Ninety percent of surveyed real estate professionals nationwide expect home prices to decrease or stay the same over the next six months; Nearly half “strongly disapprove” of Obama’s performance as President.
HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide 2010 third quarter home prices survey based on the responses of over 1,100 current and former HomeGain members and 2,600 homeowners.
Real estate professionals and homeowners soured on the direction of home prices in the third quarter. Forty-eight percent of agents and brokers and 33 percent of homeowners think that home prices will decrease over the next six months. This reflects an increase in the percentage of real estate professionals and homeowners who expect a decline in home prices from the second quarter HomeGain home prices survey. In that survey 33 percent of agents and brokers and 23 percent of homeowners expected home prices to decrease over the next six months. Forty-two percent of homeowners, real estate agents and brokers think that home prices will remain the same in the coming six months.
Only 10 percent of real estate professionals and 18 percent of homeowners expect home values to increase in the coming six months. The results are similar to a recent Rasmussen poll of homeowners that found only 15 percent expect home prices to rise over the next year.
Seventy-nine percent of homeowners continue to believe their homes are worth more than the recommended agent listing price, up from 77 percent last quarter.
Sixty-nine percent of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced, up from 61 percent last quarter.
Real estate professionals and homeowners are taking a far more negative view on the direction of home prices citing current high inventory levels, continued foreclosures, the expiration of the tax credit and the general state of the economy. There also continues to be an increasing disconnect between what homeowners and buyers think homes are worth.
Forty-nine percent of agents and brokers surveyed indicated that they “strongly disapproved” and 18 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 67 percent disapproval rating versus the 58 percent disapproval rating of agents and brokers surveyed in the third quarter last year. Last quarter the President had a 65 percent disapproval rating from agents and brokers.
Forty-four percent of homeowners “strongly disapproved” and 17 percent “somewhat disapproved” of the President’s performance, earning him a 61 percent disapproval rating. The President had a 56 percent disapproval rating last quarter among surveyed homeowners with 44 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain home prices survey indicated that the President’s average disapproval rating was 54 percent with an average of 43 percent “strongly disapproving” of his performance.
Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:
Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:
The survey was conducted from September 7-14, 2010.
View all prior HomeGain national and state home prices surveys.
The third quarter 2010 regional results are available by clicking here.
Set forth below are the results of the third quarter 2009 and 2010 national home prices survey as well as the results of the second quarter 2010 survey. Also set forth below for selected questions is the national home owner response data for the third quarter of 2010. Click on each question to see complete results:
Questions and National 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?