74% of Virginia homebuyers think homes are over priced; 82% of Virginia homeowners think their homes are worth more than their agents’ recommended listing price
Last month, HomeGain, one of the first companies to provide free online instant home valuations, released the third quarter results of our nationwide survey of over 1,100 HomeGain current and former members and 2,600 homeowners. Our survey asked their opinions on home values and what they thought of President Obama’s performance as President. On this blog we published the 3rd quarter 2010 national results as well as the complete 3rd quarter 2010 regional results, including commentary from real estate agents and brokers.
Recently, we released the results of the 3rd quarter 2010 California home values survey, the 3rd quarter 2010 Texas home values survey, the 3rd quarter 2010 Florida home values survey, the 3rd quarter 2010 New York home values survey, the 3rd quarter 2010 New Jersey home values survey , the 3rd quarter 2010 Illinois home values survey the 3rd quarter 2010 North Carolina home values survey the 3rd quarter 2010 Ohio home values survey, the 3rd quarter 2010 Nevada home values survey, the 3rd quarter 2010 Michigan home values survey the 3rd quarter 2010 Colorado home values survey ,the 3rd quarter 2010 Washington home values survey and the 3rd quarter 2010 Pennsylvania home prices survey. In the coming days we will be releasing home values survey data from Georgia, Arizona and Massachusetts.
Today we are releasing the Virginia home prices survey results today.
In the third quarter 2010 survey, Virginia home sellers continue to believe their homes are worth more than their agents’ recommended listing price. Eighty-two percent of Virginia home owners believe their homes are worth more than their agents” recommended listing price vs. 75% who thought so in the second quarter 2010 and 1st quarter 2010 Virgina home values survey and 82% who thought so in the Virginia 2009 fourth quarter home prices survey. Thirty-one percent percent of Virginia home sellers thought their homes should be priced 10-20% higher than their agents” recommended listing price vs 41% who thought so in the second quarter and 38% who thought the same in the first quarter. (see question 2).
Virginia home buyers continue to believe home prices are over valued. Only 11% of Virginia home buyers believe that homes are fairly valued vs. 26% who thought so in the second quarter. Seventy-four percent of Virginia home buyers believe that homes in their state are over priced, vs. 59% in the second quarter of 2010 vs. 67% in the first quarter of 2010 vs. 68% in the fourth quarter of 2009, 51% in the third quarter and 58% the second quarter. (see question 3).
Fifty percent of Virginia agents and brokers believe home prices will stay the same in the coming six months vs. 52% who believed the same in the second quarter vs. 58% who believed the same in the first quarter of 2010. Seventeen percent of Virginia agents and brokers think home prices will increase in the next six months vs. 22% who thought so in the second quarter of 2010 vs. 19% who thought so in the first quarter of 2010 vs. 21% who thought so in the fourth quarter of 2009. Virginia home owners surveyed had similar views on the direction of home prices with 45% thinking home prices would stay the same and 22% thinking they would increase over the next six months (see question 6).
President Obama’s approval rating continues to plummet among agents and brokers in Old Dominion with 72% disapproving (with 46% “strongly disapproving”) vs. 63% disapproving of the President’s performance in the second quarter of 2010 vs. 61% disapproving of the Presidents performance in the first quarter of 2010, vs. 62% disapproving in the fourth quarter of 2009 and 60% disapproving in the third quarter of 2009. The President fared better among Virginia homeowners with 56% disapproving and 44% approving vs. 50% approving and 50% disapproving of the his performance in the second quarter. (see question 10).
Set forth below is the third quarter 2010 real estate professional and homeowner Virginia home values survey data along with the 2nd quarter 2009 and 2010 real estate professional survey data along with the third quarter 2010 national home prices survey 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?
Continue reading this post