Quicken Loans latest Home Price Perception Index shows that home owner estimates of their home's value was 1.26% below the appraised values in September, an improvement from the 1.56% measured in August. HousingWire staffer Kelsey Ramirez reports on the HPPI which moved closer to agreement between homeowners and appraisers for the third straight month.
Location has proven to be crucial as certain western cities (San Francisco, San Jose, etc.) have had appraisals higher than the owner estimates, while eastern cities (Baltimore, Philadelphia, etc.) have seen the opposite. Quicken Loans Chief Economist Bob Walters commented on how varied markets can be:
“If a homeowner in Philadelphia hears about the housing boom out west, they could be surprised when their home doesn’t sell at the price they thought it would,” Walters said. “I encourage homeowners to work with real estate agents, lenders and other experts to determine their home’s value.”