California real estate professionals and homeowners have a more favorable view of the direction of home values and of President Obama’s performance as President than their nationwide counterparts.
Earlier this month, HomeGain, one of the first companies to provide free instant home valuations online, released the fourth quarter results of our nationwide home values survey of over 1000 HomeGain current and former members and 2300 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 2010 national results as well as the complete 4th quarter 2010 regional results, including commentary from real estate agents and brokers.
Today we are releasing the California home values survey data. In the coming days we will be releasing home values survey data from Texas, Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
The 4th quarter 2010 California home prices survey data reflects some changes from the 3rd quarter 2010 California home values survey. Sixty-eight percent of surveyed agents indicated that their homeowner clients thought that their homes’ values had declined in the prior year vs. 52% who so believed in the third quarter. HomeGain also asked homeowners directly the same question. Fifty-six percent of surveyed homeowners thought that their homes’ values had declined in the prior year vs. 50% who thought so in the third quarter. (see question 1)
Fewer California home buyers are of the view that homes in their state are fairly valued, with 19% believing so in the fourth quarter vs 35% in the third quarter survey vs. 38% in the second quarter 2010 California home prices survey vs. 30% in the first quarter 2010 California home prices survey and 25% in the fourth quarter 2009 California home prices survey. Sixty nine percent of California home buyers currently believe that homes are over priced vs. 69% who also so believe nationally. (see question 3)
In the current survey 42% of California real estate agents and brokers expect home prices to fall with in the next six months vs. 41% who so believed in the third quarter 2010 California home prices survey. Fifteen percent of California real estate professionals expect home prices to rise in their state over the next six month vs. 14% who expected so in the third quarter 2010 California home prices survey. Only 12% of real estate professionals nationwide believe that home prices will rise in the coming six months. (see question 6)
California homeowners were slighly more optimistic on the direction of home values in their state than California real estate professionals. Twenty five percent of California home owners expect home values to rise in the next six months, 29% expect them to fall and 46% expect them to stay the same. (see question 6)
Nationwide, President Obama’s approval rating among surveyed real estate agents and brokers dropped to 32% in the fourth quarter. Forty-four percent of California real estate professionals somewhat approve or strongly approve of Obama’s performance as President vs. 43% in the third quarter California survey vs. 44% in the second quarter, vs. 55% in the first quarter and 57% in the fourth quarter of 2009. Fifty percent of surveyed California homeowners approved of Obama’s performance. (see question 10)
Set forth below is the fourth quarter 2010 real estate professional and home owner California home prices survey data along with the third quarter 2009 and 2010 real estate professional survey data along with the fourth 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?