Homeowners and appraisers continue to agree to disagree over property valuations, according to new data from Quicken Loans
In July, the average spread between a homeowner’s estimate and the appraised value of the property was 1.55 percent, down from 1.70 percent in June. Also in July, reported home values rose an average of 0.33 percent from the previous month, and they increased by 4.21 percent on a year-over-year basis. Among geographic regions, the Northeast had the lowest annual home value growth in July at 2.65 percent, while the West had the greatest with a 5.64 percent upswing.
“The regional differences in home value growth mirror the perception difference across the country,” said Quicken Loans Executive Vice President of Capital Markets Bill Banfield. “Areas with slower growth were more likely to have owners overestimating their home value, and areas with much stronger growth had higher appraisals than owners realized they would be. With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”