Earlier this month, HomeGain,one of the first companies to provide free online instant home valuations, released the second quarter results of our nationwide survey of over 3500 home owners and 900 HomeGain current and former members. The survey asked their opinions on home prices and what they thought of President Obama’s performance as President. On this blog we published the complete 2nd quarter 2010 national results as well as the complete 2nd quarter 2010 regional results, including commentary from real estate agents and brokers.
We also released the second quarter 2010 California home prices survey the second quarter 2010 Florida home prices, the second quarter 2010 Texas home prices survey ,the second quarter 2010 New York home prices survey, the second quarter 2010 New Jersey home prices survey and the second quarter 2010 Georgia home prices survey results.
Today we are publishing the Illinois home prices survey data.
In the current survey 41% of Illinois home sellers believe that their homes should be priced 10–20% higher than their Realtor’s recommended listing prices vs. 43% who so believed in the first quarter 2010 Illinois home values survey. In the second quarter 2009 Illinois home prices survey, 37% of home sellers thought their homes should be priced 10-20% higher and only 6% thought their homes should be priced 21-30% higher. In the fourth quarter 2009 Illinois home prices survey 37% of Illinois home owners believed that their homes should be priced 10-20% higher than their Realtors’ recommended listing price and just 3% thought their homes should be priced 21-30% higher. (see question 2)
Illinois home buyers continue to believe that homes are over priced in their state. According to real estate agents surveyed, sixty percent of Illinois home buyers think that homes are over priced in their state with just 14% thinking that homes are fairly valued vs. 66% of Illinois home buyers who believed that home prices were over valued in the first quarter of 2010 and 9% thinking that homes were fairly valued. In the first quarter of 2010 45% of Illinois home buyers thought home prices were 10-20% overvalued vs. 27% of Illinois home buyers who thought so in the current survey.
A year ago, 57% of Illinois home buyers thought homes were over valued and 18% thought home prices were fairly valued. (see question 3)
Only 3% of Illinois real estate professionals expect home prices to increase in their state over the next six months vs. 18 % who thought so in the first quarter of 2010 vs. 21% who thought so in the fourth quarter of 2009 and 20% who thought so a year ago. Fifty-eight percent of Illinois agents and brokers expect home prices in their state to stay the same over the next six months and 39% expect home prices to decrease. A majority (52%) of surveyed Illinois home owners also believe that home prices will remain the same over the next six months while 27% expect home prices to increase and 21% expect them to decrease. (see question 6)
President Obama’s approval rating among surveyed Illinois agents and brokers rose in the second quarter to 58% up from 47% in the first quarter of 2010. Illinois home owners gave the the former Illinois Senator a 51% approval rating. Nationally 65% of surveyed agents and brokers and 58% of home owners disapproved of the President’s performance. (see question 10).
Set forth below is the agents and brokers second quarter 2009 and 2010 Illinois home prices and the national second quarter 2010 data. Also set forth below for selected questions is the home owner response data for the second quarter of 2010. 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?