RISMEDIA, March 24, 2010—HomeGain, one of the first websites to provide free instant home values, announced the results of its First Quarter Home Prices Survey based on the responses of over 1,400 real estate agents and brokers nationwide.
The HomeGain survey shows that 77% of real estate professionals nationwide think home prices will either stay the same (48%) or decrease (29%) in the next six months. In comparison, the first quarter 2009 survey results indicated that 89% of agents and brokers thought home prices would decrease (53%) or stay the same (36%).
Top 10 states where real estate agents and brokers think home prices will go down in next six months:
1. Minnesota (82%)
2. Oregon (65%)
3. Illinois (54%)
4. Utah (50%)
5. New York (44%)
6. New Jersey (44%)
7. Nevada (43%)
8. Michigan (42%)
9. Connecticut (42%)
10. Washington (35%)
Sixty-three percent of surveyed agents and brokers indicated that their home buyer clients think homes for sale are overpriced. Seventy-seven percent indicated that homeowners think their home is worth more than their agents’ recommended listing price.
“In the first quarter survey, many agents and brokers expressed concern over five factors that could potentially adversely impact home prices: rising interest rates, expiration of the home buyer tax credit, persistent unemployment, continued foreclosures and the release of shadow inventory held by the banks,” stated Louis Cammarosano, General Manager at HomeGain.
Texas real estate professionals appear to be the most optimistic in the nation regarding the direction of home prices with 41% believing home prices will rise in their state in the next six months and only 11% thinking they will go down.
Top 10 states where real estate agents and brokers think home prices will go up in next six months:
1. Texas (41%)
2. Massachusetts (38%)
3. California (37%)
4. Nevada (36%)
5. Idaho (31%)
6. Colorado (31%)
7. Alabama 25%
8. Tennessee (25%)
9. Arizona (23%)
10. Indiana (22%)
For more information, visit www.homegain.com.
