Minimal Distance Between Homeowner and Appraiser Perceptions on Valuation

Jan 08, 2019

Although refinancing activity has soared by 94 percent since hitting an 18-year low in the fourth quarter of 2018, refinance retention rates fell by three percentage points to 26 percent in the third quarter of this year

Less than half a percent separated owner and appraiser perceptions of home values last month, according to new data from Quicken Loans.

Appraisal values were an average of 0.45 percent lower than homeowners expected in December, according to the National Quicken Loans Home Price Perception Index, compared to a 0.36 difference in November. The National Quicken Loans Home Value Index (HVI) reported a 0.79 percent monthly increase in the average appraisal value during December, while the index the average appraisal jumped 5.15 percent year-over-year.

“Any consumer who has read recent news about the housing market and has the impression that it is slowing to a halt should see that the HVI proves that this could not be farther from the truth,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. Banfield. “Home value growth is now at a more normal, sustainable clip— keeping pace with inflation and wage growth more than we have seen in the past few years.”

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Phil Hall

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Jan 08, 2019

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