Owners More Upbeat Than Appraisers | Realtor Magazine
Article By: National Association of Realtors: REALTOR Magazine Online
DAILY REAL ESTATE NEWS | WEDNESDAY, MARCH 11, 2015
Home owners are valuing their homes higher than appraisers for the first time since August 2013, according to Quicken Loans’ Home Value Index.
Appraisers valued homes 0.13 percent lower than home owners’ estimates in February, according to the index. In January, appraiser opinions were 0.18 percent higher than home owners’ estimates. The difference is only slight, but it does show the first divergence between owners’ price opinions than appraisers in more than a year. Despite the overall drop, appraiser opinions remain higher than home owner estimates in 18 of the 27 metros analyzed.
“While it’s significant that appraiser opinions are now lower than home owners’ nationally, this minimal difference is unlikely to derail a refinance or cause headaches for the home owner,” says Bob Walters, Quicken Loans chief economist. “The dip in the [index] is likely caused by a delay of home owner perceptions. As the economy recovered, home owners hadn’t realized property values had improved. With the headlines of growing home prices, home owners are catching up, but are now a bit overzealous in their estimates.”
Source:“Appraiser Home Value Opinions Fall Below Home Owner Estimates for First Time in 18 Months,” Quicken Loans (March 10, 2015)