Homeowners continue\u00a0to say that their homes are worth more than appraisers\u2019 opinions, according to the latest reading from Quicken Loans\u2019 National Home Price<\/a> Perception Index. Consumers believed their properties to be worth 1.55 percent more than what appraisers said they were in July.\u00a0<\/p>\n That said, the gap is\u00a0narrowing between these differing opinions. In June, homeowners\u2019 estimates were 1.7\u00a0percent higher than appraisers\u2019 opinions.\u00a0<\/p>\n There are some regional differences in price expectations. In some of the fastest growing housing<\/a> markets, such as\u00a0Dallas and Denver, appraisal opinions are coming in higher than homeowners\u2019 expectations.\u00a0<\/p>\n \u201cThe home appraisal<\/a> is one of the most important data points in the mortgage<\/a> process,\u201d says Bill Banfield, Quicken Loans<\/a> executive vice president of capital markets. \u201cIt determines the level of equity the homeowner has and, if the owner\u2019s estimate is too far from how the appraiser views the property, it can cause the mortgage to be restructured. Our hope is that this index is eye-opening for homeowners. Their home equity could be thousands of dollars higher, or lower, than they realize. If they are aware of the perceived trends in their area it could help them better prepare for their home purchase<\/a> or refinance.\u201d<\/p>\n Source: Quicken Loans<\/em><\/p>\n<\/div>\n<\/div>\n Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_aug\/DN_QuickenLoans_index.png\")
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