Arizona Real Estate Professionals and Homeowners Turn Sour on The Direction of Home Values
Last month, HomeGain, one of the first companies to provide free online instant home valuations, released the third quarter results of our nationwide survey of over 1,100 HomeGain current and former members and 2,600 homeowners. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On this blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 regional results, including commentary from real estate agents and brokers.
Recently, we released the results of the 3rd quarter 2010 California home values survey, the 3rd quarter 2010 Texas home values survey, the 3rd quarter 2010 Florida home values survey, the 3rd quarter 2010 New York home values survey, the 3rd quarter 2010 New Jersey home values survey , the 3rd quarter 2010 Illinois home values survey the 3rd quarter 2010 North Carolina home values survey the 3rd quarter 2010 Ohio home values survey, the 3rd quarter 2010 Nevada home values survey, the 3rd quarter 2010 Michigan home values survey the 3rd quarter 2010 Colorado home values survey ,the 3rd quarter 2010 Washington home values survey, the 3rd quarter 2010 Pennsylvania home prices survey and the 3rd quarter 2010 Virginia home values survey . In the coming days we will be releasing home values survey data from Georgia and Massachusetts.
Today we are also releasing the results of the third quarter 2010 Arizona home values survey.
The mood among Arizona real estate professionals has taken a downturn. 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. In the 2nd quarter 2010 Arizona home prices survey 31% of Arizona agents and brokers thought home prices in their state would decrease. In the current survey 58% of Arizona real estate agents and brokers expect home prices to fall over the next six months. Twenty six percent of Arizona real estate professionals expected home price declines in the first quarter 2010 Arizona home prices survey.
Arizona home owners were slightly more optimistic on the direction of home prices in the third quarter with 48% expecting home prices to stay the same and 41% expecting them to fall. Eleven percent of of Arizona home owners expect home values to increase over the next six months vs. 15% of Arizona real estate professionals who expect the same. (see question 6)
Twenty four percent of Arizona home buyers believe that homes are fairly priced vs. 41% who thought so in the second quarter vs. 44% who thought so in the first quarter of 2010 vs. 51% who so believed in the fourth quarter of 2009. Thirty-two percent of Arizona home buyers believed that homes over priced by less than 10%. (see question 3)
Arizona home sellers continue to believe their homes should be priced higher than their Realtors’ recommended listing price. In the first and second quarter 2010 surveys, 45% of Arizona home sellers beleived that their homes should be priced 10-20% higher than their Realtors’ recommended listing prices. In the current survey 49% of Arizona home sellers think their homes should be priced 10-20% higher. (see question 2)
Arizona agents and brokers continue to give the President poor marks with 79% disapproving his performance as President up from 76% in the second quarter of 2010 and up from 72% in the first quarter of 2010. Sixty-four percent of Arizona real estate professionals “strongly disapproved” of Obama’s performance as President in the third quarter. The President fared equally poorly with surveyed Arizona home owners with 70% disapproving of his performance and 50% “strongly disapproving”. (see question 10)
Set forth below is the third quarter 2010 real estate professional and homeowner Arizona home values survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey data. 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?
Continue reading this post