Last month, HomeGain, one of the first companies to provide free instant home valuations online, released the national and regional results of our first quarter home prices survey of more than 1,400 HomeGain current and former members. Our survey asked real estate agents and brokers their opinions on home values and what they thought of President Obama’s performance as President. On the HomeGain real estate blog we published the full survey results, including agent and broker commentary and charts. Earlier, we published the results of the first 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 and Georgia 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. Forty-six percent of Pennsylvania homeowners think their homes should be priced 10-20% higher than their Realtors recommend vs. 50% in the fourth quarter 2009 Pennsylvania home prices survey and 42% in the third quarter 2009 (see question 2).
Pennsylvania home buyers believe homes are over priced with only 15% believing that prices are fairly valued vs. 12 % who thought so in the 4th quarter of 2009 and 4% in the third quarter of 2009. Thirty-six percent of Pennsylvania home buyers believe homes are priced 10-20% more than they should be vs. 42% who thought so in the 4th quarter and 38% in the 3rd quarter. (see question 3)
Pennsylvania Realtors continue to be less pessimistic about the direction of home prices than they were in the 4th quarter of 2009 with 23% believing they will decrease in the next six months vs. 33% who so believed in the 4th quarter and 43% in the third quarter (see question 6).
Real estate agents and brokers in the Keystone state continue to give the President a low approval rating with 53% disaproving of the President’s performance. This represents an improvement from the fourth quarter 2009 when 65% disapproved of President Obama’s performance. (see question 10).
Set forth below is the third and fourth quarter Pennsylvania home prices survey data with the national data in parenthesis:
- 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?