Homeowners and Appraisers Close to Agreement
Homeowners and appraisers are inching closer to home values, according to Quicken Loans’ Home Price Perception Index(HPPI). Appraised values logged in just 0.28 percent lower than homeowner estimates in July—not a total agreement but still much closer than before, HPPI notes.
The shrinking gap portends positive days ahead for the overall market, says Quicken Loans EVP of Capital Markets Bill Banfield.
If you’re thinking about putting your house on the market, you’re probably wondering what you should do before you list it.
Getting a home ready to sell doesn’t have to be a huge undertaking, but it’s one where details really matter. Do a Walk-Through With Your Realtor
When you’re working with real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to sell your home. One of the first things your realtor will want to do is complete a walk-through of your house. This is a chance to point out anything that needs cleaning and any projects that you should complete before you list the property. Little touches, and a realtor will be able to tell you what to take care of first.
“The story the HPPI is currently telling is one of an ever-strengthening housing market,” said Banfield.
“With more appraisals meeting, or even reaching beyond, the level homeowners were expecting, it’s clear home values in the majority of areas have recovered to the point where the owners’ personal view is finally lining up with the appraisers’ expert view.”
Which U.S. region did the HPPI find to be most on par with appraisers’ valuations? That distinction goes to the West, where homeowners overvalued their domiciles by a mere 0.14 percent. Otherwise, the remaining regions are neck and neck. Down South, properties are overvalued by 0.3 percent. In the Northeast, that number creeps up a smidge to 0.33 percent. It’s 0.35 percent in the Midwest.
Locally, appraisals stood higher than homeowner estimates in nearly 80 percent of the areas surveyed, according to the HPPI. San Jose, California, lays claim to the “hottest housing market of the moment,” with appraisals clocking in 2.91 percent higher than homeowner estimates. Chicago homeowners, on the other hand, displayed the most disparity, overvaluing their residences by 1.58 percent, the HPPI found.
There was one city where no difference existed between appraisal values and homeowner estimates. And that “special shoutout,” the HPPI revealed, goes to Miami.
As for home values, those slipped 0.6 percent in July, but they’re still up 4.86 percent on the year, according to Quicken Loans’ Home Value Index (HVI).
“The HVI is telling a similar story of the housing market’s health,” he said. “Other than some small monthly shifts, home values continue to grow at an annual pace exceeding inflation. This can hurt affordability and hinder first-time buyers from entering the market.”
Home prices charted up in three of the four regions, with the Midwest posting a monthly decline of 1.01 percent. That said, Midwest values are still up 4.04 percent compared with 2017, the HVI notes.
As for the other three, values are up 0.35 percent monthly and 4.46 annually in the South. The Northeast comes next, up a monthly 0.72 percent and a yearly 2.78 percent. Finally, the West was up 1.15% on the month and 6.68% annually..
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