HomeGain Releases Second Quarter 2011 Home Values Survey Results

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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

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.

HomeGain®, the first website to provide free online instant home prices, today 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.

Most real estate professionals and homeowners continue to expect home values to decrease or stay the same through the end 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 from seventeen percent last quarter. Fifteen percent of homeowners expect home values to increase in the next six months, down from twenty four percent 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 unchanged from the second quarter last year. In the first quarter of 2011 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.

The survey was conducted from June 2-10, 2011.

For complete survey results, including regional breakdown, visit the HomeGain Real Estate Blog.

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Louis Cammarosano
HomeGain
510-594-4121
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