On Monday May 18, HomeGain, the first company to provide free online instant home valuations, released the national and regional results of our survey of 1150 former and current HomeGain members. We asked their opinions on home prices and of President Obama’s performance as President. On this blog we published the national and regional 2nd Qtr results. This week we published the results of the California home prices, Texas home prices, Florida home prices, New York home prices, New Jersey home prices, and Illinois home prices surveys.
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 home prices survey, 61% of Realtors believed that home values would continue their descent. In the recent home values survey just 24% of Realtors expect further declines in home prices in the next six months, with 52% believing that home values will stabilize. (see question 6)
An increasing percentage of Arizona home buyers believe that homes are overpriced with 32% believing that homes are 10-20% overvalued vs. 11% who believed so three months ago. (see question 3).
Thirty-five percent of Arizona home sellers continue to believe that their homes are worth 10-20% more than their Realtors’ recommend listing price (vs. 33% in the first quarter). Eight percent of Arizona home owners believe that their homes are worth 21-30% higher than the price their Realtors’ recommend. (vs. 17% in the first quarter).
Fifty-eight percent of Arizona Realtors somewhat approve or strongly approve of Obama’s performance as President vs. 57% of their national counterparts.