Real estate professionals and homeowners are taking a far more negative view on the direction of home prices citing current high inventory levels, continued foreclosures, the expiration of the tax credit and the general state of the economy
Emeryville, CA (Vocus) September 21, 2010
HomeGain®, the first website to provide free online instant home prices, today announced the results of its nationwide third quarter 2010 home prices survey based on the responses of over 1,100 real estate agents and brokers and 2,600 homeowners.
Real estate professionals and homeowners soured on the direction of home prices in the third quarter. Forty-eight percent of agents and brokers and 33 percent of homeowners think that home prices will decrease over the next six months. This reflects an increase in the percentage of real estate professionals and homeowners who expect a decline in home prices from the second quarter HomeGain home prices survey. In that survey 33 percent of agents and brokers and 23 percent of homeowners expected home prices to decrease over the next six months.
Only 10 percent of real estate professionals and 18 percent of homeowners expect home values to increase in the coming six months. The results are similar to a recent Rasmussen poll of homeowners that found only 15 percent expect home prices to rise over the next year.
Seventy-nine percent of homeowners continue to believe their homes are worth more than the recommended agent listing price, up from 77 percent last quarter.
Sixty-nine percent of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced, up from 61 percent last quarter.
"Real estate professionals and homeowners are taking a far more negative view on the direction of home prices citing current high inventory levels, continued foreclosures, the expiration of the tax credit and the general state of the economy,” stated Louis Cammarosano, General Manager at HomeGain. “There also continues to be an increasing disconnect between what homeowners and buyers think homes are worth.”
Forty-nine percent of agents and brokers surveyed indicated that they “strongly disapproved” and 18 percent “somewhat disapproved” of Barack Obama's performance as President, earning him a 67 percent disapproval rating versus the 58 percent disapproval rating of agents and brokers surveyed in the third quarter last year. Last quarter the President had a 65 percent disapproval rating from agents and brokers.
Forty-four percent of homeowners “strongly disapproved” and 17 percent “somewhat disapproved” of the President’s performance, earning him a 61 percent disapproval rating. The President had a 56 percent disapproval rating last quarter among surveyed homeowners with 44 percent “strongly disapproving”. The Rasmussen Daily Presidential Approval Index taken during the same period as the HomeGain survey indicated that the President’s average disapproval rating was 54 percent with an average of 43 percent “strongly disapproving” of his performance.
The HomeGain survey was conducted from September 7-14, 2010.
For complete survey results, including regional breakdown, and agent and broker commentary, visit the HomeGain Real Estate Blog.
HomeGain is a leading provider of online marketing solutions that connect real estate agents and brokers with home buyers and sellers. HomeGain offers free services to find and compare real estate agents, research home values, and view homes for sale. Since 1999 REALTORS® have used HomeGain's real estate marketing programs to connect with consumers, promote their services and grow their business.
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