Sixty-nine percent of Pennsylvania real estate professionals expect home prices to fall over the next six months

Last month, HomeGain, the first company to provide free instant home valuations online, released the results of our fourth quarter 2011 nationwide home values survey of over 400 HomeGain current and former members and 2,000 home owners. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this real estate blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers.

Recently, we released the California 4th quarter 2011 home values survey data and the Florida 4th quarter 2011 home values survey data, the 4th quarter 2011 Texas home prices survey data, the 4th quarter 2011 New York home prices survey data, the 4th quarter 2011 New Jersey home values survey data, the Illinois 4th quarter 2011 home values survey data, the Georgia 4th quarter 2011 home prices survey data, the Arizona 4th quarter 2011 home prices survey data, the Virginia 4th quarter 2011 home prices survey data, the Washington 4th quarter 2011 home prices survey data, the Maryland 4th quarter 2011 home prices survey data, and the Ohio 4th quarter 2011 home prices survey data.

Today we are releasing the Pennsylvania home prices survey.

Set forth below is the fourth quarter 2011 real estate professional and home owner Pennsylvania home prices survey data along with the third quarter 2011 real estate professional survey data and the fourth quarter 2010 national home prices survey data: (click on each question to see complete results):

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 think Barack Obama is performing in his role as President?
11. If the Presidential election were today, who would you vote for?

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Fifty percent of Ohio Real estate professionals and 37 percent of Ohio homeowners expect home prices to drop in the next six months

Last December, HomeGain, the first company to provide free instant home valuations online, released the fourth quarter 2011 results of our nationwide home values survey of over 400 real estate professionals and 2,000 home owners. The HomeGain survey asked their opinions on home prices and what they thought of President Obama’s performance. On this blog we published the 4th quarter 2011 national results as well as the complete 4th quarter 2011 regional results, including commentary from real estate agents and brokers and homeowners.

Recently, we released the California 4th quarter 2011 home values survey data and the Florida 4th quarter 2011 home values survey data, the 4th quarter 2011 Texas home prices survey data , the 4th quarter 2011 New York home prices survey data, the 4th quarter 2011 New Jersey home values survey data, the Illinois 4th quarter 2011 home values survey data, the Arizona 4th quarter 2011 home prices survey data, the Maryland 4th quarter 2011 home prices survey data, and the Washington 4th quarter 2011 home values survey data.

Today we are releasing the Ohio home prices survey results.

Set forth below is the fourth quarter 2011 real estate professional and home owner Ohio home prices survey data along with the third quarter 2011 real estate professional survey data along with the fourth quarter 2010 national home prices survey data: (click on each question to see complete results):

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 think Barack Obama is performing in his role as President?
11. If the Presidential election were held today, who would you vote for?

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On Monday January 23, 2012, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate 360 radio show on The Big Talker 1580 WHFS AM, hosted by Ryan Sloper.

Listen to the show.

Part 1 (14:24)

Ryan and Louis discuss the Republican Primary, gold and silver prices and HomeGain’s 2012 Home Ownership Satisfaction Survey.  Ryan notes that when mortgage rates move up, they move up fast. Ryan urges rate shoppers to lock in now.  Ryan predicts higher mortgage rates in 2012. Louis discusses how the networks were able to project Newt Gingrich the winner of the South Carolina primary based on exit polls.  Ryan notes that Texas governnor Rick Perry has dropped out and has endorced Newt Gingrich. Ryan notes that Romney is attaching Gingrich based on his relationship with Freddie Mac and Fannie Mae.  Louis notes that in Iowa and New Hampshire Gingrich was crushed as a result of the focus of voters on Newt Gingrich’s activities with Fannie Mae and Freddie Mae. Louis notes that during the South Carolina primary process, when the focus moved away from Freddie Mac and Fannie Mae and towards Mitt Romney’s activities at Bain Capital, the voters shifted away from Romney and towards Gingrich. Louis notes that Gingrich benefited in South Carolina from appearing strong in responding to a debate question relating to his personal life. Louis notes, however, that Gingrich won’t be able to win based on those types of answers.   Louis notes that as the attention shifts back to Gingrich’s activities at Freddie Mac and Fannie Mae, Romney will benefit and Gingrich will suffer. Louis notes that Gingrich is the non Romney  flavor of the month-his predecessors being Santorum, Cain, Perry and Bachman. Louis notes that Republicans are looking for a conservative alternative to Romney. Louis notes that as people peek under the cover they will notice that Santorum and Gingrich are not as conservative as they claim. Louis notest that Ron Paul has been consistent in his view for 30 years and that his support in the polls has not fluctuated wildly  like the other candidates and has grown steadily. Louis notes that the media constantly discusses Ron Paul’s supposed non electability but never discussed the electability of the other candidates like Herman Cain whose qualifications including running a “pizza palour”, Michelle Bachman who has only been in congress a few years and Mitt Romney who was governor of a state that instituted “RomneyCare” a pre cursor to “ObamaCare” which is anathama to conservatives and Newt Gingirch with 20 years of “baggage”. Louis notes that Ron Paul has won 12 elections to congress and has increased his vote totals by 4-5X since 2008  in New Hampshire, Iowa and South Carolina. Ryan notes that  Ron Paul’s issues, excessive spending, civil liberties, the Federal Reserve have not been discussed much in the campaigns and the debates. Louis notes that the Tea Party came into existence largely as a protest against the bail outs an the irony that the two front runners Romney and Gingrich were in favor of them and the stimulus packages. Louis notes that Ron Paul has gained currency  with younger voters and that younger voters are discovering Austrian economics. Louis and Ryan discuss Ron Paul’s interest in reinstituting the gold standard and that Newt Gingrich has jumped on that bandwagon. Louis notes that during the debates they have not talked about each candidates plan to cut spending – other than Rick Perry’s attempt to name three Federal Agencies that he would cut. Louis notes that only Ron Paul has a plan to cut spending-$1 Trillion in his first year as President. 

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On Monday January 9, 2012, Louis Cammarosano, General Manager of HomeGain, was a guest on the Real Estate 360 radio show on The Big Talker 1580 AM, hosted by Ryan Sloper.

Listen to the show.

Part 1 (14:56)

Ryan and Louis offer their predictions for 2012 on the general economy, real estate market, interest rates, the presidential election, the price of gold oil and silver and foreclosures. Louis notes that the beginning of the year will be a continuation of low interest rates, working off inventory and a tepid market but predicts a financial shock at some point in 2012 perhaps based on a European debt crisis or something in the US. Louis notes that there is no way to solve the housing crisis or the general soverign debt crisis other than to allow the debt to be liquidated, but notes that the central banks are not willing to allow it. Ryan notes of a new tax on mortgages that helps Fannie  Mae and Freddie Mac which Louis characterizes as a back door bailout of these entities. Louis notes that many homebuyers are holding off on purchasing a home because they think interest rates might go lower or that they will stay low for a long time or that home prices will fall further. Louis notes that more likely rents will rise and that it makes sense to get a long term low interest rate to protect against the rise in the real cost of shelter. Louis notes that if interest rate rose it would be a disaster for the US government  as it would make it even more difficult for the US to pay off the interest. Louis notes that the Fed’s operation twist is intended to keep long term interest rates down. Louis notes that institutional investors purchase US govenment bonds for their perceived safety. Louis notes that the US is actually printing LESS physical currency as the cost of paper and its components (coton and ink) are getting more expensive. 

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Earlier this week, HomeGain, the first company to provide free instant home valuations online, announced the results of its 2012 National Home Ownership Satisfaction Survey. Homeowners were asked whether they were satisfied with owning a home and whether price appreciation or depreciation was a factor. Over 1,400 home owners from across the nation were surveyed. The complete 2012 national results were published on this blog.

Today we are releasing the California home ownership satisfaction survey results. In the coming days, we will also announce the results from Florida, Illinois, New York and Texas.

The complete California results can be found below. Click on a question to jump to the results:

1. Overall, are you satisfied with home ownership?
2. When did you purchase your home?
3. What was the value of your home when you purchased it?
4. What type of home did you purchase?
5. What is your age?

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HomeGain, the first company to provide free instant home valuations online, announced the results of its 2012 Home Ownership Satisfaction Survey. Homeowners were asked whether they were satisfied with owning a home and whether price appreciation or depreciation was a factor. Over 1,400 home owners from across the nation were surveyed.

Overall, 72 percent of surveyed homeowners indicated that they were satisfied with owning a home and 28% said they were dissatisfied. When asked if price appreciation was the primary reason for their satisfaction, only 24 percent said yes. Seventy-six percent listed other reasons for being satisfied. The most popular responses were pride of ownership, and freedom to control what type of home improvements and upgrades go into their homes.

Sixty-three percent of homeowners who indicated they were unsatisfied with home ownership said that price depreciation was the primary reason. Of the 37 percent who listed other reasons for being unsatisfied, the most cited responses were the costs of home ownership, including property taxes, homeowner association fees, and maintenance and repairs.

“The HomeGain 2012 National Home Ownership Satisfaction survey shows in spite of declines in the values of homes nationwide, satisfaction among home owners remains high at 72 percent, with nearly 3 of 4 home owners satisfied with home ownership.” said Louis Cammarosano, General Manager of HomeGain. “Of the 28 percent of surveyed homeowners who indicated they were unsatisfied, 63 percent cited price depreciation as the primary reason.”

On a regional basis, the highest percentage of homeowner satisfaction was in the Northeast, with a 77 percent satisfaction rate. The Southeast ranked second with 73 percent, followed by the West with 71 percent, and the Midwest with 68 percent.

The survey asked when homes were purchased, the purchase prices of the homes, the type of homes purchased (short sale, foreclosure, new or existing), and the age groups of the homeowners.

Overall, homeowners who purchased their homes between 3-8 years ago were the least satisfied. Homeowners who purchased their home within the last three years or more than 8 years ago, were the most satisfied.

Homeowners who paid less than $75,000 for their home were the most satisfied, with a 77 percent satisfaction rate. Homeowners who purchased a home for more than $800,000 were the least satisfied, with a 69 percent satisfaction rate.

Those purchasing foreclosed homes or homes in a short sale had the highest home ownership satisfaction rates at 79 percent and 83 percent, respectively. Those who purchased new or existing homes had lower satisfaction rates at 73 percent and 71 percent, respectively. Sixty-seven percent of homeowners who purchased a new home, and 64 percent of homeowners who purchased an existing home, indicated that price depreciation was the primary reason for being unsatisfied.

Homeowners ages 18-25 were the least satisfied with home ownership, with a 45 percent satisfaction rate. This is the only age group to have a satisfaction rate below 50 percent. Homeowners ages 55-65 were the most satisfied with home ownership, with a 76 percent satisfaction rate.

The complete national results can be found below. Click on a question to jump to that question’s results:

1. Overall, are you satisfied with home ownership?
2. When did you purchase your home?
3. What was the value of your home when you purchased it?
4. What type of home did you purchase?
5. What is your age?

Continue reading this post