Last week, HomeGain, one of the first companies to provide free instant home valuations online, released the national and regional results of our first quarter home prices survey of more than 1,400 HomeGain current and former members. Our survey asked real estate agents and brokers their opinions on home values and what they thought of President Obama’s performance as President. On the HomeGain real estate blog we published the full survey results, including agent and broker commentary and charts. Earlier, we published the results of the first quarter 2010 Texas home prices survey, Florida home prices survey , California home prices survey, New York home prices survey ,New Jersey home prices survey and Illinois home prices survey results.
Today we release the result of the first quarter Georgia home prices survey.
In the first quarter 2009 Georgia home values survey, real estate professionals 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 changed in the fourth quarter survey with 7% saying that homes were fairly priced and 35% saying homes are overpriced by 10-20%.
In the first quarter 2010 Georgia home prices survey, home buyers continue to believe that home prices are overpriced with 37% thinking that homes in their state are over priced by 10-20% and only 6% thinking they are fairly priced. (see question 3)
Georgia home sellers increased their beliefs that their homes are worth more than their agents and brokers are telling them. Just 3% of Georgia home owners agreed with their Realtors’ recommended listing price vs. 5% in the fourth quarter of 2009. Forty-six percent of Georgia homeowners believe their homes should be priced 10-20% higher than their Realtors’ recommended listing price, down from 48% in the fourth quarter and up from 39% in the third quarter. (see question 2)
Not surprising, 86% of homes in Georgia, according to Realtors surveyed, sell below the listings price. (see question 5)
In the fourth quarter 30% of Georgia agents and brokers expected home prices to decline over the next six months. In the third quarter 32% of Georgia real estate professionals expected home values to decline in the next six months. In the second quarter 27% of Georgia agents and brokers believed home prices would fall in the next six months. In the current survey 25% of Georgia Realtors expect continued home price decreases while 60% expect prices to remain the same and 15% 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 fourth quarter survey 53% disapproved of the President’s performance with 42% strongly disapproving. In the current survey 56% of real estate professionals disapproved of the president’s performance with 43% strongly disapproving . (see question 10)
Set forth below is the 2009 and 2010 first quarter Georgia home prices data with the first quarter 2010 national 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?