Owners Get Real About Home Values
Owners and Appraisers Closer to Seeing Eye-to-Eye on Home Value
The gap between homeowners’ and appraisers’ perceptions on the value of properties is continuing to close. Homeowners, in general, still tend to slightly overestimate the price of their home, but not by nearly as much as they did a year ago.
Home appraisals were, on average, 0.5 percent lower than what owners expected in December, according to the latest National Quicken Loans Home Price Perception Index. The gap is closing; a year ago, homeowners were overestimating their property values by a full 1 percent more than appraisers.
Home values are increasing, which helps value estimates align. Quicken Loans’ index showed the average appraisal value increased 0.65 percent from November to December 2017. This is 6.17 percent higher than a year ago.
“Appraisers and real estate professionals evaluate their local housing markets daily,” says Bill Banfield, Quicken Loans executive vice president of Capital Markets. “Homeowners, on the other hand, may only think about their housing market when they see For Sale signs hit front yards in the spring or when they think about accessing their equity. This is reflected in the [index]. The housing markets that are rising quickly, like those in the West, are having appraisal values increasing above owner estimates because owners don’t realize just how quickly those markets are advancing.”
Source: Quicken Loans
Blog Archive2018-12-05 08:02:12
In 2019 Mortgage Payments to Jump 8.4%
Financing for Manufactured Homes Coming
Tale of Dual Markets
Need to Sell Your Home this Winter?
Buyers Pull Away From New-Home Market
Mortgage Loan Limits to Rise in 2019
Home Buyers and Sellers Should Watch in 2019
Townhouse Construction is Expected to Increase
Cities With Oldest, Youngest Homeowners
Overall, December is the Best Time to Buy a Home
Sluggish Home Sales came to an end in October
How to Pet-Proof Your House for the Holiday Guests
10 Great U.S. Ski Towns
A Way to Keep Aging Parents Close to Home
Huge Mistake to Take Your Home Off the Market for the Holidays
Best Mortgage Advice I've Heard, Ever
Tips to Help You Avoid a Rental Scam
Buying a Home?
Mortgage Rates Rise this Week
Cheaper the Home
Building Credit History From Scratch
How to Get a Mortgage Without Freaking Out
Home Prices Are Decelerating Not Falling
First-time Homebuyers Transition from Renting
Click here to see ALL articles.