Owners More Upbeat About Home Values
DAILY NEWS
Appraisers don’t think homes are worth as much as consumers believe, according to the latest Quicken Loans Home Price Perception Index for November. The HPPI measures home owners’ perception of value and found that owners’ estimations were 1.87 percent higher than the value appraisers reported in November. “Home value increases are moderating in much of the country, causing home owners to be overly optimistic about their property’s value,” says Bob Walters, Quicken Loans chief economist. While owners are traditionally more bullish on prices, the gap between home owner and appraisal estimates is narrowing, according to Quicken Loans. On a metro level, appraised values tended to be higher than home owners’ estimates in much of the West coast. On the other hand, many of the eastern and Midwestern cities that were part of the analysis were following a similar pattern to the national index in which appraisals are falling below what home owners expected. Source: Quicken Loans

Appraisers don’t think homes are worth as much as consumers believe, according to the latest Quicken Loans Home Price Perception Index for November. The HPPI measures home owners’ perception of value and found that owners’ estimations were 1.87 percent higher than the value appraisers reported in November.

“Home value increases are moderating in much of the country, causing home owners to be overly optimistic about their property’s value,” says Bob Walters, Quicken Loans chief economist.

While owners are traditionally more bullish on prices, the gap between home owner and appraisal estimates is narrowing, according to Quicken Loans. On a metro level, appraised values tended to be higher than home owners’ estimates in much of the West coast. On the other hand, many of the eastern and Midwestern cities that were part of the analysis were following a similar pattern to the national index in which appraisals are falling below what home owners expected.

Source: Quicken Loans