Earlier this week, HomeGain, the first website to provide free instant home values, released the national and regional results of our home prices survey of 1,084 HomeGain members. We asked their opinions on home values and of Obama’s performance as President. On this real estate blog we published the complete national and regional third quarter results.
Earlier this week we published the results of the California home prices, Texas home prices , Florida home prices surveys. Yesterday we published the Massachusettes home prices survey data, the New York home prices survey data, the New Jersey home prices survey data, the North Carolina home prices survey, the Illinois home prices survey the Georgia home prices survey data, the Colorado home prices survey data and the Virginia home prices survey.
Today we release the results of the Arizona home prices survey.
Arizona is one of the states that has experieced the greatest depreciation in home prices in recent years. The values of Phoenix homes for sale have fallen fifty percent since 2006. Three months ago according to our 2nd quarter Arizona home prices survey, 24% of Arizona Realtors expected home prices to rise in the next six months vs. just 11% of Realtors who expected an increase in home values in the first quarter survey. Twenty-eight percent of Arizona Realtors surveyed now expect home prices to rise in the next six months and 47% expect prices to remain the same (see question 6).
An increasing percentage of Arizona home buyers believe that homes are fairly priced with 39% believing that homes are fairly priced vs. 23% who so believed in the second quarter. Only 6% of Arizona home buyers believe that homes are 10-20% overpriced, vs. 32% who so believed in the second quarter (see question 3).
While Arizona home buyers think home prices are becoming more reasonable, Arizona home sellers believe their homes should be priced higher than their Realtors’ recommended listing price. Fifty percent of Arizona home sellers believe that their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 35% who so believed in the second quarter (see question 2).
Sixty-four percent of Arizona Realtors surveyed disapprove of Obama’s performance as President with 58% “strongly disapproving”. In the national survey 58% of Realtors disapproved of Obama’s performance. In the second quarter, 58% of Arizona Realtors somewhat approved or strongly approved of Obama’s performance as President vs. 57% of their national counterparts.