Earlier this week, HomeGain, one of the first companies to provide free instant home valuations online, released the second quarter results of our nationwide survey of over 900 HomeGain current and former members and 3500 home owners. The survey 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 2nd quarter 2010 national results as well as the complete 2nd quarter 2010 regional results, including commentary from real estate agents and brokers.
Today we are releasing the California home values survey data. In the coming days we will be releasing home values survey data from Texas, Florida, Illinois, New York, New Jersey, Arizona, Virginia, North Carolina, Colorado, Georgia, Nevada, Pennsylvania, Massachusetts and other states.
The 2nd quarter 2010 California home prices survey data reflects some changes from the 1st quarter California home prices survey. In the fourth quarter 2009 California home prices survey 25% of home buyers thought that homes in the Golden State were fairly valued vs. 30% who thought so in the 1st quarter survey. In the current survey 38% of home buyers think that homes are fairly priced. Forty-eight percent of California home buyers currently believe that homes are over priced vs. 64% who so believed in the second quarter of 2009. (see question 3)
In the current survey 39% of California real estate agents and brokers expect home prices to rise with in the next six months vs. 36% who so believed in the first quarter 2010 survey and 41% who thought home prices would rise in the 2009 fourth quarter survey. In the second quarter 2009 California home prices survey just 22% of California real estate agents and brokers expected home prices to rise. California homeowners were less optimistic on the direction of home prices with 34% of them expecting home prices to rise in the next six months. (see question 6)
Nationwide, President Obama’s approval rating among surveyed real estate agents and brokers dropped to 35% . Forty-four percent of California real estate professionals somewhat approve or strongly approve of Obama’s performance as President vs. 55% in the first quarter and 57% in the fourth quarter of 2009. Obama favored better among surveyed California homeowners witha 50% approval rating. (see question 10)
Set forth below is the second quarter 2009 and 2010 California home prices data along with the 1st quarter 2010 and second quarter 2010 national real estate agent and broker and consumer 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?