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HomeGain Releases 3rd Quarter 2010 New Jersey Home Prices Survey Results

More than half of New Jersey agents and brokers expect home values to fall in the next six months

Late last month, HomeGain, one of the first companies to provide free online instant home valuationsreleased the third quarter results of our nationwide survey of over 1,100 HomeGain current and former members and 2,600 homeowners. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On this blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 regional results, including commentary from real estate agents and brokers.

Earlier this week we released the results of the  3rd quarter 2010 California home prices survey,  the 3rd quarter 2010 Texas home values survey, the 3rd quarter 2010 Florida home values survey and the 3rd quarter 2010 New York home values survey.   In the coming days we will be releasing home values survey data from Illinois, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.

Today we are publishing the New Jersey home prices survey data.

The New Jersey survey data shows that Garden State homeowners’ pricing expectations increased from the second quarter with 52%  believing their homes should be priced 10-20% higher than their Realtors’ recommended listing price vs. 39% in the second quarter 2010 New Jersey home values survey . (see question 2).

Forty-two of New Jersey home buyers saw homes as overpriced by 10-20% vs. 36%of home buyers who thought so in the second quarter of  2010.  Nine percent of  New Jersey home buyers think homes are fairly priced vs. 18% who thought so in the second quarter of 2010 ( see question 3).

Fifty-two percent of New Jersey agents and brokers believe that home prices will decrease in the next six months vs. 50% who so believed in the second quarter. Only 6% believe home prices will increase in the next six months vs. 4% who so believed in the second quarter survey.

New Jersey home owners are more optimistic about the direction of home prices in their state with 16% of them thinking that their homes will appreciate in value in the next six months and 37% thinking they will decrease. (see question 6)

Forty-three percent of New Jersey agents and brokers surveyed approve of Obama’s performance as President down from 46% who approved in the second quarter. Just thirty-two percent of New Jersey home owners surveyed approved of Obama’s performance down from 47% in the second quarter of 2010. (see question 10)

Set forth below is the third quarter 2010 real estate professional and homeowner New Jersey home prices survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey data: (click on each question to see complete results) :

  1. Have home prices increased, decreased or stayed the same in the last year?
  2. On average, what do homeowners believe that their home is worth?
  3. How do buyers feel that homes for sale are priced?
  4. 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?
  5. What is the average difference in price between what a home is listed at and what a home sells for?
  6. In the next six months, will the values of homes in your market increase, decrease or stay the same?
  7. What percentage of homes for sale are foreclosures in your area?
  8. What is the average home price in your area?
  9. What percentage of your clients are first-time buyers?
  10. How do you think Barack Obama is performing in his role as President?

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Posted by: Louis Cammarosano on October 4th, 2010 under Home Prices, Home Values, HomeGain, HomeGain Market Data, Polls, Regional

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