Homeowners overestimate their home values
Source: Housing Wire
To be sure, home prices are rising and even hitting highs in some markets but they are not rising quite as high as homeowners may think, according to the National Home Price Perception Index (HPPI) release by Quicken Loans. The HPPI found that appraisers valued homes at an average of 1.69 percent lower than what homeowners expected in July. This is a smaller gap than June, when appraisers valued homes at 1.93 percent below homeowner expectations.
And appraised values were higher than homeowners in Western cities, including Denver, San Jose, and San Francisco, by as much as 3.1 percent, 2.52 percent, and 2.36 percent, respectively.