Difference between Owner Expectation and Appraised Value Widens

by: QuickenLoans.com
  • Nationally, appraised values were nearly 2% lower than homeowner expectations.
  • Gap between appraisal and owner estimates widened for first time in six months – albeit slightly.
  • Home values increased 1.51% in February and rose 3.89% year-over-year, according to national HVI.

DETROIT, March 8, 2016 – Quicken Loans, the nation’s second largest retail mortgage lender, today announced home appraisals were an average of 1.99 percent lower than what homeowners expected in February, according to the company’s proprietary Home Price Perception Index (HPPI). The study compares actual appraised values to what refinancing homeowners estimated their home was worth at the beginning of the mortgage process. February brings a reversal to the previous five-month trend of a narrowing gap between the two data points.

Home values showed continued growth in February, making up for the slight dip in January. Nationally, appraised values increased an average of 1.51 percent according to the Quicken Loans Home Value Index (HVI) – the only measure of home values based solely on appraisals. The index has increased 3.89 percent when compared to February 2015.


Read more at http://www.quickenloans.com/press-room/2016/03/08/homeowners-denial-difference-between-expectation-and-appraised-value-reverses/#SVgRIzoXZ8ltawLp.99



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s