Owners Overestimating Home Values
The gap continues to widen between what homeowners say their home is worth and appraisers’ valuations. Homeowners’ estimates of values were, on average, 1.69 percent higher than appraisers’ home value opinions in February, according to Quicken Loans’ National Home Price Perception Index. The gap has been detected every month since February 2015.
A few metros are running counter to national trends with appraiser opinions actually higher than what homeowners expected. Many of these metros are located in western cities that are seeing rapid price appreciation, such as in Denver, Portland, Seattle, San Francisco, and Los Angeles.
Source: Quicken Loans