In July, HomeGain, one of the first companies to provide free instant home valuations online, released the second quarter results of our nationwide survey of over 3500 home owners and 900 current and former HomeGain members. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On the HomeGain blog we published the complete 2nd quarter 2010 national results as well as the complete 2nd quarter 2010 regional results, including commentary from real estate professionals.
Recently, we published the results of the 2nd quarter 2010 Texas home prices survey, Florida home prices survey , California home prices survey, New York home prices survey, New Jersey home prices survey, Illinois home prices survey, Georgia home prices survey, North Carolina home prices survey, Massachusetts home prices survey, Virginia home prices survey, Colorado home prices survey, Nevada home prices survey, Washington home prices survey, Maryland home prices survey, Michigan home prices survey, Ohio home prices survey and Pennsylvania home prices survey results.
Today we are also releasing the results of the second quarter 2010 Arizona home values survey.
Arizona has experienced some of the greatest depreciation in home prices in recent years. The values of Phoenix homes for sale have fallen fifty percent since 2006. Conditions in Arizona appear to be stabilizing. In the 2nd quarter 2009 survey 61% of Arizona agents and brokers thought home prices in their state would decrease vs. 16% in 4th quarter 2009 Arizona home prices survey. In the current survey 31% of Arizona agents and brokers believe home prices will decrease over the next six months vs 26% who thought so in the first quarter 2010 Arizona home prices survey.
According to our 2009 2nd quarter Arizona home prices survey, 24% of Arizona Realtors expected home prices to increase in the next six months vs. just 11% of Realtors who expected an increase in home values in the first quarter 2009 survey. Twenty-eight percent of Arizona Realtors surveyed in the 2009 third and fourth quarter surveys expected home prices to rise in the next six months. Forty-seven percent of Arizona agents and brokers expected prices to remain the same in the 2009 Arizona third quarter home prices survey and 56% believed home prices would stay the same in the 2009 fourth quarter survey.
In the current survey 52% of Arizona real estate professionals expect home prices to stay the same over the next six month and 17% expect them to increase. (see question 6)
Forty-one percent of Arizona home buyers believe that homes are fairly priced vs. 44% who thought so in the first quarter of 2010 vs. 51% who so believed in the fourth quarter of 2009, vs. 39% in the third quarter and 23% in the second quarter of 2009. Fifteen percent of Arizona home buyers believed that homes were 10-20% overpriced in the first quarter of 2010 vs. 13 % who so believed in the fourth quarter of 2009. In the current survey 21% of Arizona agents and brokers believe homes are over priced by 10-20%. (see question 3)
While Arizona home buyers think home prices are becoming more reasonable, Arizona home sellers continue to believe their homes should be priced higher than their Realtors’ recommended listing price. In the first quarter 2010 survey, 45% of Arizona home sellers beleived that their homes should be priced 10-20% higher than their Realtors’ recommended listing prices vs. 46% in the fourth quarter of 2009 down slightly from 50% who so believed in the third quarter of 2009. Forty-five percent of Arizona home sellers in the current survey continue to believe their homes should be priced 10-20% higher (see question 2).
Arizona agents and brokers continue to give the President poor marks with 76% disapproving his performance as President up from 72% in the first quarter of 2010 and up slightly from 71% who disapproved of the President’s performance in the fourth quarter of 2009. Sixty-four percent disapproved of Obama’s performance as President in the third quarter with 58% “strongly disapproving”. In the current survey 62% of Arizona real estate professionals “strongly disapproved of Obama’s performance. The President fared slightly better with surveyed Arizona home owners with 70% disapproving of his performance and 50% “strongly disapproving”. (see question 10)
Set forth below are the agents and brokers second quarter 2009 and 2010 Arizona and the national second quarter 2010 data. Also set forth below for selected questions is the Arizona home owner response data for the second quarter of 2010. Click on each question to see complete results:
- 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 think Barack Obama is performing in his role as President?
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