15%)

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

75%: 0%/0%/7%/0% (2%/2%/3%/2%)

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

Q4WA/Q3WA/Q2WA/Q1WA compared to (Q4NAT/Q3NAT/Q2NAT/Q1NAT)

$151K-$300K: 59%/63%/57%/52% (55%/52%/56%/59%)

$301K-$500K: 38%/33%/23%/43% (18%/21%/20%/21%)

$501K-$800K: 4%/4%/3%/0% (6%/7%/5%/6%)

$801K+: 0%/0%/7%/5% (3%/2%/3%/2%)

Less than $150K: 0%/0%/13%/0% (18%/18%/16%/11%)

Question 9:

q4s_q9_wastate1

Q4WA compared to (Q4NAT)

51%+: 41% (21%)

1-10%: 14% (25%)

21-30%: 17% (11%)

None: 10% (11%)

11-20%: 7% (14%)

41-50%: 7% (9%)

31-40%: 4% (9%)

Question 10:

q4s_q10_wastate1

Q4WA/Q3WA/Q2WA compared to (Q4NAT/Q3NAT/Q2NAT)

Strongly approve – 39%/25%/33% (18%/20%/26%)

Somewhat approve – 25%/21%/33% (26%/21%/31%)

Somewhat disapprove – 18%/25%/10% (18%/19%/19%)

Strongly disapprove – 18%/29%/33% (38%/40%/24%)

* Data not available

See National and Regional Survey Results

Try HomeGain’s Instant Home Prices Tool

Check Home Prices in Washington cities on HomeGain .com:

View Washington homes for sale

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

Join the Seattle real estate discussion on HomeGain nation

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 :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


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