In its Home Price Perception Index, Quicken Loans found that the home value assigned by appraisers were 1.93% lower than the rate estimated by homeowners during June. Washington Post staffer Sandy Gadow explains how rising home prices are not always an indication that the value of your home is rising as well.
Quicken Loans Chief Economist Bob Walters explains the power of perception if figuring out the value of your home as the appraiser may see the home completely different than you, the owner. Gadow gives tips for what appraisers look for that you should make sure are in order before their visit:
Look for water damage around baseboards, ceilings and faucets, and be aware that mold can cause unwanted damage. Include a review of the hot water heater, air-conditioner or heating system, propane or septic tank (if applicable) and appliances.