Last Thursday, HomeGain, one of the first companies to provide free instant home valuations online, released the national and regional results of our fourth quarter home prices survey of nearly 1000 HomeGain current and former members. The survey asked their opinions on home values and what they thought of President Obama’s performance as President so far. On the HomeGain real estate blog we published the full survey results, including Realtor commentary and charts. Also last week, we published the results of the fourth quarter Texas home prices, Florida home prices, New York home prices, New Jersey home prices, California home prices and Illinois home prices survey results.
Today we release the result of the fourth quarter Georgia home prices survey.
In the first quarter Georgia home values survey, Realtors expressed the belief that home buyers thought homes were over valued. In the second quarter Georgia home prices survey not much changed with just 8% of Georgia home buyers believing that homes were fairly priced (vs.5% in the first quarter survey). In the third quarter survey Georgia home buyers believed that homes in their state were over valued with just 5% saying that homes were fairly priced and 36% saying homes were overpriced by 10-20%. Little has changed in the current survey with 7% saying that homes are fairly priced and 35% saying homes are overpriced by 10-20%. (see question 3)
Georgia home sellers increased their beliefs that their homes are worth more than their Realtors are telling them. Just 5% of Georgia home owners agreed with their Realtors’ recommended listing price. Forty-eight percent of Georgia homeowners believe their homes should be priced 10-20% higher than their Realtors’ recommended listing price, up from 39% in the third quarter. (see question 2)
Not surprising, 84% of homes in Georgia, according to Realtors surveyed, sell below the listings price. (see question 5)
In the third quarter 32% of Georgia Realtors expected home values to decline in the next six months. In the second quarter 27% of Georgia Realtors believed home prices would fall in the next six months. In the current survey 30% of Georgia Realtors expect continued home price decreases while 54% expect prices to remain the same and 16% expect prices to increase. (see question 6)
In the second quarter, fifty-eight percent of Georgia Realtors somewhat approved or strongly approved of Obama’s performance as President. In the third quarter the President’s approval rating in the Peach State fell to 30%. In the current survey 53% disapprove of the President’s performance with 42% strongly disapproving. (see question 10)
Set forth below is the first, second, third quarter and fourth Georgia home prices data with the national data in parenthesis: — 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 as a Realtor think Barack Obama is performing in his role as President?