RealtyBizNews - Real Estate Marketing and Beyond
Real Estate Marketing & Beyond
Home » Housing » US Real Estate » Home Sales » Appraisers and homeowners now see eye-to-eye

Appraisers and homeowners now see eye-to-eye

By Mike Wheatley | January 17, 2018

Experts say that the gap between appraisers’ and homeowners’ estimations of their homes’ worth is getting smaller.

Screenshot 2018 1 17 Owners and Appraisers Closer to Seeing Eye to Eye on Home Value Than at Any Time in the Past Two Years

The two parties perceptions of value is getting closer, though homeowners still do tend to slightly overestimate the price of their home. However, they do so by much less than they did one year ago.

These statistics come from the most recent National Quicken Loans Home Price Perception Index, which found that home appraisals were 0.5 percent lower than homeowners expectations. However, the gap seems to be closing, as most homeowners were overestimating the value of their home by as much as 1 percent last year.

“Appraisers and real estate professionals evaluate their local housing markets daily,” says Bill Banfield, Quicken Loans executive vice president of Capital Markets.

D HVI HPPI Graphs January 2

“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.”

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
  • Advertise with RealtyBizNews - Media Kit
  • real estate digital marketing
  • Get Digital Marketing Training
    right to your inbox
    All Contents © Copyright RealtyBizNews · All Rights Reserved. 2016-2022
    Website Designed by Swaydesign.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram