REALTOR Magazine
The gap continues to narrow between homeowners’ and appraisers’ perceptions over home values. The latest Quicken Loans Home Price Perception Index shows that the average home appraisal in June was only 0.25 percent lower than what owners had estimated—this puts the two different value perceptions at their closest since February 2015.
Homeowners provide their home value estimate at the beginning of the refinance process; that is then matched against the actual value appraisers assigned to the property later during the mortgage process. The two perceptions over value have been inching closer together over the last few months. A year ago, homeowners were saying their homes were worth 1.70 percent more than appraisers’ valuations.
