The disconnect\u00a0between homeowner estimates and appraiser opinions when it comes to home values grew for the second consecutive month, according to Quicken Loans\u2019 National Home Price<\/a> Perception Index. The average appraisal value was 1.47 percent below what owners expected in January.<\/p>\n The shift comes after a six-month stretch where homeowner and appraisal value perceptions were moving closer to equilibrium.<\/p>\n \u201cHaving a good understanding of the conditions in their local housing<\/a> market can be a valuable tool for consumers as they prepare for the home buying or mortgage<\/a> process,\u201d says Bob Walters, Quicken Loans’ chief economist. \u201cAccurate expectations at the onset of the mortgage process\u00a0not only makes it smoother, but can prevent unexpected changes in the amount of funds<\/a> to bring to the closing table if the appraised value comes in lower than initially estimated.\u201d<\/p>\n The perceptions of home prices between owners and appraisers differs greatly across the country. For example, appraisals in Western cities tended to outpace owner expectations. In Denver, appraised values were 2.98 percent higher than homeowners\u2019 expectations. On the other hand, estimates in many eastern cities tended to be higher than appraised values. For instance, in Philadelphia, appraisals were 2.94 percent lower than homeowners\u2019 estimates.<\/p>\n Source: Quicken Loans<\/a><\/em><\/p>\n<\/div>\n<\/div>\n [ad_2]![\"\"](\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_feb\/DN_QuickenLoanstable_February.png\")
<\/p>\n
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"