Real estate professionals say that real estate prices will remain the same for the next six months, according to HomeGain's quarterly survey of professional opinions.
More than 69 percent of the 1,100 practitioners surveyed by the real estate information service said they were convinced that home prices have hit bottom, down from 71 percent who held that opinion in the second quarter survey.
The survey also shows home sellers and buyers don't see home values in the same way, a troublesome disconnect for many practitioners.
- 81 percent said the values of their clients' homes have decreased in the last year.
- 75 percent said their clients believe their homes are worth more than the listing prices they recommended.
- 85 percent said their buyer clients were still convinced that homes for sale are overpriced.
- 71 percent said they persuaded their clients to list a property at less than what the sellers initially believed the property to be worth.
Source: HomeGain Real Estate Blog (08/20/2009)