In july, home owners expected 1.55% more than appraiser estimates.
Homeowners across the country continue to view their property value higher than appraisers’ opinions. In July, the average spread between an owner’s estimate and the appraised value was 1.55% according to Quicken Loans’ National Home Price Perception Index (HPPI). Despite the national average, the range of perceptions varied across the country with valuations coming in higher than expected in some metro areas.
Homeowner estimates in June were 1.70% lower than appraised values. HPPI tracks differing trends across the country as real estate often fluctuates on a local basis. On average, appraisals were higher than owner expectations – the inverse of the national trend – in some of the fastest growing housing markets, including Dallas and Denver. However, some metro areas in the Northeast and the Midwest regions reported appraised values lower than owner estimates at a higher rate than the national trend.