Housing tracker HomeGain recently polled Realtors to see what their clients, buyers and sellers, were thinking — price the Realtors’ own outlook.
Want to see the bargain mentality? 59% of shoppers thought owners’ listing prices were too high.
Curiously, 51% of Western Realtors said the buyers they see think homes are overpriced — the smallest of the four national geographic slices used. Similarly, 54% of Western Realtors says their sellers think their home is more valuable and the suggested listing price is too low — again, smallest of the four national geographic slices.
Who’ll win this showdown between buyer and seller? Well, Westerners in this poll suggest shoppers will keep the edge as 66% of those polled think local prices will fall in the next 6 months. That’s highest of such shares among the four national geographic slices.
Here’s how 3 key questions were answered (rest of poll IS HERE!) …
| Buyers think listing prices are … | |||
|---|---|---|---|
| Overpriced | Fairly priced | Underpriced | |
| US | 59% | 18% | 23% |
| West | 51% | 23% | 26% |
| Southeast | 59% | 15% | 26% |
| Midwest | 63% | 16% | 21% |
| Northeast | 62% | 18% | 20% |
| Vs. suggested price, owners think their home’s worth is … | |||
| Higher | Equal | Lower | |
| US | 63% | 14% | 23% |
| West | 54% | 16% | 30% |
| Southeast | 67% | 11% | 22% |
| Midwest | 62% | 17% | 21% |
| Northeast | 72% | 10% | 18% |
| Realtors think in the next 6 months, prices in their towns will … | |||
| Decrease | Stay same | Increase | |
| US | 53% | 36% | 11% |
| West | 66% | 27% | 7% |
| Southeast | 52% | 36% | 12% |
| Midwest | 43% | 42% | 15% |
| Northeast | 54% | 40% | 6% |
Other housing stories …
… in the lending world …
… from South County …
… and Surf City:
So, 4 in 10 (40%) are comfortable with the current prices.
This is sufficient to stabilize the sales volume
Here in The OC, 7 in 10 think home prices are UNDERVALUED. Don’t believe me … just ask any OC Homeowner.
Hi Jon
Thanks for posting the national and regional results of the HomeGain Realtor survey.
We are compiling the state results which are even more telling and will be posting them on the Homegain blog.
As all real estate is local city and neighborhoodhood data would be even more relevant.
Here is a sampling of the HomeGain California survey data.
Jon if email me and I will provide you with complete results for your readers before we publish them on the HomeGain blog.
California Results:
14% of our surveyed Realtors were from California (California has 12.5% of the national population)
Buyers think listing prices are …
Fairly priced 23%
Overpriced 50%
Underpriced 27%
Vs. suggested price, owners think their home’s worth is …
Higher 50%
Equal 19%
Lower 31%
Realtors think in the next 6 months, prices in their towns will …
Decrease 69%
Stay the same 9%
Increase 22%
That’s great but what were the stats at the top of the market? I’m sure people buying in 2006 thought they were paying a “fair price.” What did it matter?
300K is “in the bag.”
“Here in The OC, 7 in 10 think home prices are UNDERVALUED. Don’t believe me … just ask any OC Homeowner.”
LOL, my thought exactly Lee.
When did homes in the midwest become overpriced? Just goes to show you the man on the street doesn’t know jack. Everyone wants something for nothing.
“Here in The OC, 7 in 10 think home prices are OVERVALUED. Don’t believe me … just ask any OC Non-Homeowner.”
LOL, my thought exactly Lee.
Dealtracker,
“Everyone wants something for nothing.” It just goes to show you RE agents are becoming obsolete, you know nothing, don’t know how to sell and add no value to the transaction. You guys were fine when people were clawing over each other to buy, now that you have to work all you do is moan. Looks like Redfin will win.
# Dealtracker Says:
March 10th, 2009 at 7:59 am
“When did homes in the midwest become overpriced? Just goes to show you the man on the street doesn’t know jack. Everyone wants something for nothing.”
Funny, did you say the same thing about RE speculators and overleveraged corporations 3 years ago?
BTW, it’s not exactly a seller’s market these days. Darn right that buyers should expect more for less.
WELL WHY U GUYS TRY TO FIGURE OUT HOW BAD HOUSING IS IM CLEANING UP IN THE MARKET LOOK AT LAST WEEK THURSDAY I POSTED I WAS SHORTING STOCK SYMBOL SKF AT 242.50 I SAID BIG WINNER I JUST COVERED THIS MORNING AT 191.25 OVER 50 POINTS IN 3 DAYS…. THIS IS TO EASY….LOLLL
note the headline, and the actual poll. it says overPRICED not overVALUED. a potential seller can think his house is underappreciated, undervalued, blah blah blah all he/she wants. there’s probaby a 75% chance it’s overpriced for this market
Hwood… if you’re shorting stock, how are you making money today with the market up over 300?
Any renter who is not searching for a well located and well priced foreclosure property is a fool.
Hey, it’s Jimmy back from time traveling…so Jimmy where were you this time? End of the 19th century and buying up lots on Lido island for $1? Or maybe earlier so that you could ride against Mr. Irvine while staking out your property?
Irvine bought from the Bernardo Yorba original Spanish Land Grant. There was no race to stake claims like in Oklahoma.
Earth to know-nothings: Redfin is a b r o k e r. They are happy to take $5,000 (minimum) per transaction, give you NO service and allow YOU to do all the work. What a deal!
I’m not sure why I still read this blog. While I am able to pull out nice bits of commentary on occasion, it seems that this blog has become a forum for commenters to scratch and claw at eachother. What a waste of time on so many levels.
omg, take a look at how prices in Corona del Mar are crashing.
This guy paid 1,950,000 for this place back in 2006. He is now asking 1,299,000. 650K loss in just 3 years, that’s what I call “a great investment”
lol
http://www.redfin.com/CA/Corona-Del-Mar/409-Columbus-Cir-92625/home/4731788
You are so right Brandon. There is very scant information on this blog in the comments section. Consider the comment by Olivas to correct me on the origins of Irvine Ranch, very useful information, especially in the context of time travel which is necessary to make the best real estate purchase decesions.
Did you also know that the coastal half of the present-day ranch was bought from Jose Antonio Sepulveda as a foreclosure! Seems Jose’s cattle died during a drought. And here we are full circle, except in this case its all the HELOCs, liar loans and cheap refis that have dried up. HAHAAHAHAHAHAHAHAHA!
I went down to 1000 steps yesterday and had lunch in laguna beautiful day and food was marginal and over priced. On the way down from HB I noticed a large condo project next to the freeway, it looks like that or Apts…probably condos that will turn into apts. However, I don’t know the development and how many units, and I was just thinking you add that inventory on the market…and then take those two buildings out of mothball in OC metro and you have thousands more units on the market. How exactly are we going to deal with the supply coming, I guess we will just mark it down 50% at some point - and have more knife catchers crying “IT ISN’T FAIR!” at the auction.
Hwood I’ll be the ranch you didn’t cover this morning! Your ass got burned with this 300+ monster rally - this a temp bear rally, but ouch i bet that stung this morning…
who cares what people “think” of real estate, if they ain’t buying they ain’t determing market value
Nice Google
Everything is overpriced, OB will save us!
6 in 10 think homes are overpriced. The other 4 work for the Real Estate industry and want you to think things a great so they make their commission. :-)
Just an observation I made today…Gary Watts is listed as the owner on a house in Coto that just received a Notice of Default. Loan date July 2005.
anonymous Says:
March 10th, 2009 at 12:39 pm
Hwood I’ll be the ranch you didn’t cover this morning! Your ass got burned with this 300+ monster rally - this a temp bear rally, but ouch i bet that stung this morning…
who cares what people “think” of real estate, if they ain’t buying they ain’t determing market valu
WELL I GUESS U OWE ME A RANCH GOOF BALL. I SHOULD HAVE WAITED SYMBOL SKF DROPPED TO 181.25..
IF U KNEW HOW TO TRADE IN THE STOCK MARKET U WOULD UNDERSTAND HOW I SHORTED IN A HUGE BULL RUN TODAY AND MADE A TON OF MONEY. BUT SINCE YOU DONT , U CANT UNDERSTAND HOW TO MAKE MONEY….LOLLL
# dapper1 Says:
March 10th, 2009 at 10:09 am
Hwood… if you’re shorting stock, how are you making money today with the market up over 300?
LEARN HOW TO TRADE I WILL GIVE U GOOF BALLS SOME LESSONS CLASS STARTS AT THE BANK WHERE I GO AGAIN TO TAKE MY WINNINGS….LOLL
SHORTED SKF LAST WEEK THURSDAY 242.50
COVERED IT TODAY 191.00 AND THATS ON A HUGE RUN UP WOW HOW DID I DO IT….LOLLLL.
THATS WHY I WIN U LOSE
i’m not sure what is worse
HWOOD shorting a short
or people commenting who don’t even understand the ridiculous thing he did….
.
anywho…. those who went long today are going to get slaughtered….
.
http://dshort.com/charts/bears/four-bears-large.gif
.
http://www.bloomberg.com/apps/news?pid=20601068&sid=aIGfhz6uFJcg&refer=economy
Well, people can believe whatever they want as long as they don’t have to sell. Good luck finding a buyer if you do, though. Apparently there are still a few suckers out there.
If 6 out of 10 think the homes are overpriced, then we can logically assume that the rest (4 out of 10) do not think.
MAV
WHEN U UNDERSTAND HOW TO MAKE MONEY LET ME KNOW UNTILL THAN U DONT HAVE MUCH TO SAY….LOLLLLL
Glow22,
Serious..? What is address (or cross-streets?). I wonder if it’s the same “real estate economist” features on this blog?
features=featured
You can’t actually buy a house with votes. Unless you vote for more and more ObamaNation, and he will then take money from someone else and redistribute it to you. Karl called it “to each according to his needs.” The taxee just has to work a little more and harder to provide for folks other than his own family. Its a great country, isn’t it.
Bob-
Perhaps you have heard of the expression “Noblesse Oblige”? In english itt means, “the nobility is obliged”. Royalty understood that their continued wealth and largesse depended upon them giving back to the community on whose backs they stood. They ignored the working class at their own peril as in the French Revolution, when the working class had no flour for bread and were starving.
Translation means, “those who have more are obliged to those who have less”. The rich who aren’t spending now with the discretionary funds they already have, are clamoring for more tax cuts.
“Noblesse Oblige”…perhaps the wealthy of this country would do better studying their history to understand their obligations to this country.