HomeGain Releases Illinois Home Values Survey Data

Posted by: Louis Cammarosano on March 12th, 2009

Earlier this week HomeGain released the results of a nationwide survey of nearly 700 HomeGain current and former members. The survey asked their opinions on home prices and the impact of the Obama stimulus package.  On this blog we have published the national and regional results.

The HomeGain member survey received national coverage and the results were noted in US News, Dallas Morning News, Boston Globe, Crane’s Investment News, Sellsius, Dallas Magazine,  Orange County Register, RIS Media, Philadelphia Daily News, the Sarasota Herald Tribune, AOL’s Wallet Pop, St. Petersburg Times, the Boston Real Estate BlogReal Trends, Realtor® Magazine, Inman News, Transparent Real Estate , Agent Genius and other blogs.

Today we are releasing the Illinois home values survey data. In the past two days we published the Texas home values survey data and the California home values survey data. In the coming days we will be releasing survey data from New York and Florida.

The Illinois survey data reflects one largest disconnects between sellers’ beliefs on what their homes are worth and what buyers and Realtors think with 72% of home sellers thinking that their Realtors undervalued their homes (vs. 59% nationally).

According to the  survey, only 9% of home buyers believe that homes are fairly priced vs. 18% nationally with nearly 70% thinking they are overpriced (compared to 60% in the rest of the country).

The data also shows that Illinois Realtors share the view of other Realtors in the country that the Obama stimulus package would either have no impact or cause home prices to drop.

Set forth below is the Illinois home prices data with the national data in parenthesis:  Illinois (National)

1. On average, in the last year do you think your homeowner clients home values have:

Decreased 97% (90%)

Increased 3% (2%)

Stayed the same 0% (8%)

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

At listing price you recommend 0% (14%)

10-20% higher 51% (45%)

20-30% higher 21% (14%)

More than 30% higher 0% (4%)

10% less 12% (12%)

11-25% less 12% (8%)

26-50% less 3%  (4%)

3. How do your homebuyer clients feel that homes are priced?

Fairly Priced 9% (18%)

Overpriced by less than 10% 21% (21%)

Overpriced by 10-20%  45% (32%)

Overpriced by 21+%

Underpriced by 10-20% 15% (14%)

Underpriced by 20-30%  6% (4%)

4. In the next six months, do you think the values of homes in your market will:

Decrease 52% (53%)

Increase 9% (11%)

Stay the same 39% (36%)

5. What percentage of homes for sale in your area are foreclosures?

10-20% 36% (26%)

21-30% 15% (16%)

31-40% 9% (10%)

41-50% 0% (5%)

50-75% 3% (5%)

75%+ 0%  (2%)

Less than 10% 36% (35%)

6. What is the average home price in your area?

$151k-$200k  6% (24%)

$201k-$250k 15% (21%)

$251k-$300k 33% (14%)

$301k-$350k 9% (8%)

$351-$400k   9% (7%)

$401k-$450k 6% (3%)

$451k-$500k 3% (3%)

$501k-$550k 3% (2%)

$551-$600k  0%  (1%)

$601-$650k  3% (1%)

$651-$700k 0% (1%)

$701-$750k 0% (0%)

$751-$800k 0% (1%)

$801k-$850K 0% (1%)

$851k-$900K 0% (1%)

$901+  3%   (1%)

Less than $150k  9% (11%)

7. In your opinion, what will the Obama stimulus package have on home values in 2009?

Decrease 12% (13%)

Increase 0% (4%)

STABLIZE 42% (38%)

No impact 45% (45%)

See National and Regional Survey Results

Try HomeGain’s Instant Home Values tool

Check Illinois home prices:

Chicago home prices

March 31, 2009 Chicago home prices drop 16% year over year in January according to Case Shiller report.

Lincoln Park home prices

Hyde Parkhome prices

Aurora home prices

Rockford home prices

Naperville home prices

Joliet home prices

Springfield home prices

Peoria home prices

Elgin home prices

Waukegan home prices

Moline home prices

Wilmette home prices

Evanston home prices

View Illinois homes for sale

Search Illinois real estate

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

Join a Chicago Real Estate discussion on HomeGain Nation

Louis Cammarosano




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