On Monday May 18, HomeGain, the first company to provide free online instant home valuations, released the national and regional results of a survey of more than 1150 current and former HomeGain members. We 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 national and regional 2nd Qtr results. Earlier this week we published the results of the California home prices, Texas home prices, Florida home prices and New York home prices surveys.
Today we are releasing the Illinois home prices survey data.
The Illinois survey data shows a sharp drop in the percentage of sellers who believe that their homes should be priced higher than the Realtor recommended listing price. In the first quarter Illinois home values survey, 21% of home sellers believed their homes should be priced 21-30% higher than the Realtor recommended listings price vs. 6% in the current survey. (see question 2)
According to the second quarter Illinois home prices survey results, a lesser percentage of Illinois home buyers believe that Illinois homes are over priced with 18% of home buyers believing that homes are fairly priced vs 9% who believed so in the first quarter. Forty-five percent of Illinois home buyers in the first quarter believed that home were overpriced by 10-20% vs. 33% in the second quarter. (see question 3)
Illinois Realtors were far more pessimistic about the direction of home values with 49% of them thinking that homes would decrease in value in the next six months vs. 29% of Realtors nationwide. (see question 6)
Forty-six percent of Illinois Realtors somewhat or strongly approve of President Obama’s performance as President vs. 57% of Realtors nationwide who somewhat or strongly approve of the former Illinois Senator’s performance as President. (see question 10)
Set forth below is the Illinois home prices data with the national data in parenthesis: Illinois (National)