In July, HomeGain, one of the first companies to provide free instant home valuations online, 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.
Recently, we published the results of the 2nd quarter 2010 Texas home prices survey, Florida home prices survey , California home prices survey, New York home prices survey , New Jersey home prices survey , Illinois home prices survey, Georgia home prices survey, North Carolina home prices survey, Massachusetts home prices survey, Virginia home prices survey, Colorado home prices survey, Nevada home prices survey, Washington home prices survey, Maryland home prices survey, Michigan home prices survey and Ohio home prices survey results.
Today we are releasing the Pennsylvania home prices survey.
Pennsylvania homeowners, like their counterparts nationally, think their homes are worth more than their Realtors’ recommended listing price. Fifty-nine percent of Pennsylvania homeowners think their homes should be priced 10-20% higher than their Realtors’ recommend vs. 46% in the first quarter 2010 Pennsylvania home prices survey vs. 50% in the fourth quarter 2009 Pennsylvania home prices survey and 42% in the third quarter 2009 Pennsylvania home prices survey. (see question 2)
Pennsylvania home buyers believe homes are over priced with only 14% believing that home prices are fairly valued vs. 15% who believed so in the first quarter of 2010 vs. 12 % who thought so in the 4th quarter of 2009 and 4% in the third quarter of 2009. Thirty-eight percent of Pennsylvania home buyers believe homes are priced 10-20% more than they should be vs. 36% who thought so in the first quarter vs. 42% who thought so in the 4th quarter and 38% in the 3rd quarter. (see question 3)
Pennsylvania Realtors turned more pessimistic about the direction of home prices in the current survey with 31% thinking that home values would decrease in the next six months vs. 23% in the first quarter of 2010 vs. 33% who so believed in the 4th quarter and 43% in the third quarter. Fifty-five percent of Pennsylania agents and brokers expect home prices to stay the same over the next six months. Fifty-two percent of surveyed Pennsylvania home owners expect home prices to stay the same over the next six months. (see question 6)
An increasing percentage of real estate agents and brokers in the Keystone State give the President a low approval rating with 63% disaproving of the President’s performance, up from 53% disapproving in the first quarter vs. 65% disapproving in the fourth quarter of 2009. Pennsylvania home owners were evenly divided on the president’s performance with 51% disapproving and 49% approving. (see question 10)
Set forth below are the agents and brokers second quarter 2009 and 2010 Pennsylvania and the national second quarter 2010 data. Also set forth below for selected questions is the Pennsylvania 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?