Fifty percent of surveyed real estate professionals nationwide expect home values to decrease over the next six months; Sixty-five percent disapprove of Obama’s performance as President.
HomeGain, one of the first companies to provide free instant home valuations online, announced the results of its nationwide second quarter 2011 home values survey. Over 750 real estate agents and brokers and over 2,600 homeowners were surveyed. We also released the regional results of the second quarter 2011 HomeGain home values survey.
Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the middle of the year. Fifty percent of agents and brokers and forty-two percent of homeowners think that home values will decrease over the next six months.
In the first quarter 2011 HomeGain National Home Values Survey, thirty-nine percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.
Thirty-eight percent of real estate agents and brokers and 43 percent of homeowners think that home values will remain the same in the coming six months.
Twelve percent of real estate professionals expect home values to increase in the next six months, down five percent from last quarter. Fifteen percent of homeowners expect home values to increase in the next six months, down nine percent from last quarter.
According to surveyed agents and brokers, 77 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 67 percent of home buyers believe homes are overpriced.
“The current survey reflects that real estate professionals are resigned to accepting a market with declining prices being the norm rather than the exception. The past few years have been particularly harsh on the real estate industry and the majority of real estate professionals don’t expect much improvement in the coming six months.” said Louis Cammarosano, General Manager of HomeGain.
Forty-six percent of agents and brokers surveyed indicated that they “strongly disapproved” and 19 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 65 percent disapproval rating, tying the disapproval rating of agents and brokers surveyed in the second quarter last year. Last quarter the President had a 64 percent disapproval rating among agents and brokers.
Thirty-nine percent of homeowners “strongly disapproved” and 17 percent “somewhat disapproved” of the President’s performance, earning him a 56 percent disapproval rating. The President had a 58 percent disapproval rating last quarter among surveyed homeowners with 39 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain Second Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 51 percent with an average of 36 percent “strongly disapproving” of his performance.
Below are the top states where real estate professionals and home owners think home prices will rise and fall over the next six months.
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Up in the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Think Home Prices Will Go Down In the Next Six Months:
Top 10 States Where Real Estate Agents and Homeowners Approve of Barack Obama’s Performance as President:
Top 10 States Where Real Estate Agents and Homeowners Disapprove of Barack Obama’s Performance as President:
The survey was conducted from June 2-10, 2011.
View all prior HomeGain national and state home prices surveys.
The second quarter 2011 regional results are available by clicking here.
Set forth below are the results of the second quarter 2010 and 2011 national home prices survey as well as the results of the first quarter 2011 survey. Also set forth below for selected questions is the national home owner response data for the second quarter of 2011. Click on each question to see complete results:
Questions and National 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?