Homeowners have joined real estate professionals and now share their dour view on the direction of home prices.
Emeryville, CA (PRWEB) September 13, 2011
HomeGain®, the first website to provide free online instant home prices, today announced the results of its nationwide third quarter 2011 home values survey. Over 500 real estate agents and brokers and over 2,200 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. Forty-seven percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months.
In the second quarter 2011 HomeGain National Home Values Survey, fifty percent of agents and brokers and 30 percent of homeowners thought that home values would decrease over the next six months.
Forty-two 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.
Eleven percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter. Twelve percent of homeowners expect home values to increase in the next six months, down three percent from last quarter.
According to surveyed agents and brokers, 75 percent of homeowners believe their homes are worth more than the recommended agent listing price. In contrast, 68 percent of home buyers believe homes are overpriced.
“Homeowners have joined real estate professionals and now share their dour view on the direction of home prices. Last quarter only 30 percent of homeowners expected home prices to drop in the coming six months while 50 percent of real estate professionals expected price declines. In the current survey 45 percent of homeowners and 47 percent of real estate professionals expect home price declines in the next six months,” said Louis Cammarosano, General Manager of HomeGain.
Fifty-five percent of agents and brokers surveyed indicated that they “strongly disapproved” and 17 percent “somewhat disapproved” of Barack Obama’s performance as President, earning him a 72 percent disapproval rating, an increase of five percent in the disapproval rating of agents and brokers surveyed in the third quarter last year. Last quarter the President had a 65 percent disapproval rating among agents and brokers.
Forty-seven percent of homeowners “strongly disapproved” and 16 percent “somewhat disapproved” of the President’s performance, earning him a 63 percent disapproval rating. The President had a 56 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 Third Quarter 2011 Home Values Survey indicated that the President’s average disapproval rating was 55 percent with an average of 42 percent “strongly disapproving” of his performance.
When asked which Presidential nominee they would vote for if the election were held today, both real estate professionals and homeowners favored Barack Obama, who received 31 percent and 39 percent of the votes, respectively.
The survey was conducted from August 25 – September 4, 2011. For complete survey results, including regional breakdown, visit the HomeGain Real Estate Blog.
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