United States : Quicken Loans Study Finds Owners Overestimate Home Values Nationally, Perceptions Vary Widely Across the Country.
Quicken Loans, the nations second largest retail mortgage lender, today announced its National Home Price Perception Index (HPPI) found appraised values were an average of 1.69 percent lower than what homeowners expected in July. The gap between these two measures of home values narrowed since June when appraisals lagged behind expectations by 1.93 percent.
Home values continued to rise in July, according to the Quicken Loans Home Value Index (HVI), the only measure of home value changes based solely on appraisals. The national index reflected a 1.43 percent increase from June, and a year-over-year gain of 6.24 percent.
Homeowners and appraisers had differing opinions of home values in July, but the value perceptions didnt vary as widely as in June. The average appraisal was 1.69 percent lower than homeowners estimated value, according to the national HPPI. This is compared to a difference of 1.93 percent in June. Bucking the national trend, homeowner perception has not kept up with rising home values in the west. Appraised values were higher than homeowners estimated in Western cities including Denver, San Jose and San Francisco by as much as 3.10 percent, 2.52 percent and 2.36 percent respectively.
One of the most important things for consumers to take away from the HPPI is just how regionalized housing truly is, said Quicken Loans Chief Economist Bob Walters. While those on the West coast are being surprised by their high appraisals, homeowners in the Northeast and Midwest are more likely to be shocked by their low values. If homeowners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Aug 10, 2016|
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