Appraiser valuations were 1.95% lower than what homeowners estimated in April, according to the national Home Price Perception Index (HPPI) for April from Quicken Loans.
The gap between the two values narrowed since March when appraiser opinions of value were 2.17% lower than homeowner expectations. The HPPI is based on the company's mortgage application and appraisal data.
Appraisers' valuations also continued the upward trend in April. Home values dipped a slight 0.66% since March, but grew at a measured pace on an annual basis – rising 3.79% according to Quicken Loans' national Home Value Index (HVI). The HVI is the only measure of home value change based solely on appraisals, one of the most important data points in the mortgage process.
"The HPPI is in a healthy trend, nationally," said Quicken Loans Chief Economist Bob Walters. "While everyone wants their appraisal's to come back showing more equity than anticipated, like some homeowners in the West, the discrepancy we are seeing now won't likely derail a mortgage transaction."