Last week, HomeGain,one of the first companies to provide free online instant home valuations, released the second quarter results of our nationwide survey of over 900 HomeGain current and former members and 3,500 home owners. 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.
Today we are publishing the New York home prices survey data.
The New York survey data shows an increase in home owners’ pricing expectations with 31% of New York home owners believing their homes should be priced 10-20% higher than their agents’ recommended listing price vs. 25% who so thought in the first quarter 2010 New York home prices survey vs. 23%% who thought so in the fourth quarter New York home prices survey vs. 43% in the third quarter New York home prices survey and 36% who thought the same in the second quarter New York home prices survey. (see question 2).
Fewer New York home buyers saw homes as fairly valued in the second quarter of 2010 than they did in the first quarter 2010 with just 10% of home buyers in the Empire State believing homes were fairly valued vs. 18% who so believed in the first quarter of 2010 vs. 19% who believed so in the fourth quarter, vs. 14% who believed so in the third quarter and 21% who so believed in the second quarter. Thirty-seven percent of New York home buyers thought homes were overpriced in their state by 10-20% vs. 32 in the first quarter of 2010 who so believed vs. 31% in the fourth quarter of 2009, vs. 47% in the third quarter, 24% in the second quarter and 33% in the first quarter New York home prices survey. (see question 3)
An increasing percentage of New York real estate professionals believe that home prices will decrease in the next six months. Fifty-one percent of New York agents and brokers surveyed thought home values would decrease in the coming six months vs. 35% who thought so in the first quarter of 2010 vs. 39% who thought so in the fourth quarter of 2009 vs. 33% in the third quarter of 2009 and 24% in the second quarter of 2009. (see question 6)
New York home owners were more optimistic regarding the direction of home prices with only 20% thinking that home prices would decline in the next six months. (see question 6)
Set forth below is the agents and brokers second quarter 2009 and 2010 New York home prices data and the national second quarter 2010 data, Also set forth below for selected questions are 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?